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The biggest portal about international asset protection and diversification

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Cost: 3878 USD


Full Expert Support: Form a Panama Company and Open a Corporate Account

The word “Panama” evokes a lot of good associations for company registration experts: a stable political and economic environment, a well-developed banking system, advanced communication and infrastructure, tax benefits, and so on. International entrepreneurs and investors value this Latin American jurisdiction and take its excellent opportunities with excitement.

If you engage an expert and rely on the local agent, the company set-up procedure in Panama may be quick and straightforward. Otherwise, you may need much more time and money to achieve the desired result. We at Offshore Pro Group offer a company registration package that is sure to save a lot of your efforts and promptly get a fully operational small, medium-sized, or even large company! 

Company and bank account in Panama

Opening a corporate bank account in a Panama bank is a part of our package. Keep in mind, though, that you will have to visit the country since the bank formalities involve your personal presence.

Please write a message to us ([email protected]) to discover all technicalities of the procedure.

Benefits of Panamanian Corporation Set-Up

Why should a foreign businessman choose Panama out of many available jurisdictions? Well, the list of reasons is quite impressive – see for yourself:

  • You can maintain your business at minimal fees
  • You will not need mandatory paid-up capital amount
  • You can keep the company’s assets abroad
  • Business owners, shareholders, and directors can be residents of any country
  • Companies can issue stock of any type – registered or bearer shares
  • Directors (shareholders) can attend meetings in person or by proxy, and the meetings can be held worldwide
  • You are sure to enjoy the advanced infrastructure and communications
  • A strong legal framework that helps keep business operations and banking services confidential
  • You can get additional benefits if you establish your business in one of Panama’s free trade zones
  • Incorporation regulations that boost business development
  • You can also benefit from the Panama Canal, an excellent trade artery

information from an expert on taxes
and possible tax benefits of the jurisdiction
appropriate to the company's structure.

oinformation from an expert on taxes and possible tax benefits of the jurisdiction appropriate to the company's structure.

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Panama: What You Need to Know about Taxes

If you establish an offshore Panama corporation, you will have to adhere to fairly simple taxation rules:

  1. Income generated in Panama following company registration is taxed at the standard corporate tax rate of 25%
  2. If a company’s commercial and financial activities are conducted outside Panama, they are not subject to local taxation.
  3. The company’s income from overseas rent and shares is tax-exempt.

Just to be absolutely clear on the subject, an offshore Panama corporation is fully free from withholding taxes, any local, gift, and estate taxes, inheritance tax, corporate, capital gains tax, or income tax – on the condition that it generates all profits abroad.

However, an offshore corporation that conducts international business has to pay an annual franchise of USD 300. Be sure to pay it on time or you may face an administrative penalty.

As you see, Panama is still a tax haven despite the growing deoffshorization trend, and this is a good reason to opt for this business-friendly Latin American jurisdiction.

Corporate Law of Panama

Panama’s corporate laws meet all international standards and guarantee smooth and easy management of a company established in Panama.

The confidentiality level is quite high. The beneficiary is offered to use nominee service, which means that his particulars will not be entered in the State Register. The company will be represented by approved managers trusted by the beneficiary. Thus, the owner of the Panama-registered company will remain as anonymous as is reasonably possible in the modern business world.

Panama has strict corporate rules protecting the privileges of businesses:

  • it is forbidden to disclose the contents of the company documents
  • the information on the beneficiary is not disclosed
  • the owner enjoys immunity

Failure to comply with the above requirements leads to criminal penalties.

As we see, the country takes good care of its business environment and has a strong pro-business legal framework to support entrepreneurs who opt for the establishment of a company in Panama.

National Currency

Panama’s national currency is the American dollar, and this fact has its obvious business advantages:

  1. Financial transactions are carried out without currency conversion losses
  2. Most international transactions are pegged to the dollar rate as it is the world’s most reliable currency.

Reasonable Control Standards in Panama

Offshore companies registered in Panama are not required to file reporting on financial transactions or carry out mandatory audits. However, it is recommended to maintain internal accounting records if your business activity is mainly focused in Panama.

Authorized Capital in Panama

Panama laws do not stipulate any requirements for fixed registered capital, which means that you can register a company without investments for a start. Further on, owners often choose to register the smallest statutory amounts possible to decrease the payable state fees.

Panama’s Well-Developed Infrastructure

High-quality highways and numerous airports ensure fast and convenient travel to various countries and Panamanian regions.

You will also benefit from good communication facilities and high-speed Internet in Panama, which will help you address business issues in no time. 


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Opening a Corporate Bank Account in Panama

Panama’s financial market is one of the most famous and largest ones in the business world. The capital, Panama City, is home to approximately 100 banks. You can choose a local banking institution or a bank with the participation of recognized foreign financial institutions.

Opening a Panamanian bank account requires a lot of documents in comparison with the same procedure in Europe or America, and you will need to present yourself for an interview with the local bank’s representatives. Your business account will be registered in the presence of a licensed local attorney, and this is a mandatory condition. You can find one by yourself – or contact us and rely on our trusted local partner who will accompany you.

Panama is a respected jurisdiction. A Panama-based company that is a corporate customer of a Panamanian bank will be regarded as a promising partner. The country’s recognized banks deliver services to many well-reputed international corporations and small and medium-sized businesses.

Current Account

Here are some details about fees payable to create a current account for a Panama-based company:

  1. At the stage of opening up the current account, a USD 300 commission fee will be charged by legal representatives
  2. The minimum sum that should be deposited at registration is USD 50,000, and it must be kept in the bank at all times
  3. You will pay a monthly maintenance fee (USD 15)
  4. Should the account be closed, a USD 60 fee will be charged over a 6-month period.

Savings Account

Companies may decide to set up a savings account to reserve funds for commercial transactions. Take a look at the approximate set-up and maintenance fees:

  1. A USD 300 commission fee is charged (this is the minimum account balance to be kept at all times)
  2. The minimum sum to be deposited at registration is USD 50,000
  3.  You will pay a monthly maintenance fee (USD 20)
  4. Should the account be closed, a USD 60 fee will be charged over a 6-month period.

Fixed-Term Deposit

Panamanian banks offer fixed-term deposits to their corporate customers. Companies use them to replenish free financial flows over long and short terms.

Bank customers can carry out international transfer transactions with guaranteed reliability and efficiency. You can make a transfer to almost any country and in almost every currency.

  • Each transaction of this type (ACH transaction) is subject to a commission fee of USD 1. 
  • If you make a transfer through a bank branch, it increases to USD 5 per transaction. 
  • You can get a financial certificate for the transfer operations performed for USD 25 (consumers can receive it upon expiration of up to 3 months).

Business Credit Card (MasterCard)

Bank customers can get a business credit card that ensures reliable payments. Here are the conditions offered by Panamanian banks:

  1. The credit card limit ranges from USD 1,000 to USD 49,999
  2.  Annuity payment for the card equals USD 100 and guarantees the annual rate of 12%
  3. No accident insurance is offered
  4.  An automatic payment of USD 5 is levied when the card is issued to provide coverage in case of its loss or theft
  5. A maintenance fee is charged on the 15th day of the month, and the final payment date is the 25th
  6. Cardholders receive messages about changes in the payment rates and exclusion of the ITBMS tax (7%) from the calculation.

Other Panama Banking Services

Panamanian banks can also render a full range of services (commercial and mortgage credit operations, lease settlements, letters of credit, and lines of credit) that will help owners maintain circulating capital. 

Set Up a Panama Company with an Account

The registration process comprises the following stages:

  • Send scanned copies of certificates required for company establishment by e-mail. The bank will check the documentation and set the date of arrival in the country.
  • Then you will need to pay USD 3,878 for company account opening (payment can be made by card through WebMoney, Western Union, or bank transaction).
  • Beneficiaries, company managers, and joint-stock investors have to submit the following documents to the financial organization:
  • completed and notarized copies of the bank forms required to open an account
  • copies of the foreign passport certified by a notary public or any identification document with signatures and photographs
  • proofs of residence address with copies of paid utility bills or bank account (credit card) reports with a residential address

The notarized proof submitted in English or Spanish should be no more than 3 months old by the time of its filing.

Below is a complete documentation package you will need to provide to register a company in Panama:

  1. Proof of legal origin of the company’s capital
  2.  A copy of the share certificate certified by a notary (if the company has registered shares), a statement of trust if there is a corporate shareholder(s) in the company
  3.  A copy of the power of attorney certified by a notary if the company head has been appointed
  4. A notarized copy of the protocol document of the general board and the regulations of the legal representative/organization/contract for memorandum operation
  5. Signatures of the company owners
  6. A notarized copy of the company’s incorporation certificate/certificate of good standing (if the company has been in business for more than a year)
  7. Borrowing notice (if there are bearer shares)
  8. Documents that provide information on the company founders, including directors
  9. Conclusion regarding account opening
  10. Copies of the company’s income statements for two years

As a rule, the corporate account is opened within 5-7 days after the submission of documents. If the data provided is found to be incomplete, the process may require more time. We check your documents before submission to the bank to minimize any such delays.

The account is opened with the assistance of a banking agent and a Panamanian lawyer. Contact us now to find out all the possibilities and register your company in Panama as quickly as possible without any problems.

Other services in Panama that we provide:

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