How to Open a Business Bank Account in Panama

To open a business bank account in Panama for a foreign non-resident company, you need to carefully consider desired services, available deposit, and ties to the country.

In this article, we’ll share how to open a business bank account in Panama. This will include account opening for entities registered in Panama, foreign jurisdictions, and offshore.

That said, business bank options in Panama depend on the operations of your business, where your business is registered, where it operates from, and several other key factors.

In this article, we’re going to help you navigate each of these factors and start the process of opening a Panama bank account for your business 100% remotely.

This article is part of our free series on how to start your account application to open a bank account in Panama, which you can access by clicking here right now.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. How to Open a Business Bank Account in Panama
  2. Can a Foreigner Open a Business Bank Account in Panama?
  3. Benefits of Business Banking in Panama
  4. Frequently Asked Questions
  5. Ready to Open an Offshore Bank Account?

How to Open a Business Bank Account in Panama

To open a business bank account in Panama, business owners will need to select a bank that matches their profile, demonstrate the rationale for banking in Panama, complete account opening procedures, and make a qualifying deposit. 

That said, the most important step toward successfully opening an account is choosing the right bank. The bank that best matches each client will depend on the type of business activities, where the business is located, the deposit being made, the residency status of all shareholders, if you need to complete an international transfer to send money to Panama, whether or not remote account opening is required, and several other factors.

Of course, each bank in Panama has its own account opening procedures, credit approval guidelines, and other specific Panamanian banking requirements that each business will need to meet.

Additionally, it’s important to note that the opening procedures, deposits, maintenance fees, and other banking costs will vary depending on the type of company applying for an account.

Generally speaking, to successfully open a business bank account in Panama, foreign businesses will need to provide a tie to the country or region. In other words, banks want to see a clear reason for wanting to open an account in the country.

Additionally, specific documents are often a requirement for foreign businesses. These documents include both business documentation and personal documentation. Business documentation includes company financial statements, bank reference letters, proof of address, and active contracts.

Personal documentation typically includes government-issued identification for all owners and directors and in certain cases it may also include proof of address or residency.

In the following sections of the article, we’ll share how to distinguish through the financial institution list of banks in Panama to find the ones best suited for foreign businesses and which banks allow remote opening.

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Can a Foreigner Open a Business Bank Account in Panama?

Yes, a foreigner can open a business bank account in Panama. In fact, most foreign non-resident companies and offshore entities can open bank accounts in Panama 100% remotely.

That said, not all Panama banks accept foreign and offshore entities. Likewise, of the Panama banks that do accept foreign businesses, not all of them allow applicants to open bank accounts remotely.  However, depending on the type of business, there could be compliance challenges and risks of banking in Panama you may need to consider.

Let’s take a closer look at the types of clients who can open business bank accounts in Panama.

Clients That Can Open Panama Corporate Bank Accounts

  • Offshore entities & wealth management structures
  • Foreign operating businesses with zero operations in Panama
  • Panama corporations
  • Panama foundations & wealth management structures

Of course, it is worth noting that each bank in Panama will have its own onboarding process and specific entities and business activities that they accept. With this in mind, it’s important to confirm whether each bank’s requirements match your company before applying to open an account.

Unfortunately, accessing this level of information is extremely difficult. In fact, even when contacting banks, many bankers are unaware of the compliance requirements and restrictions that applicants may face. Not to mention the struggle of getting bankers to respond to you in a timely manner.

Benefits of Business Banking in Panama

The benefits of business banking in Panama ultimately depend on your specific client profile and the corporate bank account features and banking services your company requires. In other words, the industry you operate in, where your business is located, why you want to bank in Panama, and any additional corporate banking services you require. That said, there are many benefits to banking in Panama, including access to the United States Dollar, the second official currency of Panama, the ability to open accounts 100% remotely, and much more.

Of course, not all top financial institutions, including the best banks in Panama offer the same corporate banking services and benefits. So, it’s important to consider the exact banking rewards and banking benefits you are looking for prior to applying for a Panama corporate account. You can do this by using the information available in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.

Benefits of Business Bank Accounts in Panama

  • Relatively stable banking sector based in USD
  • Banks with reasonably strong correspondent relationships
  • Accepting of offshore and foreign entities
  • Remote opening is 100% possible

Frequently Asked Questions

Below are a few of the most common questions we receive from people exploring how to open a business bank account in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

What Requirements Do I Need to Open a Business Bank Account?

The requirements you need to meet to open a business bank account in Panama depend on the bank you apply to and your business’ client profile. Generally speaking, most applicants will need to complete the bank account opening paperwork, provide multiple forms of identification, submit company financial statements, and more.

Can Foreigners Open Bank Accounts in Panama?

Yes, foreigners can open bank accounts in Panama. In fact, it is possible to open an international bank account and offshore bank account as a foreigner in Panama 100% remotely. That said, not all the leading global banks and the largest local banks in Panama accept non-resident clients. Nor do they all offer personal banking, business banking, or wealth management services offered by a private bank account in Panama. Likewise, of the banks that do accept non-residents, not all offer remote opening. With this in mind, bank selection is an important step toward knowing where to open a bank account.

Can Americans Open a Bank Account in Panama?

Yes, Americans can open a bank account in Panama. In fact, Americans can access corporate banking through business bank accounts and personal banking services through personal bank accounts in Panama 100% remotely. Of course, Americans will need to pass each bank’s due diligence process, submit the proper documentation, and meet the bank-specific requirements to successfully bank in Panama.

Ready to Open an Offshore Bank Account?

If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.

GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…

+ Direct support from a team of banking experts

+ Direct introductions to your desired banks

+ Answers to your most pressing questions and challenges

+ Expert insights on which banks to choose & why

+ Plus, FULL access to our entire suite of account opening tools and intelligence!

And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.

Use this link to see how GlobalBanks Insider can help you successfully open accounts.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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