The requirements commonly requested by banks to open a bank account for a foreign legal entity, i.e., a company incorporated abroad (this varies depending on the institution, but it helps us get an idea of the documents that may be requested), are as follows:

Documents that must be submitted by companies incorporated abroad:

1. Apostilled copy of the Articles of Association.

2. Certificate of Public Registration. It must be accompanied by the Hague Apostille.

3. Submit two (2) original Commercial Reference Letters or two (2) Bank References, which must be addressed to the Bank, on the sender's letterhead, with the address and telephone number for confirmation.

4. Copy of the Notice of Operation (Commercial License) (if applicable) or industrial license issued by the competent authority, in the event that you carry out an activity for which a specific license or permit is required.

Documents that must be submitted by companies incorporated in the British Virgin Islands (BVI)

1. Certificate of Good Standing.

2. Certificate of Incumbency.

3. Resolution of the Director / Resolution Board of Director / Resolution of the Subscribers.

4. Memorandum of Association and Articles of Association.

5. Certificate of Incorporation.

NOTE: These documents usually need to be apostilled.

Documents Provided by Foreign Dignitaries and Signatories: 

1. Original valid passport of each signatory (if the client travels to Panama to sign).

2. If the signatory, officers, or shareholders do not travel to Panama, they must send an apostilled copy of the general information page of their valid passport.

3. Second identification document (ID) issued by the country of origin of each account signatory.

4. Original of two (2) bank reference letters for each account signatory.

5. Utility bill showing the physical address of the signatories and officers.

6. Income tax return, employment contract, or proof of income source for officers, signatories, and shareholders, provided that the company has been in existence for less than one year. If the company has been in existence for more than one year, the company's income tax return must be provided. 

NOTE: In addition to the above, there are a number of documents/forms that we will complete as part of the service provided, but not before requesting information from the customer.

In the case of a Panamanian Legal Entity Corporate Bank Account (Panamanian company), the basic or general requirements would be as follows: (it is important to mention that the final requirements depend on each bank).

Documents that must be submitted by Corporations or Limited Liability Companies incorporated in Panama:

1. Copy of the Articles of Incorporation and its amendments. 

2. Certificate of Public Registration. This certificate is valid for 3 months from the date of issue.

3. You must submit two (2) original Commercial Reference Letters or two (2) Bank References, which must be addressed to the Bank, on the sender's letterhead, with the address and telephone number for confirmation.

4. Copy of the Notice of Operation (Commercial License) (if applicable) or industrial license issued by the competent authority, in the event that you carry out an activity for which a specific license or permit is required.

Documents provided by foreign dignitaries and signatories: 

• 1. Original valid passport of each signatory. If the original document cannot be presented (if traveling), an apostilled copy must be sent. 

  2. Income tax returns of the president and secretary of the company, as well as those of the shareholders and signatories if the company is newly incorporated. If the company has been incorporated for more than one year, the income tax returns of said company must also be submitted.

  3. Second form of identification for the signatories, President, Secretary, and Shareholders of the company.

  4. Utility bill showing the physical address of the signatories and dignitaries.

To open a corporate bank account in Panama, you must meet the requirements established by each bank and clearly specify the source of the funds that will be deposited into the account. For Panamanian banks, it is vitally important to know the source of the funds that will be deposited into the account in the future.

At Panama Legal Lab, we can assist you not only with completing the requirements and forms, but also with introducing you to professionals at the best banks in the country who will assist you and provide accurate answers.

The best bank to open a corporate bank account will always depend on the type of service you want to contract with the institution, as well as the activity you will be carrying out. In other words, if your activity includes internet sales or online sales, it would be best to open your bank account at a bank that has an e-commerce department that can offer you payment gateway integration services and other online payment services that meet your needs.

Therefore, when you contact our banking expert, you should explain all your needs so that the advice and recommendation on which bank to choose is right for your business.

In general, banks charge fees depending on the transaction or services contracted. For a better understanding, we recommend that you ask our banking expert for each bank's service fee schedule so that you can directly check the fees applicable to each service. 

The opening of a Corporate Bank Account in Panama from abroad may be viable in certain cases, provided that the bank accepts the company profile, the documentation submitted and the required signing procedure.

In this process, Panama Legal Lab can accompany the document preparation and coordination with the banking institution. The opening will always be subject to review, compliance and final approval by the bank.

Documentation requirements, apostille requirements and physical presence will depend on each bank’s internal policy and signing procedure. 

All banks in Panama will ask you for your valid passport if you are a foreigner in order to open a corporate bank account.

No bank will open a corporate bank account for you if you are a foreigner without a passport. There are even banks in Panama that do not open accounts for foreigners without a residence permit in Panama.

Panama Legal Lab may guide the file toward institutions that analyze non-resident foreign profiles, but acceptance will always depend on each bank’s internal review.

Banks can offer different types of bank accounts: personal accounts (which can be savings or checking accounts); legal accounts; investment accounts, among others. 

A Corporate Bank Account is a bank account known as a Legal Entity Bank Account, i.e., a company account. There are two types:

• Foreign Legal Entity Bank Account. In this case, we are referring to a bank account held by a legal entity, partnership, or company that has been incorporated in a jurisdiction other than Panama.

• Panamanian Legal Entity Bank Account. This is a bank account for a company or corporation, whether operational or offshore, that has been incorporated in the Republic of Panama.

NOTE: Keep in mind that banks establish requirements depending on whether the company or corporation is Panamanian or foreign. A Corporate Bank Account is the bank account you need to open in order to receive payments from your customers. Once you incorporate your company, you usually need your own Corporate Bank Account in order to operate.

To create or open a corporate bank account, you need to submit all the requirements requested by the bank so that they can evaluate your application. Some banks require you to be physically present to sign the forms. Others do not. We offer both options depending on your needs. 

It all depends on the type of account you need. Opening a Legal Business or Corporate Bank Account. In this case, if you are the account signatory and you are not a resident of Panama, some banks will not allow you to be the signatory.

The opening of a Corporate Bank Account in Panama without being a resident may be viable in certain cases, depending on the bank, the company structure, the signatory’s profile, the documentation provided, the source of funds and the internal compliance review. Each case must be analyzed individually.

In conclusion, it all depends on the bank, and we know which ones to go to depending on each case.

The approximate time required to open a corporate bank account in Panamanian banks varies from one bank to another. There is even a significant difference in the time it takes to open a corporate bank account or a personal bank account.

The timeline for opening a Corporate Bank Account may vary depending on the bank, the corporate structure, the documentation provided, the analysis of beneficial owners, the compliance review and any additional information requests.