Opening a Panama company bank account can be relatively straightforward if you have a local operating company with an office, employees, customers, and suppliers in Panama.
On the other hand, if you’re looking to open a Panama company bank account for a non-Panamanian company or a Panama offshore company, then the process starts to get complicated fast.
In this article, we’re going to walk you through the process of opening a company bank account for Panama companies and foreign companies, in person and remotely.
This article is part of our free series on Business Banking in Panama. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Panama banking also discusses the largest banks in Panama, Panama opening requirements, the costs of banking in Panama, and much more. Use the link above to start exploring all of your free Panama banking content right now.
Alternatively, use the table of contents to continue exploring how to open a company bank account in Panama.
Table of Contents
- Panama Company Bank Account
- Who Can Open a Panama Company Account?
- Benefits of Opening Panama Company Bank Accounts
- How to Open a Business Bank Account in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open Panama Bank Accounts?
Panama Company Bank Account
Opening a bank account in Panama for a company involves completing onboarding and due diligence for the corporate entity, shareholders, and directors. In many cases, Panama banks will also request information about the parties that the company will transact with.
The interview process and specific documents that Panama banks will request during the account opening process will vary depending on the bank you apply to. However, in general, Panama banks request the same standard documentation that banks around the world will ask you for as well. We will take a closer look at the specific company requirements when applying in Panama below.
For now, let’s take a closer look at who can open a Panama company account – include who should and shouldn’t consider banking in Panama.
Who Can Open a Panama Company Account?
Theoretically speaking, anyone can apply for a company bank account in Panama. This includes both foreign and domestic companies with economic activities exclusively in Panama, exclusively outside of Panama, or a mix of onshore and offshore activities.
Of course, in practice, it is more difficult for certain companies to open a bank account in Panama than it is for others. With this in mind, here is a list of companies that can realistically open accounts in Panama and those that should consider banking elsewhere.
Companies That Can Open a Panama Company Account
- Panama corporations with local Panama operations
- Panama corporations with offshore operations
- Panama corporations with both onshore and offshore operations
- Foreign corporations with ties to Panama
- Offshore corporations with ties to Panama
- Certain foreign and offshore corporations with no ties to Panama
Companies That Should Consider Banking Elsewhere
- Foreign corporations with no ties to Panama
- Offshore corporations with no ties to Panama
While both foreign and offshore companies are theoretically able to open bank accounts in Panama, they are often better served by banking in countries where they have economic ties.
That said, if a shareholder or director of an offshore or foreign entity is based in Panama, then banking in the country can still make sense.
Benefits of Opening Panama Company Bank Accounts
There are several key benefits to opening a company bank account in Panama. That said, the most important benefit is accessing banking and financial services. This is especially important for Panama companies, which can struggle to open bank accounts in other jurisdictions.
Beyond accessing basic banking services, there are a number of other benefits to banking in Panama as well, which include:
- Access to a stable banking sector
- Accepting of foreign and offshore companies
- Remote account opening
- Reasonable deposit requirements
If you are interested in exploring business banking options in Panama further, don’t forget to visit our comprehensive guide on Banking in Panama, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Panama to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
How to Open a Business Bank Account in Panama?
The process of opening a business bank account in Panama largely depends on the type of company that you have.
In other words, the process to open an account for a local Panama company with Panama operations will be different from opening a bank account for a foreign company with no economic activity in Panama.
With this in mind, let’s take a look at the steps to open a business bank account for each type of company.
Opening a Local Company Bank Account in Panama
If you have a Panama company with local business activities then you will be eligible to open accounts at a wide range of banks in Panama. In fact, most of the 55 banks that operate in Panama will consider opening accounts for local Panama companies.
That said, the opening process can still be challenging if you are unable to prove your local connections. This is especially true if the owner of the company is a foreigner or a non-resident of Panama.
In order to start the process of opening a bank account for a Panama company with local operations, you can select the Panama bank of your choosing and request the account opening requirements and documents needed to open an account. In most cases, this will also require an in person visit.
Opening a Foreign Company Bank Account in Panama
If you have a company that is registered in a foreign country, an offshore jurisdiction, or in Panama but does not have any onshore activities in Panama then you can consider opening with one of the many international banks that are active in Panama.
In most cases, accounts with one of the international banks in Panama will require higher deposits than opening with the local banks. That said, international banks also have the benefit of offering remote account opening for most companies.
If you are interested in opening accounts for foreign, offshore, or Panama IBCs, you can start the process by identifying the international banks in Panama that will accept your client profile.
If you would like help finding the best banks for your company in Panama you can join GlobalBanks IQ and access a complete list of the available options.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring banking in Panama. If you have further questions about Panama, don’t hesitate to contact us directly.
Can a US Company Open a Bank Account in Panama?
Technically speaking, a US company can open a bank account in Panama. However, in our experience, there are limited benefits to opening a bank account in Panama for a US company. Instead, most US companies will be able to access a wider range of financial services, protections, and access to credit through US banks.
Can a Foreigner Open a Bank Account in Panama?
Yes, a foreigner can open a bank account in Panama. In fact, Panama is a popular offshore banking jurisdiction for foreign and non-resident individuals who want to access offshore banking with low deposits in a stable banking hub.
Do Panama Banks Report to the IRS?
Yes, Panama banks report to the IRS and participate in the Automatic Exchange of Information (AEOI) and Common Reporting Standards (CRS). In other words, if you open a bank account in Panama, your country of residence (and citizenship in the case of the USA) will know about your accounts.
Do You Want to Open a Panama Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.
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And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!