Opening a Corporate Account in Panama

If you’re an entrepreneur wanting to launch a cross-border commercial project, registering a new business in Panama is a reliable solution to do so. However, there are some particularities to be aware of and adhere to. That is where expert assistance can come in.

The local banks in Panama are well-known for their advantageous combination of quality services, customer service, and positive treatment of foreigners. Additional benefits include economic and political stability in the country, a benign taxation system, a high level of confidentiality (banking secrecy), and the use of US dollars.

If you want to open a corporate account in Panama for your business, you will need thorough preparation (documents, an interview, compliance with KYC requirements, and evaluating the list of services). Dealing with all that hassle on your own could be a complicated task. However, you can simplify the task greatly by delegating it to our specialists. We will easily open a corporate account in Panama for your business.

Advantages of a Panama Account for Business

The procedure is not difficult, especially with our assistance, as you can complete it remotely in many cases. The documents required for opening and standard services meet all the requirements of a business person. The Panama bank’s security service will check each potential customer; however, they are loyal and accommodating to foreigners who want to establish their business in the country. In most cases, you will not encounter any difficulties – unless you come from a sanctioned country, for instance.

The Main Facts About a Business Account in Panama

Business Account Opening Procedure

When choosing a financial institution to conduct business, a Panamanian bank should be considered first. This is a more recommendable option than a corporate account in another country’s financial structure. Local banks usually charge lower commissions for the services that a Panamanian company may need.

How to open a corporate account with the assistance of our experts

You will need to prepare the following documents to open a corporate account for a legal entity (*= original, ** = copy):

• Articles of Incorporation**
• Certificate of Good Standing*
• Commercial License* if applicable
• A reference letter* from the bank
• A document* that confirms the level of income (for example, a personal income tax return or a bank statement)
• ID documents* of all account signatories and related officials.

You may also need:

• Proof of residence (such as a utility bill)
• Documents detailing the company’s ownership structure, up to the ultimate beneficial owners
• A detailed description of business activities (business plan)
• The types of transactions that will be carried out using the account.

Choosing a Bank in Panama

The country’s financial system is well-structured, so you can choose a financial institution without fear of hidden legal problems.

There are three bank types in Panama:

• General License Banks: The most widespread institutions in the country. They serve companies that operate in Panama or abroad. Approximately 70% of all banks have a general license.
• International License Banks: These serve customers only outside of Panama.
• Representation Office License Banks: These serve branches of foreign structures with representative offices in Panama. They are characterized by high stability, good rankings, and a relatively short list of services. They are for operations only within Panama.

Peculiarities of Opening and Using a Corporate Account in Panama

There are several factors you have to take into account when operating a business abroad. You will need a good and promising idea (product, offline or online service, etc.), a dedicated team, a favorable tax climate, and sources of additional financing. However, the most important aspects include a well-structured company (legal entity) and a corporate account with a bank. You will need to think about each subsequent step to achieve success thoroughly.

Opening a Bank Account Remotely with a Panamanian Bank

We only cooperate with proven lawyers in Panama who have a General Power of Attorney (POA). You can send the application form and additional documents by postal service or courier.

Package of Documents

We have specified the basic requirements of each bank in Panama above. However, keep in mind that any financial establishment can request other documents. This situation often arises if you open an account for a company with a complicated ownership structure. So, when you calculate the amount you will need to pay for the basic services, please include an extra fee for the Pre-Approval service (submission of applications to open an account to several banks at once, in Panama or beyond). Our experts will give you the list of documents you will need. A Panama company that does not have a reliable financial (banking) partner will not be able to run a business.

Delimitation of Access to the Account

A corporate account is reliably protected against unauthorized (internal or external) use. The Panama company shareholders determine the list of persons who have access to the account.

Online Possibilities of a Panama Corporate Account

Panamanian banks offer a full range of remote management possibilities, which provide you with many advantages. They are as follows:

• Full-fledged banking via the Internet
• 24/7 access to the account
• Checking the balance and account activity
• Quick transfers (within Panama and international ones)
• Any payments (to customers, partners, or Panama governmental authorities, as well as those related to taxes, office maintenance, etc.);
• Remote control of accounts and bank cards
• Updating and changing personal data
• Requesting and receiving statements and reference letters
• Automatic notifications
• Scheduled payments.

Conclusion

A corporate account in Panama is a reliable financial instrument for running a business. You can consider it an alternative to accounts in the banks of Switzerland, Singapore, Hong Kong, or the US. The list of services meets the demands of 99% of customers, and the confidentiality level is very high.

We will complete all the legal procedures related to account opening for you, including choosing a bank, collecting a package of documents, preparing for the interview, and submitting the application. You can always obtain detailed information on the topic in our articles devoted to running a business in Panama. If you still have any questions, we can discuss them in a private session.

When it comes to consultations, you have two options. You can have a complimentary, fifteen-minute consultation, ideal if you want to get started or learn about our service, or a one-hour consultation for 300 Euros, currently, normally 500, with an expert, if you want to learn more about options available to your specific needs, and how we can help.