Bank Referral Services
Guidance for clients preparing to begin the process of opening a corporate bank account in Panama.
Guidance for the Panama banking process
Our firm supports Panama corporations and private interest foundations incorporated through our firm, or entities where we act as resident agent, throughout the account-opening process.
The institutions we identify are established banks subject to regulation and internal compliance policies. Our support helps clients organize information and present their case clearly from the beginning of the process.
How We Can Assist
- Identify institutions that may be appropriate according to the profile of the corporation or foundation.
- Provide guidance on documents commonly requested by banks.
- Assist with corporate documents required for banking purposes.
- Follow up when the bank requests documentation related to the Panamanian entity.
- Organize the initial information so the client can present the request clearly.
Steps Within the Banking Process
- Review of the application and supporting documentation, according to each bank’s own requirements.
- In-person or remote interview, according to the bank’s policies.
- Confirmation of the minimum deposit and account conditions by the evaluating bank.
- Internal analysis by the bank’s compliance department.
- Request for additional information when the bank considers it necessary.
Documents and Information Commonly Requested
Bank requirements may vary depending on the client’s profile, the entity’s activity, and the country of origin of the funds.
Identification and References
- Copy of the client’s or account signatory’s passport.
- Second form of identification, such as a driver’s license or national ID.
- Personal bank references.
- Commercial or professional references.
- Identification of directors, signatories, and ultimate beneficial owners, when applicable.
Source of Funds and Activity Profile
- Explanation of the client’s business or professional activity.
- Documents supporting the source of funds.
- Estimated monthly incoming and outgoing funds.
- Countries from which funds will be received and to which funds will be sent.
- Reason for opening a bank account in Panama.
Minimum Deposit
The initial minimum deposit depends on each bank. It is generally made by bank transfer after the account has been approved and the bank has issued the account number.
Estimated Timeframe
Once the required information has been submitted, timelines may range from around two to four weeks. Timing varies by bank, its compliance review, and any additional documentation requested.
Related banking pages
Contact
Contact us to discuss your legal needs in Panama.
OUR OFFICE
Advanced Tower, 1st Floor
Panama City, Panama.
In the Banking District, next to Hyatt Regency Panama City.
CONTACT US
+507 264.5570 | 264.5931
[email protected]
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