1. Is it an obligation to hire a law firm in order to open a bank account in Panama?
No. You can do this procedure on your own by going to the bank and applying for the personal or corporate bank account without the need of an attorney to introduce you.
2. What is the difference between opening the bank account on your own and hiring an attorney?
If we provide you this service you will receive our personalized attention, the procedure will be faster and easier for you and if you meet the bank’s requirements (due diligence is require) we will guarantee you the opening of your account.
You will not have to worry about your application being denied, because we are in charge of making sure that your documentation is correct and complete. This service also includes the shipping of all the bank documentation (Checkbooks, debit/credit card and passwords) by courier.
3. What is included in the opening bank account services?
Revision of the required documentation to verify that everything is correct and complete.
We will supply all the bank forms.
Transportation to the bank for the personal bank interview. (If necessary).
Handling of all paperwork.
Courier expenses. (Checkbooks, debit/credit card and passwords will be sent directly to your door via courier).
4. To open a bank account in Panama is it necessary to travel to Panama? Who must travel?
Most of the banks require that the signatories of the account must come to Panama for a personal interview with one of the officers of the bank.
On the other hand our law firm offers other options for offshore banking in the Caribbean and other countries were the entire process can also be done overseas.
For more information please contact us.
5. How long does it take to open a bank account in Panama?
This will depend on the bank chosen by the client. Some banks take five business (5) days while others can take up to one (1) month. With our banking introduction service, our clients will only have to bring the documents required by the bank and go to the interview. Our staff will take care of the entire process. Approximately one week after the account is opened, we will be sending you all the bank documents (Checkbook, online banking & debit cards) by courier.
6. How long does it take to open a bank account in case the process is done remotely?
Offshore banks on the Caribbean with whom we also work with (outside Panama), can open the account in between five (5) or eight (8) business days.
7. Are there any disadvantages in opening the bank account in Panama if my Company/IBC is also Panamanian? Does this mean that the account will no longer be considered “offshore”?
No. Opening a Panama bank account in the name of a Panamanian offshore company is the perfect combination because our Panamanian companies offer privacy and confidentiality and the banks has “bank secrecy”.
The account will not stop being offshore even if the bank is in the same country were the company was incorporated. All overseas profits will be the deposited in the account.
8. What benefits and facilities will I obtain if I open the bank account through the offshore company with Panamanian directors (nominee directors)?
In Panama, banks request fewer requirements for offshore companies that have Panamanian directors. If the directors are foreigners they must bring a complete copy of their passport for each of the directors. They must be authenticated by a Panamanian Consulate or with apostille. (In case they don’t come to Panama for the bank interview) and also two bank references letters for each director and two commercial references letters for each director. This is why many clients prefer to use the nominee director’s service, for confidentiality and anonymity and also to make easier the bank account opening process.
9. Does your law firm advise your clients about the bank that is more convenient for them?
Yes. When our client request for our services, we provide them the list of banks that we work with, so we can explain the policies of each one and help them find the one that best fits their needs.
10. Is it possible to open a bank account in Euros with the local and international banks that your law firm works with?
Yes. All the banks that our Law Firm works with open accounts in Dollars, Euros and other currencies.
11. What is the minimum amount required to open a current account in the name of an Offshore Company (IBC)?
Most banks we work with require a minimum of USD$1,000