Panama Offshore
Banking |
FAQ
Do I need a lawyer to open a bank account in
Panama?
R.
It is important to note that it is not required an attorney to
open a Panama Bank Account in Panama; you could make this
procedures directly with the bank, however, according our
experience opening a corporate account takes time and continued
communications with the bank in order to comply with all the
requirements, usually clients does not want to be involved in
these details and prefer to have an attorney or law Firm to take
care of this procedures for them. Our Firm will be glad to
provide bank introduction services for corporations established
by our Firm.
Is it necessary to come personally to Panama to
open the account?
R.
According to new regulations all the bankers in
Panama are obligated to know very well their clients, for that
reason it is requested that the client (account signatory) to
come personally to Panama for a brief interview with the bank
and to sign the bank application forms.
How long should I stay in Panama for opening the
account?
R.
Usually a short trip of one or two business days will suffice
for this purpose. The bank interview and signature of bank
documents can be accomplished swiftly in one business days,
however, it is important to note that the bank account will not
be opened this same day, our Firm will keep track of the
procedure until the account is finally approved (approximately 2
weeks later).
How long does it take to open the account?
R.
Approximately 2 weeks. Once we have the interview with the bank
and sign the bank application forms, the bank compliance
department will study all the information and documents
provided, if everything is in order they will authorize the
opening of the account. The bank compliance department
might request additional information or documents if they
consider it necessary; in this case, our Firm will inform the
client about these new requirements and will present the
additional documents or information to the bank officer.
What are the usual requirements to open a Panama
corporate account?
R.
In the following page you will find the usual requirements in
order to open the Panama corporate bank account.
What if the corporation does not have references?
R.
The banks understand that a new corporation usually does not
have own references, for this reason the bank will require
personal references from the person that shall be appointed as
account signatory.
Is the information provided to the bank private?
R.
All the information and documents requested by the banks are
needed absolutely for the bank private records, said information
is kept totally confidential and can’t be shared with any
country or institution.
Have a different question?
Please do not hesitate in contact us for any further enquiries, we will be glad to assist you.
