The Offshore Pro Group would like to offer you an opportunity of opening a bank account in Panama remotely, without having to visit the country.
Since the days of Columbus, Panama has been a region for trade and sea shipping of various goods to all parts of the world. And the opening of the Panama Canal in 1914 gave this jurisdiction the title of one of the most important commercial centers in the world. In less than a century, the country has grown to the size of a financial center that was created thanks to smart and visionary both local and international economic and financial policies. The Government of Panama has taken a strategic step by adopting the US dollar use. This has increased commercial activity, as well as strengthened the local banking sector which we are going to talk about today in our article.
All financial institutions in Panama operate under the Banking Act 1970, which allowed the local sector to grow and become competitive in the global banking market.
The bank we would like to tell you about has grown on the basis of the reliable and stable banking system of Panama. The bank was established in 1992 by a group of Panamanian businessmen.
The Offshore Pro Group would like to offer you the opportunity of opening a corporate as well as a private equity account with the bank in Panama and become a holder of not just an offshore account, but also acquire a reliable instrument to protect your privacy and your assets. In order to start the account opening process, you will need to contact us by email firstname.lastname@example.org.
Today the bank has 26 branches in Panama and is one of the country’s most trusted banks that works with many clients internationally and in accordance with all international banking standards.
For many years, the bank has been pursuing its policy based on conservative views and conventional banking, which means a clear procedure of verification for its potential and existing clients whom the bank offers an individual approach aimed at achieving their financial goals combined with the professionalism of the bank’s employees, as well as modern e-support.
Check Account or Settlement Account
The bank offers all of its corporate clients to become its partners and use the check account opening service. This type of account is similar to the settlement account.
This banking product was designed specifically for those corporate clients who need to carry out their bank transactions on a permanent basis using the bank checks, transfers and standing orders.
If you wish to open a check/settlement account with the bank you will need to do the following:
- Deposit a minimum amount of USD 50,000 within 15 to 30 days from the moment you get your account opened;
- You will also need to maintain the minimum account balance of an average of USD 100,000 throughout the year.
The bank also offers the opportunity to open an account not only in USD, but also in EUR, which is an attractive aspect for those who do business in this currency.
Check/settlement account will allow you to:
- Withdraw cash from the account, as well as replenish the account in cash;
- Receive and make international payments;
- Make purchases in euro, and make conversions.
You can find the bank’s rates in the bank’s page or here:
Corporate Savings Account with a Checkbook
The bank successfully works not only with large enterprises, but also with clients representing medium- and small-sized business (Mass-media).
The corporate savings account with a checkbook is a great way to accumulate funds for a group of clients who fall under the mass-media category. The bank offers a competitive interest rate for savings, as well as the possibility of using these savings with checks.
By using the checkbook, clients are able to make their transactions more convenient, secure and fast.
Features of this product:
- The minimum deposit-opening amount is USD 500.00;
- The minimum monthly balance is USD 500.00;
- If the balance falls below the minimum, 0% is paid;
- Interest is calculated daily and paid once a month.
Premium Savings Account
This savings account offers more attractive interest rates on the account balance that is from USD 3,000 to USD 20,000. Interest is calculated according to the average daily balance and paid at the end of the month. The Premium Savings Account is controlled via debit cards, operations, and cash transactions.
The minimum amount to open a deposit is USD 3,000.
With the Premium Savings Account, you will be able to receive monthly statements that will detail all the transactions over the last period.
In addition to savings accounts, the bank offers the option of depositing your assets. The bank has competitive deposit rates and guarantees the profits.
- The minimum deposit amount is USD 10,000.00;
- The minimum terms is 30 days.
Visa Corporate Bank Card
Thanks to the use of the Visa Business corporate card, you as the CEO of your company will be able to easily control and trace your company’s expenditures, and separate them from your personal expenses.
Visa Business will allow you to improve the cash flow, better understand the priorities and costs of your company, facilitate payments during business trips and have access to the credit line at any time you need.
The card must be secured with a deposit of 125% of the card’s credit limit.
Here are some of the Visa Business privileges:
- The card is accepted everywhere in the world;
- You can enjoy the available credit balance at any time at an attractive interest rate and with a minimum monthly payment of 5% of the used balance;
- You will be able to consolidate your expenditures by obtaining an individual and combined statement of the account.
- You will have full control over the expenditures of each cardholder, and the authorized access to the credit limit.
- Yet another feature to enjoy is a free, instant and secure access to the account information via online banking 24/7. The expenditures report is available online by category.
- By joining Rewards Program, you will be able to easily transform your daily business expenditures into free airline tickets, gift certificates, or cash.
- Travel insurance worth USD 250,000 is included;
- Car rental insurance in the U.S. and Canada is included;
- Tourist services in any country of the world are supported.
Annual service fee is USD 35.00 per card.
Annual participation fee is USD 50.00 per card.
Annual fee for the Rewards Program is USD 35.00 USD per card.
Effective interest rate is 14,9%.
The bank understands that cash flow is oxygen for any company’s operations, so it offers all of its clients the opportunity of using the credit line that was designed for making purchases, sales, or to receive goods and services. The credit line can be up to 12 months, combined with flexible monthly interest payments and principal repayments.
Here are the privileges:
- No fines if the credit line is repaid ahead of schedule;
- You can reuse the capital paid in the current credit line.
- Financial statements or tax returns for the previous two years;
- Details of the collateral availability;
- APC Authorization and commercial references.
The bank supports business development of its clients by providing companies with financing for the production and/or commercialization of goods and services, ensuring equipment, real estate, and offering loans for up to 10 years to improve and expand the business.
The bank is ready to offer loans to the companies that operate in different industries, from developers to natural resource producers.
This is a new system for exchanging payments between those banks that are members of the ACH Direct Network in Panama. This system was established to improve the provision of banking services in Panama, and allows companies to carry out all kinds of transactions.
Here are its advantages:
- Reduced administrative costs since the system makes it easier to write out and cash the checks.
- Increased availability of assets.
- Reduced the risk of losing checks or getting them stolen.
- Improved cash flow.
The online banking system of the bank will allow you to have access to your funds 24/7 from anywhere in the world where there is the Internet access. This service is provided free of charge, and it is as convenient as possible for all the international clients who want to control their assets at any time regardless of their location.
Online banking by the bank will give you the following:
- Access to your funds in real time;
- The possibility to check your account balance, receive statements and make payments;
- Transfers between accounts;
- Local ACH payments;
- International payments;
- Loan and credit line payments, etc.;
- Request of checkbooks, etc.
The bank we are talking about was the first bank in Panama to provide the opportunity of using e-commerce solutions for running business. Today, the bank offers a stable and reliable e-commerce system that will help a large number of companies to successfully do their business.
In order to become a merchant account holder with the bank, you will need to comply with the following requirements:
- Sellers must process at least USD 10,000 per month.
- The web-site must ensure and describe the privacy, security and refund policies, as well as product pricing.
- The web-site must have the current contact information (e-mail, phone, fax).
- It must also specify how goods are delivered and paid for.
Each merchant is charged their own individual fees depending on the volume of business and the number of clients. The fees consist of the following items: opening of an account and data verification, monthly fees and fees for each transaction, refund, as well as:
- Security: fixed-term deposit plus a reserve.
- Acceptable payment rate: up to 1.0% for Visa and MasterCard separately;
- Acceptable loan or repayment rate: up to 5.0% for Visa and MasterCard.
The bank works with the industry leaders such as the First Atlantic Commerce, Paypal, Plugn’Pay and Network Merchants. The bank can use the right way to implement e-commerce or find a solution on your behalf that would best suit your needs.
How Do I Open a Corporate Bank Account in Panama?
2. In accordance with the service agreement, you will need to pay a fee for the services to be provided and the assistance in getting your corporate bank account in Panama opened. You can do that with a card, via PayPal, Western Union, WebMoney, or make a banking transaction. The service cost is 4255 EUR.
3. After that we will move on to collecting the information that is required for opening your account.
You should provide the following documents to get your account opened:
Beneficiary account holders, directors, company secretaries, as well as signatories and authorized persons must submit the following:
- Filled out, printed and signed copies of the bank papers for opening an account;
- Notarized copy of your travel document (pages with your photo and signature).
- Proofs of residence (utility bills);
Notarized copy of your utility bill, or an original of your utility bill, or a bank account statement to confirm your residence address.
Note: This document must be no older than 3 months by the time the account-opening package is submitted, and it must be translated into English and notarized. –
- Two reference letters to the beneficiary from their public partners and a bank.
- Tax return or income certificate from the employer.
- Notarized copy of the share certificate (if the company has registered shares); the declaration of the trust, if the company has a corporate shareholder(s).
- Notarized copy of the Letter of Attorney if the company has a Corporate Director(s).
- Notarized copy of the General Meeting Minutes and the Articles of Association of the legal entity/structure/operating agreement and the Memorandum.
- Signature samples of the company’s owners.
- Notarized copy of the Company’s Certificate of Incorporation/Certificate of the Company’s Good Standing (if the company has been in existence for more than one year).
- Letter of undertaking (applied in the case of shares to bearer).
- Certificate of shareholders/subscribers.
- Subscribers appointment of the company’s director.
- In addition, it will be necessary to provide a description of the company’s business activities (company’s turnover, partners, regions of operations, system of mutual settlements, operational structure, etc.) signed by the agent or the client.
- The company’s financial statements and tax return, as well as contracts and agreements with the clients or other documents that will be able to prove the source of the account transactions.
Note: all the documents must be translated into English and notarized.
The bank in Panama can become your trusted partner in building your business offshore, as well as in protecting your assets. For more information, please do not hesitate to email us to email@example.com to open a corporate account in Panama.