How to Open a Bank Account for Your Company in Panama

Before you approach a bank in Panama, it is essential to gather all the required documentation. This includes both basic company documents and specific documents regarding shareholders and legal representatives.

• Company legal documents: Deed of incorporation, updated social pact and shareholder certification.
• Information from shareholders and directors: Certified copies of passports, proof of address (service bills), and bank references for each one, evidence of the origin of income.
• Evidence of business activity: Financial statements, billing, or current contracts that support the company's operations.

Having all this documentation organized will save time and show the bank that you're ready.

The composition of your company's board of directors significantly influences the bank's evaluation. All authorized directors and signatories must meet standards of 'banking due diligence. '

Key Tips:

• Make sure that all directors meet the requested requirements.
• It provides a clear list of authorized signers and the specific functions they perform within the company.
• It is advisable to include directors with a clean background and good financial references.

This reflects professionalism and trust, key factors for financial institutions in Panama.

The principle of 'Know Your Customer' (KYC, for its acronym in English) is a mandatory banking policy in Panama and globally. This process ensures that banks obtain sufficient information to prevent illegal activities, such as money laundering.

What to expect during this process?

• An in-depth analysis of the company's shareholders and final beneficiaries.
• The bank may request more detailed explanations about the source of the funds and the business model.
• All questions must be answered in a transparent manner and additional documentation must be provided if necessary.

Adequate preparation to meet these requirements can make a difference when it comes to approving or rejecting your account.

A solid bank reference can significantly increase the credibility of your corporate account request. Most Panamanian banks will require references from shareholders or directors.

Tips for obtaining effective bank references:

• Ask your current bank for a reference letter that specifies your account age, financial behavior and average balance.
• Make sure that the references are issued within the last 3 months to ensure their validity.
• References must be from an internationally recognized banking institution.

These references not only validate your financial solvency, but they also provide confidence to the receiving bank.

In Panama, all requests for corporate accounts are reviewed by the Bank's Committee, which evaluates each case individually. Therefore, presenting a complete and transparent file is essential.

Your file should include:

• All required business documents, references and bank forms.
• A clear and detailed business profile that explains your company's operations, the countries where it operates and the source of income.
• Revenue supports or contracts that demonstrate legitimate activity.

Remember that this committee also values clarity and organization, so preparing a well-structured digital and physical file can improve your chance of being approved.