Non Resident Corporate Account With Panamanian Bank Which Is Focussed On Business Clients And Has Fixed Term Deposits.
Opening a new corporate account with this Panamanian bank would be difficult for you to do alone, so we at the Offshore Pro Group offer our expertise to you so that your account can be established. You should make this Panamanian bank your choice because:
- The jurisdiction of Panama has a low tax regime
- Accounts for fixed term deposits available
- Correspondent relationships are strong
- Business clients receive total focus
- Corporate payment cards available
- Manage your account 24/7 with online banking
- You will be accompanied to the meeting in Panama by a representative of the Offshore Pro Group
Send an email to us now email@example.com so that we can begin to assist you with our expert advice so that your new Panamanian bank international corporate account can be opened. The guide on this page will tell you what you need to know about international corporate accounts, so please respond fully to all questions How You Can Be Sure Of Choosing The Best International Corporate Bank Account.
Why Choose The Jurisdiction Of Panama For Your Corporate Account?
Panama is a Latin American country and its official title is the Republic of Panama. The country is a unitary presidential constitutional republic and the recent population figures indicate around 3.9 million people live there. Colombia borders Panama to the South East and you will find Costa Rica on the West side of the country.
A stable economy exists in Panama and the famous Panama Canal contributes a large proportion of its revenue. Other economic sectors are also growing well such as commerce, banking and tourism. In the Latin America region, Panama is second in terms of competing economies. In the Human Development Index the country holds the 60th rank.
Inflation in the country is low and under 2%, and unemployment is also low at approximately 3%. GDP Per Capita is about $20,512. The country also has good political and social stability. Although the official language is Spanish, you will hear a lot of English being used in the more urban areas and in business conversations.
The official currency is the Balboa and because of a monetary agreement with the USA that dates back to 1904, it has parity with the United States Dollar. It is possible to convert United States dollars freely in Panama and US currency is accepted as being legal tender. Funds in any currency can be moved without any restrictions.
A low tax regime exists in the country and offshore investments are not taxed. Capital gains are not taxed either, and any income from overseas will not be subject to taxes and neither will interest payments be taxed. Estate and gift taxes are not applied. Any transactions made abroad can be done without currency exchange controls and interest payments are included in this.
The banking industry in Panama is highly regulated by the Superintendent of Banks. As the years have progressed, Panama has introduced a number of different financial regulations that are in alignment with the Basel Committee principles. Prior to these changes, banks in Panama regulated themselves but this finished in 1998. The number one objective of the Superintendent of Banks is to maintain the stability of the Panamanian banking system. There are strict financial regulations that all banks in Panama have to adhere to, and the Superintendent of Banks ensures this with their regular monitoring.
Political stability as well as social stability and a strong economy that is further developing are all good factors. When you combine this with the stringent regulations monitored closely by the Superintendent of Banks you can conclude that Panama is a safe choice of country for your non resident corporate account to be established.
Your Corporate Account With This Panamanian Bank
In 2002 this international Panamanian bank opened and it was granted an international license so that it could provide account services for companies and individuals living outside of the country. This international bank has earned itself a good reputation due to its sustained growth and is considered to be one of the most important banks in Panama. It has an international “A” risk ranking which compares well with other international banks.
Being the main ally of its business clients is the aim of the bank, and this is achieved through the different financial services it can provide. It prides itself on efficiency and innovation and its belief in providing the highest service levels of service through its fully trained and experienced personnel have made it what it is today. With this bank a long lasting relationship is everything, as it sees this as the driver for the long term prosperity of clients, stakeholders and employees.
In the long term, this bank wants to be renowned internationally as a strong commercial bank that is prestigious in Panama with a strong influence across the Latin American region. Putting its clients first and assisting them to achieve all of their business and financial goals will ensure that their competitive position is very strong.
Values are treated seriously at this bank and it wants to be a true leader, maintain a strong ethical position, provide the highest level of client service, have confidence in all its dealings, develop a strong social responsibility and prudently manage their daily operations.
Over the years this bank has managed to initiate and maintain very strong correspondent relationships and this is still ongoing. Correspondent accounts of the highest quality are in place now with famous financial institutions being their correspondent partners such as Deutsche Bank, Standard Chartered Bank, Citibank and the Bank of America.
Corporate Account Services That Can Be Provided By This Panamanian Bank
A corporate account with this Panama bank cannot be opened remotely. You will need to go to Panama and attend a meeting with bank officials there first. You will be accompanied by your consultant from the Offshore Pro Group to ensure that all goes well. There are a range of financial services that this bank will provide to you once your international corporate account is open.
As this bank has a very strong client focus they will want to discuss your business and financial aims in full for the short and long terms. Capital growth will be discussed, and they will provide advice as to which of their services will be best to achieve this for you.
A checking account will be opened for you so that all of the general banking services can be provided such as withdrawal and depositing of funds as well as making payments overseas. You will be sent regular statements of your corporate checking account. A debit card for payments and withdrawals will also be supplied at the beginning.
You will also be able to open fixed term deposit accounts so that you can accrue interest on your deposits. You can arrange to have a deposit made for as short as three months or as long as five years and longer. Interest rates are competitive and the interest can be paid into your checking account or paid to you in another way. You will need to make a minimum investment of 10,000 US Dollars (USD) for these fixed term accounts and if you are prepared to invest more then there are two levels of interest you can earn. A deposit of more than 500,000 US Dollars (USD) will attract the higher rate of interest.
Corporate saving accounts are also available and these start with a minimum deposit of just 500 US Dollars (USD). You will receive interest on the monies that are in your savings account, but if you need to draw on this money there are no restrictions on withdrawals at any time.
A range of MasterCard and Visa credit cards are on offer with the bank and some of the cards can have additional cards provided by the use of your business personnel. Purchases can be made with this card wherever MasterCard and Visa is accepted and there is the added convenience of being able to withdraw cash from worldwide ATM’s. There are some cards that require annual fees but these offer more advantages.
To access your account remotely on a 24 hour a day basis you can use the free online banking service provided by the bank. This service is delivered over the Internet and is highly secure. You can view balances in your different accounts and also see transactions that have occurred recently as well as gain access to full account statements.
Other corporate services offered by this Panamanian bank include factoring, international financial transactions for foreign trade, consulting services for overseas trade, letters of credit, standby letters, the collection of documents and more.
You will have to make a minimum deposit of 10,000 US Dollars (USD) into your brand new international corporate account. The bank has no demands for minimum account balances although we do advise that you keep enough in the account to cover off any transaction and account charges.
Often this bank will change the charges that they apply to transactions and your corporate account maintenance. You should request that your Offshore Pro Group consultant send you the most up to date charge schedule. Our consultants can also help you to negotiate the most competitive charges with this bank.
The Successful Opening Of Your Non Resident Corporate Account Is Dependent Upon You Taking Action As Advised In This List
So that you can open your corporate account without any problems, it is very important that you do all of the things that are listed below in the order that you see them:
- Contact the Offshore Pro Group first with an email to firstname.lastname@example.org and after this we will provide all of the advice that you will need to get your foreign corporate account opened in Panama with this bank. Secondly you will need to tell us more about your situation and you can do this by going to this page and responding fully to the questions that you will see These Are The Necessary Steps To Open The Right Offshore Bank Account.
You do not want to be exposed to any risks with your corporate account so consider opening a second account so that risks can be mitigated. Please read this fully a second corporate account will mitigate the risks of just one.
- With the experience of the Offshore Pro Group team you will be able to open your new non resident corporate account in Panama, and included in our service will be the sending of one of our professionals to Panama to attend the inaugural bank meeting with you. For our professional services there will be a fee to be paid of 3999 USD. Credit card, Western Union, bank transfer, Bitcoin, Money Gram and Web Money payments are all acceptable.
- You must provide the required documentation as the beneficial owenr of the coprorate account (and any other authorized persons and signatories) that includes:
- Passport for travel copy
- A secondary means of identification copy
- A bank reference that is original (foreign or local) or excerpts from various bank accounts over the last 90 days
- A personal reference that is original (foreign or local) which includes home address and telephone numbers
- A commercial reference that is original (foreign or local)
The following corporate documents will also be needed:
- Copy of Certificate of Incorporation/Commercial Registration
- Copy of Certificate of Good Standing (if company is older than 1 year)
- Copy of the Memorandum and Articles of Incorporation (or Company Constitution)
- General Resolution or Minutes of the Stockholders’ Meeting signed by the President and Secretary or Legal Representative
- A General Power of Attorney must be registered at the Public Registry
- Copy of Deed of Trust (in case of Nominal Shareholder)
After you have organized all of this documentation please send it to the Offshore Pro Group and our experts will perform due diligence. When the documents are complete we will transfer them to the bank in Panama rapidly. A meeting will have to be arranged between the bank personnel and your Offshore Pro Group consultant prior to your corporate account being set up. After the meeting please allow the bank 7 working days to establish your international corporate account.
Start the ball rolling now and send an email to email@example.com so that work can begin on your new Panama bank non resident corporate account.