Opening a bank deposit account in any foreign country can be a tedious and frustrating experience. In order to facilitate this process, we assist our clients by introducing them to some of the most highly rated banks in Panama. We help them through the process of putting together all of the necessary documents to comply with the requirements of each individual financial institution.
According to new regulations, all financial institutions in Panama are obligated to get to know their clients’ businesses prior to the opening up of bank accounts or extending banking services. As a result, it is increasingly more difficult for individuals to be able to develop a banking relationship without coming personally to Panama for a face to face interview with a bank officer. In spite of it, our firm has developed personal relationships with several highly rated banks in Panama that allow our clients to open bank deposit accounts without a physical presence in Panama, as long as all of their conditions are met.
Biz Latin Hub can provide bank introduction services for opening corporate bank deposit accounts for Panamanian corporations, private foundations, as well as individual bank accounts. Our total fee to assist in the process of bank introduction and preparation of all of the necessary documentation to set up a bank deposit account in Panama is US$2,000 with all expenses included.
This cost includes the following services:
- Analysis of the customer’s needs and interests
- Search and recommendation of banks based on the specific needs of each client
- Reviewing of all documents to ensure compliance with the specific requirements established by each financial institution
- Filling out and submitting all of the necessary bank’s account opening forms
- Providing letter of reference on behalf of the client
- Formal client introduction and assistance during the face to face interview process
- Follow up throughout the entire time it may take for the account to be opened
- Answer any concern or matter that should arise during the opening process
- Representation before the financial institution should it be necessary
Panama Corporate Banking Information
It should be noted that most accounts are approved and opened within two (2) weeks or less by the bank’s compliance department. This timetable depends exclusively on each financial institution; not our firm. Since each case is unique, it is entirely possible that the bank may take additional time and request additional documents.
Once an account is approved and opened by the bank, the client is generally notified by e-mail of his/her account number and asked to make the initial deposit. According to each institution these deposits may range between US$500.00 to US$3,000.00. Additionally, the bank would convey all of the necessary information for the client to be able to access his/her account via home banking or internet banking. A debit and credit card may also be issued upon request.
In order to protect the privacy and integrity of the account opening process, our services end once the bank notifies the client that the account is formally opened. At that point, we no longer get involved with the account, nor do we have any way of accessing information about the account unless the client specifically asks us to do so on his/her behalf.
Panama Corporate Bank Account: Required Documents
As a general rule, most banks require personal information as well as personal and corporate references from all of the individuals who are signatories on the account.
The following is a list of requirements needed to begin the process of opening a bank deposit account:
- Two (2) original personal bank references from the account signatory
- Two (2) original commercial references from the account signatory
- Copy of financial statements from the account signatory or the Corporation if available (It does not apply to new corporations)
- Two (2) personal references from established community organizations, lawyers, accountants, business consultants, etc.
- Proof of the origin of the funds by providing documents such as bank statements, business contracts, rental leases, W-2 or 1099 Forms, or any other document that the client considers will help the bank understand his/her financial situation
- Employment Letter or Income Tax Return if self-employed
- Copy of the Signatory Passport and second form of identification such as a Driver’s License, State ID Card, etc.
- Copy of a recent utility bill (water, phone, gas, electricity, etc.) anywhere in the world
- Signed Bank documents and signature cards for all signatories on the account
- If it is a Corporation and the Directors are appointed by the client, authenticated copies of their passports and second form of identification
- If a Corporation, Certificate of Good Standing from the Public Registry issued within the last ninety (90) days
- If account applicant is an American citizen or Permanent Resident, supply the latest Form 1040 U.S. Individual Income Tax Return as filed with the IRS
- Letter addressed to the Bank with the following information:
- Short explanation of your business or employment
- Contact information
- Number of employees (if it’s a business)
- Reason why you want to open a bank account in Panama (property investment, pensionadovisa, immigration requirement, etc.)
- Estimated amount of money that will be flowing through the account on a monthly basis, if known
- Country where the funds are coming from
- Intended use of the funds (Investments, operations, etc.)
At the Biz Latin Hub we can help you with the opening of a corporate bank account as well as ensuring that you select the right banking institution based on your business needs and wants. In addition, we are able to guide you through the company formation or incorporation process. If you have any questions, please contact Craig here.