Panama is an international commercial and financial hub that has a strategic location between the Americas. Many investors choose to set up international companies or open offshore bank accounts online in Panama to take advantage of the country’s politically stable environment, pro-business laws, and developed banking sector. If you are looking for a good place to diversify your assets, Panama could be your choice.
Panama gives a warm welcome to foreign business by encouraging it with tax benefits. However, opening a Panama international corporate bank account may not be easy as the country’s banking sector has more than 100 international banks which are scrupulous and meticulous about opening corporate bank accounts. Why is it? Well, like any respectable financial jurisdiction, Panama is trying to strike a balance between compliance with international requirements for banking practices that are constantly tightened up and the desire to remain appealing for global business. Our local agents know this balance quite well to help you get the most of it.
Most Panama banks that open corporate bank accounts require a face-to-face meeting with a potential customer to make sure that the ultimate beneficiary really exists. However, Offshore Pro Group can help you open a bank account in Panama online, so the beneficiary would not have to travel to the country. We have a trusted lawyer there who helps us with the opening of corporate bank accounts online, so you can send the documents required to our e-mail and continue focusing on your business operations.
Why Open a Corporate Account with a Bank in Panama?
Every businessman who opens a corporate bank account wants to get a reliable financial instrument that will work smoothly all over the world (or at least in the territories that are of primary interest to this particular business). The bank should be a respected institution that is not engaged in any dubious practices, on the one hand, and is not overly regulated, on the other hand. Panama banks have all this to offer, and much more.
The bank in Panama that our experts will recommend has good correspondent accounts in USD and EUR, covering all American territory through its branch in Florida and all European countries via its branch in Spain. Thanks to its wisely organized network, your business partners in the world’s major economies will get your money transfers without delays, and you will not face any restrictions while conducting your financial operations.
If you have an offshore company (in Nevis, Belize, BVI, Marshall Islands, and so on), a bank in Panama is a unique opportunity to open a non-resident bank account with a major bank by international standards with a presence in many countries. Not all solid banks with good characteristics for business are ready to work with offshore companies, so the bank we offer is a really good choice in this case.
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Here are some other features of Panama banks which make them attractive for businesses from all over the world:
- Intense banking secrecy laws, which means that your confidentiality will be protected with all instruments provided by law: sharing banking information with third parties is considered a criminal act!
- Panama does not share banking information with other countries
- A stable government and one of the most thriving economies in Central and South America
- Panama banks are accessible to non-residents who will just need some additional documents to comply with KYC regulations
- Panama banks stand alongside respected financial institutions of Hong Kong, Singapore, and Switzerland
- Credit cards are available even to non-residents
- Panama banks use state of the industry online security technologies, so your banking information will be 100% secure and confidential
- A current corporate bank account gives the right to short-term credits (overdrafts)
- Panama does not impose exchange control on inbound or outbound transfers
As you see, a bank in Panama may be your ideal instrument that satisfies all your business needs.
Most banks in Panama will require your personal presence if you are a non-resident, but you can use an exclusive opportunity to open a bank account online with the help of our local agents.
Another requirement you may come across is that you need a Panamanian IBC to open a digital corporate bank account in Panama. We at Offshore Pro Group open fully functional corporate bank accounts for any foreign or offshore company, so you should not worry about that. All you need is to contact us, and we will take care of everything.
Savings Account with a Bank in Panama
A legal entity has to make a deposit of USD 1,000 to open a savings corporate account with a bank in Panama. When you maintain a savings corporate account with a bank in Panama, the amount of USD 1,000 is the minimum balance you should keep at all times. Otherwise, Panama banks charge a commission of USD 10.
The corporate savings account with a bank in Panama can accumulate savings for the client through interest accruals on the account balance. The corporate account with a bank in Panama is used by the client for various payments and transfers, including as cash collateral for obtaining a loan. The savings account can be opened in euros at the corporate client’s discretion.
VISA Business Credit Card
One of the most popular banking products among corporate customers of Panama banks is VISA Business (Empresarial in Spanish) credit cards.
A credit card is useful for small and large businesses. Thanks to the use of the card, customers control the expenses of employees more accurately and, if necessary, adjust the permissible amounts through the Internet Bank. The card is serviced 24 hours a day and provides insurance against fraud, accidents during foreign flights, and car rental in the USA/Canada.
VISA Business often provides various discounts in outlets and promotional events. The credit card services include a corporate service that can combine various current payments into one invoice for automatic payment. Also, the bank can take over the accrual of employees’ salaries and provide a payroll fund.
How do I Open an Online Corporate Account in Panama?
You will need to take several steps to open a corporate account with a bank in Panama:
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Under the service agreement, you need to pay for assistance in opening a corporate account with a local bank – with a card, or using Pay Pal, Western Union, WebMoney, or a bank transaction. The cost of services is 3999 EUR.
Next, you need to attach a package of documents to open a corporate account with a bank in Panama. Our experts will give you the list of documents at the meeting as requirements may change from time to time.
Note: All documents should be translated into English and notarized! The corporate account with a bank in Panama is opened within 5-7 days after the information has been submitted. If you have any questions about the corporate offshore Panama bank account, please email us at info@offshore-pro.info.
