Offshore Bank Accounts
BANK ACCOUNT INTRODUCTION SERVICES
After the incorporation of the Company or Foundation, our Affiliated Corporate Services Group can arrange introductions to reputable international banks for the opening of bank accounts depending upon your business requirements, account activity, size of deposit of funds, etc.
Many customers still believe that opening a bank account in Panama is done in one hour, and no documents are required. The reality is that banks operating in Panama are strict, and depending on the bank, it may take several days or weeks to open a bank account.
As a professional and responsible Firm, below we explain you the current requirements, in order that you have full information.
Please be informed that currently banks located in Panama follow strict “Know Your Client” rules, and in case you decide to pursue opening a bank account in Panama, you must be prepared to comply with each bank’s requirements.
An outline of the requirements of banks we work with is provided below. We only will assist you with the introduction, and guidelines. We can assist you with explanations and alternatives, if you have any questions.
REQUIREMENTS TO OPEN A BANK ACCOUNT FOR A CORPORATION
In order to better serve you, and to avoid any possible delay in opening your account, we kindly ask you to review the following list of forms or requirements:
Application Form
The client, with the assistance of our personnel, will have to complete the following:
- Complete the application form to open an account, including the section for signatures. This section must capture the signatures of all the parties to the account, and be notarized.
- Certified Extract of Board of Directors Meeting if the applicant is a company.
- Indemnity for facsimile, E-Mail and Telex Instructions which includes a section to “Insert Code” in order to authenticate your instructions when received by any of these means. Please note that the use of code words is not mandatory but bank customers are encouraged to use them.
References
- Most banks require two (2) reliable bank references on official bank’s stationery evidencing physical location and contact information signed by bank’s senior personnel must be submitted for each of the signatories to the account (personal and corporate accounts), beneficial owner(s) and director(s) of a company (corporate accounts). A banker’s reference will only be accepted from an acceptable financial institution and should be an institution with which the person has had a relationship for at least two (2) years.
- One (1) reference from a recognized lawyer or accountant.
Identification
A copy of the picture, signature page and all other pages of a valid passport. If the customer is abroad, the copy of the identification must be notarized, and legalized by Apostille or Consulate of Panama in your country.
Copy of a second identification card (it could be your driver’s license), duly legalized by Apostille or Consulate of Panama in your country.
Company Documents
In the case of a company, in addition to the above, the following are required:
- Certificate of Incorporation.
- Public Deed containing the Articles of Incorporation.
- Certificate of Good Standing.
Depending on the jurisdiction of incorporation, the Certificate of Incorporation, and Articles and Memorandum of Association must be notarized. If these documents are not in English, the bank will require suitably translated copies of these documents. We will assist you with producing or obtaining these documents.
Deposits
The minimum deposit required to open an account is different from bank to bank. Please contact us for further details.
Deposits exceeding US$50,000.00 should be sent by wire transference. A declaration of source of funds should be provided for any single deposit in excess of US$100,000.00 or any deposit, which does not match a client’s normal course of business.
FEES
Our fees for the introduction to our approved banks and assistance in the completion of the account opening forms and documentation are US$1,250.00. If the client decides to open the bank account in a bank different than our approved banks, our fees will be fixed according to the complexity of the case. For those clients who live in a country that is not a signatory to the Hague Treaty on Apostille, we will require legalization of pertinent documents by a Consulate of Panama in your country or in default thereof a Consulate of a friendly nation. Our fees for authentication of foreign documents before the Ministry of Foreign Affairs of Panama will cost $75 for each document.
Once we have completed the opening of the bank account, our job has finished. After that, we will be glad to assist you with any issues or problems you may have with your bank at a fee of US$100.00 per hour.
For more information about our services, please contact us.
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We only make bank introductions for clients with whom we have an existing relationship, i.e. clients for whom we have or are incorporating companies, or for whom we have provided other services. You are aware that we do not guarantee the opening of any bank account nor do we guarantee the amount of time that the bank will take to open a bank account. All documents are subject of verification by the compliance department of the bank, and the bank can request any additional documents. We reserve the right to refuse a client. |
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As an essential part of “Know Your Client” rules, most of Panamanian banks as of this year 2008 request the presence of the clients, in order to open the bank accounts. The only bank that is accepting to open bank accounts with clients abroad is HSBC Bank. |
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