Investors who are interested in Panama company formation
will also need to open a Panama bank account
for the new business. The process is not a complicated one and it can be accomplished with the assistance or the full representation of our agents when investors are not able to be present in the country during the entire process.
Panama offshore company formation is an option for many who are interested in starting an offshore business because of the favorable business climate as well as the simple incorporation process and the low requirements for starting a business.
Panama bank account creation is just one of the steps required when opening a company and investors can request specialized information and assistance form us when they wish to start a company. With our help, company formation will run smoothly and as fast as possible.
Steps for bank account creation in Panama
Opening a Panama bank account is simple, however, the investor’s presence is required in these cases. Alternatively, entrepreneurs can choose to work with a local representative, via a power of attorney, as some banks will agree to open the account when a representative of the founder is present.
Decide on the account type: the business needs should match the characteristics of the bank account, and investors should choose banks that have a high degree of flexibility.
Prepare the documentation: eligibility for bank account opening is required and the applicant will need to bring forward sufficient proof such as commercial references, passport, and others.
Apply: the last step is to submit all of the needed documents with the bank; once they are processed, the corporate bank account is operational.
Additional options: some company owners in Panama may require a merchant account; this can be opened with the same bank with which the corporate one has been opened.
Some of the commonly requested documents when opening a company in Panama
include a copy of the passport, with the Panama entry stamp, one or two bank reference letters, reference letter from a professional and additional ID, such as the country ID from the applicant’s country of residence. Please remember that this list of documents is not an exhaustive one and it will vary according to the chosen bank. We recommend verifying the needed documents before commencing the process.
One of our agents who specialize in Panama offshore company formation can help investors gather all of the needed documents before they attempt to open the bank account with the chosen bank. Our agents are well aware of the bank particularities and can even recommend which bank to choose, based on company particularities or preferences.
The merchant account is a separate type of bank account from the business one that allows companies to accept payments using debit or credit cards. It is particularly useful for e-commerce businesses. Those investors in Panama who wish to engage in this type of activity will, most likely, decide to open this account as well, if not during the initial stages then as the business progresses. One of our agents can provide investors with more information.
Company formation in Panama
Investors who open a company in Panama will be required to set up the corresponding Panama bank account during the early stages of company creation as it will be needed for company creation. While there are no initial capital requirements, companies are typically incorporated with a minimum amount and this is deposited in the company’s bank account. The shares may be with par value or without par value. The subscribed capital is not mandatory; however, the usual standard authorized share capital is 10,000 USD, divided into shares of 100 USD each.
Below, we highlight some statistics for investments in Panama:
- the value of foreign direct investment stock in 2018 was 54,675 million USD.
- the foreign direct investment inward flow was 5,549 in 2018.
- the foreign direct investment inward flow was 4,569 in 2017.
Our team of company formation experts offers packages that also include the Panama bank account creation and investors can rely on our assistance for this step. Each bank in the country will offer different options and some may be more suited for particular businesses. Some of the services we remind clients to look for include online banking, ATM availability, debit and credit card issuance and conditions as well as the account management fees.