OPENING OF BANK ACCOUNTS IN THE REPUBLIC OF PANAMA
The Republic of Panama is known worldwide for its solid, reliable and experienced banking center. A few years back there were approximately 110 banking institutions in the country; however, due to the globalization process in the recent years many mergers were formalized which reduced the number of institutions to approximately seventy (70). Mauad & Mauad maintains an excellent relationship with a great number of banks and their executives, including those re-known locally and internationally. According to the profile and interest of the client, we could recommend an institution that fits the profile, arrange an initial interview and the preparation of the necessary corporate or personal documentation for the opening of the account (time deposit, checking account, savings account).
Even when the requisites to open an account could vary from institution to institution, with the intent to facilitate the client the process before their arrival in the country (or when recently arrived) we can inform the regular requirements, specially if the client is from abroad. The client must take into consideration that the opening of a bank account requires an internal evaluation process in each bank that could take up to seven (7) days. The basic bank requirements are:
Complete copy of the passport of the authorized signatories in the account and the Directors of the company (when a juridical person is involved). If the person is abroad, the passport shall come duly legalized before the Panamanian consulate or Apostille;
Two (2) bank reference letters of the authorized signatories in the account and the Directors of the company (when a juridical person is involved). These letters do not need to come legalized or Apostille;
Two (2) personal reference letters of the authorized signatories in the account and the Directors of the company (when a juridical person is involved). These letters do not need to come legalized or Apostille;
Filling out documents and bank resolutions delivered by the bank. These documents are prepared by Mauad & Mauad to be signed by the client (authorized signatories and/or Directors of the company);
Preparation of Board of Directors resolution of the company (when a juridical person is involved) in which the opening of the account is authorized as well as the authorized signatories. This document is prepared by Mauad & Mauad for the signature of the Directors of the company;
Letter of recommendation from local attorneys (Mauad & Mauad);
Preparation of brief summary of the activities that the company would be engaging in Panama or offshore (when juridical person involved), as well as the approximate amount of funds that would be transferred into the account and their origin;
Assisting by a company Director or authorized signatory to an interview with bank official.
This is a list of banks that could be of your interest:
a. Local Banks
- Primer Banco del Istmo, S.A. (Banistmo)
- Banco General
- Credicorp Bank
b. International Banks
- Hong Kong Shangai Bank (HSBC)
- Banco Cuscatlan Panabank
- Banco Atlántico
- Banco Internacional de Costa Rica (BICSA)
- Banco of Nova Scotia
- Banco de Santander (Panama), S.A.
- Banco de Bogotá, S.A