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.
- Statement of Non Resident Status.
- 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.
- Articles of Incorporation.
- Certificate of Good Standing (if company has existed for 12 months or more).
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 transfer. 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 bank forms and documentation are US$650.00. 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 subscribed to the Convenio de La Haye (Apostille), we need legalization by Consulate of Panama in your country, and our fees for authentication before the Ministry of Foreign Affairs per each document when it arrives to Panama is US$75.00.
Note: Any legalizations, faxes, international calls and courier will be additional.
For more information about our services, please contact us.
Disclaimer |
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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 resserve the right to refuse a client. |
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