Apr 14, 2017

Corporate Account With A Panama Bank With Remote Opening Of Account And Savings Accounts And Certificate Deposits.

The international banking experts at the Offshore Pro Group will provide you with the expert advice that you will definitely need to open your non resident corporate account at this Panama bank. This Panamanian bank has these advantages:

  • Panama is a renowned tax haven
  • Account can be remotely opened which is rare in Panama
  • Accounts for Certificate Deposit (CD)
  • Various savings accounts to meet your needs
  • USA citizens can open a corporate account
  • Debit, credit and prepaid credit cards
  • Fully featured secure online banking

Please send us an email now to [email protected] and our international banking professionals can begin the process of advising you on what to do to get your international corporate account established. In order that we can help you in the best way we will need more information from you, so please take the time to fill out the questionnaire (totally confidential) that appears on this page Choosing The Right Non Resident Corporate Account – All Your Questions Answered By The Experts.

Panama As A Jurisdiction For International Banking

You will find Panama in Central America bordering Colombia and Costa Rica. The country’s official title is the Republic of Panama, and the governmental system is a unitary presidential constitutional republic. It is estimated that Panama has over 3.9 million citizens.

The economy of the country is both stable and developing. The majority of its revenue is generated from the tolls on the very famous Panama Canal. There are other strong sectors of the economy too and these are commerce, tourism and financial services which are all growing well. Across the Latin American region Panama boasts the economy which is the second most competitive, and it is in 60th position on the global Human Development Index.

The GDP per capita of Panama has risen to $20,512 which is due in the main to the economic growth of the nation. There is also social and political stability, and the unemployment figure is impressive at less than 3% and so is the inflation figure of less than 2%.  Panama’s official language is Spanish, but English is being spoken a lot more now especially in the larger cities and towns and for business purposes.

The official currency in Panama is the Balboa. This is on par with the US Dollar (USD) thanks to a 1904 monetary agreement with the USA. The US Dollar is accepted as legal tender in Panama and it is very easy to convert dollars to the local currency. If you want to move funds around this is fine as Panama has no restrictions on this.

Panama is a world renowned tax haven and when you have set up your offshore corporate account it will not be taxed. Any corporate income that is generated outside of Panama will not be subjected to taxes and any interest gained will not be taxed either. There are no estate, capital gains or gift taxes to contend with. If you need to make payments overseas (including interest payments) there are no currency controls to be concerned about.

A number of tougher financial laws have been enacted by the government and these follow the principles of the Basel Committee. Banks and financial institutions are regulated by the Superintendent of Banks in Panama. Before 1998, banks and financial institutions used to be self regulating but this practice has stopped. The number one objective of the Superintendent of Banks is the maintenance of financial stability in Panamanian banks. It uses its powers to ensure that the banks adhere to all of the financial and banking laws in the country.

The country of Panama is socially and politically stable and has a stable and growing economy. The banks are very tightly regulated by the Superintendent of Banks to ensure their financial stability. You can be very confident in Panama as a choice of jurisdiction for the safeguarding and enhancement of your assets.

Your International Corporate Account With This International Bank In Panama

This international bank opened its doors back in 1992 and it always had the aim to further the banking foundation that Panama had built since the Banking Law was introduced in 1970. Panamanian businessmen that had a shared vision formed the bank as they had total belief in their nation as a financial and banking center.  Today the bank boasts 26 branches across the country and is providing international banking services to non nationals.

The bank has a threefold mission. First is the provision of financial solutions and advice to fulfil the needs of their local and international clients. This part of their mission is achieved by ensuring that all bank personnel are highly trained and they are totally motivated and have the right level of commitment to provide excellent service levels.

The next part of the mission is to ensure that a culture of creativity is built in order that productivity can be achieved and maintained at optimum levels, which will lead to the clients being totally satisfied with the service that they receive. The bank will deploy the very latest state of the art banking technology to support this objective.

The last part of the mission is the total safeguarding of deposits made by clients and the enhancement of client’s assets achieved through yields of high interest. This is important as it will ensure sustainment and growth in the future through client loyalty, which in turn means regular dividends for shareholders and continuous employment for employees.

The bank has a conservative philosophy and their aim is to deliver traditional banking services in the most efficient manner. Their policy on getting to know clients very well is strong, and they know that the delivery of a very personalized service is the key to long term success. It is a state of the art bank due to its heavy investment into sophisticated banking technology.

The bank has built strong correspondent relationships to further assist its clients. This list of correspondents has been gradually built up and this will continue to be an objective of the bank. They have several high quality correspondent accounts and some of the famous names that they can boast about are Citibank, the Royal Bank of Canada, the Bank of America and Standard Chartered Bank as well as other big names.

Corporate Account Services Offered By This Panamanian International Bank

The professionals at the Offshore Pro Group will help you to open your international corporate account with this bank in Panama remotely. It is rare that a Panamanian bank will allow remote opening of international accounts. Most banks in Panama would require you to travel to the country to meet with bank officials before a corporate account could be opened. Once your corporate account is open you can enjoy the full range of financial products and services available to you.

The bank is completely client focussed and will want to get to know you. They will discuss your business plans and your overall financial aspirations in the short and longer terms. After the discussion they will use their expertise and knowhow to suggest financial services to you that will help you to achieve your goals.

You will have access to a checking account for your corporate account and with this you can use checks, a debit card and make the usual incoming and outgoing transactions. Also you can establish standing orders for payments and organize bank transfers. Your checking account will normally be in US Dollars (USD) but it is possible for you to add the Euro (EUR) currency to your account which will help with transactions in Europe. You will not accrue interest with this account.

If you need merchant account services to accept credit card payments etc then the bank can help you with this. You must be confident that your business will handle in excess of 10,000 US Dollars (USD) per month to keep your account active. This facility is for owners of websites that are in the ecommerce business.

If you are interested in term deposits then Certificate of Deposit (CD) accounts are available to you. The minimum term for these CD accounts is 30 days, and when you open an account the payable interest rate and the term duration must be agreed. To open a CD account will require that you make a minimum investment of 10,000 US Dollars (USD).

There are a number of savings accounts to suit your requirements. The most popular are the regular saver where you will earn interest each day on the closing balance. You can manage this account using your debit card and through normal transfers. The other popular account is the premium saver and this will provide interest at a higher level but the balances in your account must also be higher. Again daily interest is calculated on closing balances and your interest will be compounded every month.

You can enhance your spending power by taking advantage of the credit cards that this bank can provide. The cards are MasterCard and Visa branded and you will be able to use them at more than 24 million worldwide establishments. There are a number of different cards that have different benefits and attract different rates of interest. Alternatively you can apply for a prepaid Visa card that will really help you with expenditure control.

The bank provides an online banking facility which is secure and free to you as an account holder. You will be able to access your non resident corporate account at any time and from any location. Real time access is provided and you can see your account balance, check full and detailed statements and view your recent transactions. Transfers can be made locally or overseas and if you require a new check book you can place an order for one. Communication with bank staff is also possible through the private messenger service included.

Just before your international corporate account is opened this bank in Panama will require you to make an opening deposit of a minimum of fifty thousand (50,000) US Dollars (USD). You will also have to keep a minimum account balance sustained of at least one hundred thousand (100,000) US Dollars.

There will be fees to pay for your account maintenance and transactions that you make and these fees can change. Please ask your Offshore Pro Group professional to let you have the most up to date fee schedule for this bank in Panama. Your consultant will also be glad to help you negotiate the most beneficial set of account fees with the bank.

Important Notes:

A corporate account will only be opened by this bank if it relates to a Panamanian company.

This bank will allow the opening of non resident corporate accounts for American citizens.

Please Follow This Step By Step List Of Actions To Be Certain Of Opening Your Corporate Account In Panama

In order to open your new non resident corporate account without any problems, please go through this list in order and take the specified actions:

  1. Please first make contact with us using email [email protected] and we will begin to provide you with the expert guidance necessary to establish your international corporate account with this Panamanian bank. To be sure that we can provide you with the very best advice it is important that you answer the questions fully on this page Selecting The Right Non Resident Corporate Account – The Professionals Provide The Lowdown.

You may not know that having just one international corporate account can be risky. This risk can be mitigated by opening an additional international corporate account. This page explains why a second international corporate account will reduce risk.

  1. We will give you all of the expert guidance that you will need to set up your new non resident corporate account in Panama with this bank. Our charge for this highly professional service is a onetime fee of 3999 US Dollars (USD). Western Union, Money Gram, Bitcoin, credit cards, Web Money and bank transfers are all acceptable payment forms.
  1. Please provide the following documents along with the completed bank opening forms. Documents must bein English or Spanish (or a certified translation) and notarized:
  • Copy of a valid passport page with signature and photograph and a copy of a second ID document for directors, signatories and shareholders (must be legalized by an Apostille)
  • An original reference letter from a bank to be provided by the directors, shareholders and signatories
  • A commercial letter of reference to be supplied by shareholders, directors and signatories
  • Tax return documents or working reference letter (original) to be provided by account signatories, directors and shareholders
  • According to the company’s activity profile please provide financial statements and tax declarations from the company, and also contracts with clients or any other documentation which can prove the origin of funds

Please also provide the following corporate documents:

  • Memorandum of Association, Articles of Association, Incorporation Form, Certificate of Incorporation and Good Standing Certificate

The documents need to be sent to the Offshore Pro Group so that we can examine them, and if they are fine quickly forward to the bank in Panama. After this has been done it will take the bank approximately 15 working days to have your non resident corporate account set up for you.

Don’t delay send us an email right now [email protected] so that your application for an international corporate account with this Panama bank can be underway.