Open a Corporate Bank Account in 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:

1. Apostilled copy of the Articles of Incorporation.
   Amendments to the Articles of Incorporation (if any). It is also necessary to receive it, in most cases, apostilled.
2. Public Registry Certificate. It will be required to come with the Hague Apostille.
3. Submit two (2) original Commercial Reference Letters or two (2) Bank References, which must be addressed to the Bank on the letterhead of the sending entity, address, and telephone number to be confirmed.
4. Copy of the Operations Notice (Commercial License) (if applicable) or industrial issued by the competent authority in the case of carrying out an activity for which a specific license or permit is required.

Documents that must be submitted by Companies incorporated in the British Virgin Islands (BVI)

1. Certificate of Good Standing.
2. Certificate of Incumbency.
3. Resolution of the Director / Resolution Board of Director / Resolution of the Subscribers.
4. Memorandum of Association and Articles of Association.
5. Certificate of Incorporation.

NOTE: Usually, these documents need to be apostilled.

Documents Provided by the Foreign Dignitaries and Signatories:

1. Current original Passport of each signatory (if the client travels to Panama to sign).
2. If the signatory, dignitaries, or shareholders do not travel to Panama, they must send an apostilled copy of the general terms of the valid passport.
3. Second identification document (ID) issued by the country of origin of each account signatory.
4. Two (2) original Bank Reference Letters from each account signatory.
5. Income statement, employment contract, or proof of source of income of dignitaries, signatories, and shares provided that the company is not over one year old. If the company has been established for more than a year, the income statement of said company must be provided.

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:

1. Copy of the Articles of Incorporation and its amendments.
2. Public Registry Certificate. This certificate is valid for 3 months from the date of issue.
3. You must present two (2) original Commercial Reference Letters or two (2) Bank References, which must be addressed to the Bank on the letterhead of the sending entity, address, and telephone number to be confirmed.
4. Copy of the Operations Notice (Commercial License) (if applicable) or industrial issued by the competent authority in the case of carrying out an activity for which a specific license or permit is required.

Documents Provided by the Foreign Dignitaries and Signatories:

1. Valid Original Passport of each signatory; in case of not presenting the original document (if you travel), you must send an apostilled copy of it.
2. Income Statements of the President and Secretary of the Company, as well as that of its shareholders and signatories if the company is recently established. If the company has been constituted for over a year, it must also present its income statements.
3. Second identification of the company's signatories, President, Secretary, and Shareholders.
4. Utility receipt stating the physical address of the signatories and dignitaries.

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.

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.

A Corporate Bank Account is a bank account known as a Legal Entity Bank Account, a company account. This can be of two types:

• Foreign Legal Entity Bank Account. This is a legal person’s bank account, corporation, or company established in another jurisdiction other than Panama.
• Panamanian Legal Entity Bank Account. It is a bank account for a corporation or company incorporated in the Republic of Panama, whether operational or offshore.

NOTE: Consider 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.

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.