Do I need a lawyer to open a bank account in Panama?
R. No. A lawyer will usually facilitate the account opening procedures due to the fact it is more familiar with the requirements, nevertheless, It is important to note that it is not required an attorney to open a Bank Account in Panama; you could perform this procedure 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 these 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 their clients intimately. For that reason it is suggested that the client (account signatory) come personally to Panama for a brief interview with the bank and to sign the bank application forms. This depends strictly of the banks, some banks requires it and some not.
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 day, 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 addition to the standard corporate documents, the client will usually need 2 personal bank references (can be from any country), 2 commercial references (example; attorney, accountant, etc), completing bank forms regarding the account activities, approximate balances, personal information etc. Sometimes the banks ask also for financial statements or documents to prove the sources of the funds.
My company is new, what if the corporation does not have references yet?
R. The banks understand that a new corporation usually does not have its 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 required for the bank private records. This information is kept totally confidential and can’t be shared with any country or institution, unless they are formally and officially requested by the local Panama Authorities.
Have a different question regarding banking in Panama or the Panama bank account opening process?
Please do not hesitate to contact us for any further enquiries. We will be glad to assist and guide you through the process of opening a bank account in Panama.