What are the requirements for opening a bank account in Panama?

The requirements to open a corporate account in Panama are the following;

1. Banks in Panama require a personal interview with the signatories of the account. Delvalle & Delvalle will arrange the interview before your arrival. The bank chosen will depend on the profile of the account and the nature of the business. In case the directors of the company are not nominees, they will also need to attend the interview doesn’t matter if they are not signatories in the account. 

2. Two (2) bank references letters for each signatory, shareholder, and director ( in case they are not nominees). 

3. Two (2) commercial reference letters for each signatory, shareholder, and director ( in case they are not nominees).

4. Two (2) personal reference letters for each signatory, shareholder, and director ( in case they are not nominees). 

5.  Utility Bill for each signatory, shareholder, and director ( in case they are not nominees). 

6. Copy of the signatory passport and second Id for each signatory, shareholder, and director (if they are not nominees).  

7.  Financial Statements signed by accountant and/or Copy of Tax Declarations of each signatory, shareholder, and director ( in case they are not the nominee).

8.  Bank reference letter of the main company of the signatory /shareholder. The main company is the company on which the client is currently doing his business in his home country of residence. ** This is an important requirement for Panama Banks because the company in Panama is brand new** This doesn’t matter that your main company and the Panama Company will be related in any way; it is just a way for the bank to know the client. 

9. Commercial References letter of the main company of the signatory/shareholder from his principals’ clients/providers. 

10. Copy of the Articles of Incorporation and all documents related to the main company.

11. Financial Statements signed by accountant and/or Copy of Tax Declarations of the main company.

12. Letter address to the bank,  explaining the business’s nature, signed by the signatory. 

13. Curriculum Vitae of each signatory of the account. 

14. All other documents that support the nature of the business ( contracts, invoices). 

15. Initial deposit will depend on the bank. 

The documents and requirements can vary depending on the bank that you choose to open the account.

Our law firm also offers an introduction to open Bank Accounts in other countries of the Caribbean and Investment/Securities account. For more information do not hesitate to contact us.