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Open a Panama Bank Account

Introduction

The Republic of Panama is the southernmost country of Central America. Revenue from canal tolls continue to represent a significant portion of Panama’s GDP, although commerce, banking, and tourism are major and growing sectors. Panama has the second largest economy in Central America and is also the fastest growing economy and largest per capita consumer in Central America.
Bank Account Key details
Currencies: USD, EUR, GBP
Minimum deposit to open Bank Account: USD 20,000
Good For: Transactional Banking, Credit Card Proccesing, Trade Finance
Eligibility: Resident companies
Personal Visit: Required
Money back guarantee if unsuccesfull bank account opening
We will assist with up to 3 different banks
Personal Bank Account fee: $414
Corporate Bank Account Fee: $964

Documents Required to open your Bank Account

Company documentation
  • Certificate of incorporation
  • Memorandum and articles of association.
  • Share certificates.
  • Certificate of incumbency, or certificate of good standing if the company is more than 12 months old.
  • Corporate structure identifying the ultimate beneficial owners.
  • Business license (if applicable for some industry like Financial Services).
  • Power of attorney (if applicable).
  • Declaration of trust (if applicable).
Personal documents of each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner.
  • Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, certification required however we can support you on this).
  • Proof of residential address: original or certified copy of utility bill/bank statement dated within previous 3 months.
  • Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months, or 6 months’ statements (depending on the chosen bank).

     *Certification can be done by a bank, a attorney at law, a notary or public officer however we can assist you on this.

Business evidence (upon bank request)
  • Invoices, contracts, agreements of your existing company.
  • Service Provider Certification with your prosperous partners/ suppliers.
  • Any documents proving your qualifications in the business scope.

Country General Information

Banking
Panama’s economy has been among the fastest growing and best managed in Latin America. Having a long history as an offshore banking center, Panama is considered to be the financial « heart » of all of South and Central America. Panama banks are globally respected for their confidentiality and stability.
History
In the 16th century, the Spanish Empire conquered the native tribes of Panama. Rodrigo de Bastidas, sailing westward from Venezuela in 1501 in search of gold, was the first European to explore Panama. Subsequently Panama was under Spanish rule for 300 years. In 1671, the privateer Henry Morgan, licensed by the English government, sacked and burned the city of Panama. In 1744, Bishop Francisco Javier de Luna Victoria DeCastro established the College of San Ignacio de Loyola and on June 3, 1749 founded La Real y Pontificia Universidad de San Javier. By this time, however, Panama’s importance and influence had become insignificant as Spain’s power dwindled in Europe and advances in navigation technique increasingly permitted to round Cape Horn in order to reach the Pacific. In the first eighty years following independence from Spain, Panama was a department of Colombia, since voluntarily becoming part of it at the end of 1821. The people of the isthmus made several attempts to secede and came close to success in 1831, and again during the Thousand Days’ War of 1899–1902. When the Senate of Colombia rejected the Hay–Herrán Treaty, the United States decided to support the Panamanian independence movement. In November 1903 Panama proclaimed its independence. Today, Panama is regarded as the financial centre of Latin America and one of the major financial centres of the world.
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