Open bank account for
Panama Company

One initial step to start your offshore business venture is to apply for a ​business bank account. This allows business owners to keep their business depositing and expenditure separate from personal accounts, meaning better limited liability protection and enhanced credibility for your business. As for Panama company, there are common application choices to open your business account:

Applying in a local bank in Panama

The Republic of Panama is situated between Costa Rica and Columbia with coastlines on both the Pacific and Atlantic Oceans. Panama has been well-known for its long-standing history as a reputable offshore financial center.

The Superintendency of Banks of Panama is the main local regulatory body responsible for the soundness and efficiency of the banking system. The country’s official currency is Balboa, whose value is on par with US dollar.

The banking laws categorize Panama banking sector into three classes: General license banks for conducting all types of banking business inside and outside of Panama, international license banks for only offshore banking activities and bank representative office. As of June 2019, there are 2 state-owned commercial banks, 47 general license banks and 26 offshore banks in Panama. There is no control or any restriction on funds transferred from and to Panama.

Panama puts a strong emphasis on bank privacy laws in which banks are prohibited to share any account information unless allowed by Panamanian authorities. Until now, Panama has only signed Tax Information Exchange Agreement with the USA. As a result, the country often receives international scrutiny for tax transparency matters.

Going for offshore bank accounts or fintech solutions

Good news is that a Panama company is not obliged to open a business account in the jurisdictions. It can open its account in any other offshore jurisdictions.