If you are a foreigner with a company in Panama, you do not need to travel here to open your corporate bank account. Trust our management, and we will carry out all the paperwork so that you can access your online banking between thirty-five (35) and sixty (60) days.
If your company is engaged in international business, many of the Panamanian banks will facilitate your entry into other markets since you will have the opportunity to contact local partners to help you develop your business.
Another advantage is the protection against inflation; you can change your money to another currency without being affected by said inflation.
And in times of crisis and economic instability, it will be wise to protect your accounts so they are not frozen. You can make as many international transfers as you want.
The requirements for opening a bank account in Panama vary depending on the type of account if it is a Corporate Bank Account for a Foreign or National Legal Entity (of Panama).
The requirements that banks commonly request to open a bank account to a Foreign Legal Entity that is to a company incorporated abroad (this varies depending on the entity, but it helps us to get an idea of the documents that can be requested), are the following:
Documents that Companies Incorporated Abroad must present:
Documents that must be submitted by Companies incorporated in the British Virgin Islands (BVI)
NOTE: Usually, these documents need to be apostilled.
Documents Provided by the Foreign Dignitaries and Signatories:
NOTE: In addition to the above, we will complete a plural number of documents/forms as part of the service provided, but not before asking the client for information.
In the case of the Corporate Bank Account of a Panamanian Legal Entity (Panamanian company), the basic or general requirements would be the following: (it is important to mention that the definitive requirements depend on each bank).
Documents that Corporations or Limited Liability Companies incorporated in Panama must present:
Documents Provided by the Foreign Dignitaries and Signatories:
In Panama, there is a diverse international banking center. In other words, we find banks that focus on natural persons; there are also investment banks, commercial banks, etc. At Legal Solutions Panama we collaborate with the following banks in Panama:
To open a Corporate Bank Account in Panama, it is necessary to comply with the requirements established by each bank and clearly specify where the funds that will be deposited in said account come from.
For Panamanian banks, knowing the origin of the funds that will be deposited in the future account is vital.
From Legal Solutions Panama we can support you not only with completing the requirements and forms but also with introducing professionals in the best banks in the country who will assist you and give you a precise response.
The best bank to open a Corporate Bank Account will always depend on the type of service you wish to contract with the entity and the activity you will carry out.
In other words, if your activity includes internet sales or online sales, it will be better to open your bank account in a bank with an e-commerce department that can offer you payment gateway integration services and other online collection services that are adjusted to your needs.
Therefore, it is better to contact our banking expert and explain all your needs so that the advice and recommendation of the bank to choose is the right one for your business.
In general, banks charge commissions depending on the transaction or contracted services. For a better understanding, we recommend that you ask our banking expert for the service rates of each bank so that you can directly verify the commissions applicable to each service.
Yes, opening a Corporate Bank Account in Panama from abroad is possible. We first recommend hiring a manager who has already established contacts with the banks and knows the documentation and processes so that the bank can expeditiously process your request.
Legal Solutions Panama can be your trusted partner to start the process. The Corporate Bank Account can be opened by sending the bank’s requested documentation.
In this case, we must have your passport apostilled. This apostille is necessary to be able to request the opening of the account without traveling to Panama. Consider that certain banks require the physical presence of the signatory.
If you are a foreigner, all banks in Panama will request your current passport to open a Corporate Bank Account.
No bank will open Corporate Bank Account for you as a foreigner without a passport. Some banks in Panama do not open accounts for foreigners without a residence permit in Panama.
Legal Solutions Panama collaborates with banks that allow the opening of Corporate Bank Accounts to foreigners without a Residence Permit in Panama.
Banks can offer different types of bank accounts:Personal banks accounts(savings or checking); Legal Banks Accounts; Investment Bank Accounts, among others.
ACorporate Bank Account is a bank account known as a Legal Entity Bank Account, a company account. This can be of two types:
NOTE: TConsider that banks establish requirements depending on whether the company or corporation is Panamanian or foreign. A Corporate Bank Account is the bank account you must open to receive customer payments. Once you set up your company, you generally need your Corporate Bank Account to operate.
To create or open a Corporate Bank Account you must present to the bank all the requirements they demand to evaluate your application. Some banks request your physical presence to sign the forms. Others don't. We offer both ways depending on your needs.
It all depends on the type of account you need.
Opening of Legal Company or Corporate Bank Account. In this case, if you are the signatory of the account and you are not a resident of Panama, some banks will not directly allow you to be the signatory.
However, most of the banks with which we collaborate do not require that you be a resident in order to be the signatory of a Corporate Bank Account. They will ask you for the general requirements, and if you do not travel to Panama for the signature, you must send a copy of your apostilled passport. Some banks do require your physical presence to sign the forms.
In conclusion, everything will depend on the bank, and we know which ones to go to depending on each case.
The approximate time to open bank accounts for companies in Panamanian banks usually varies from one bank to another. There is even an important difference in the time it takes to open a Corporate or Personal bank accout.
Taking these variants into consideration, a Legal Entity Bank Account can take between thirty (30) to fourty (40) days to create. Everything will depend on whether or not the bank decides to pass the file through a committee and whether the Compliance Department requests more information than usual.
