Business accounts: Panama
An honest assessment before work starts, the quote is fixed in writing.
Panama is Latin America's financial centre, where payments are made in US dollars and there is no central bank. Banks are supervised by the Superintendency of Banks. The country uses territorial taxation: profit from business outside Panama is not taxed. That is why Panamanian companies have long been used for international trade, holdings and asset ownership. In 2023 Panama was removed from the international anti-money laundering body's list of jurisdictions under increased monitoring, but banks still check companies with no business in the country closely.
How a Panamanian company is set up
The most common choice is a corporation. It must have at least three directors of any nationality and officers: a president, a secretary and a treasurer. The company is registered with the Public Registry by a registered agent, which can only be a Panamanian lawyer or law firm. The agent holds the beneficial ownership details and a copy of the accounts, and the bank often asks the agent to confirm that the company is in good standing.
We will calculate online the cost of opening an account for your company and maintaining it for a year.
Who will get an account
| Company | Chances | What else the bank will ask |
|---|---|---|
| Panamanian company with an office and business in Panama | high | commercial licence, contracts, tax returns |
| Panamanian company trading outside the country | medium | contracts, invoices, business plan, reference letters |
| Panamanian company for asset holding | medium | ownership structure, source of capital, purpose of the account |
| Foreign company with no link to Panama | low | a convincing business link to Panama |
What the bank will check
- Articles and a Public Registry extract, the resolution to open the account and lists of directors and officers.
- Ultimate beneficial owners: under a 2020 law the company's registered agent records them in a closed state register.
- Passports and a second ID of directors and beneficial owners, proof of their addresses.
- Bank reference letters and professional references, for example from a lawyer or accountant.
- Business description: clients, suppliers, countries and turnover, contracts and invoices.
- Source of capital and of the owners' funds.
How the opening works
| Stage | What happens | Time |
|---|---|---|
| 1. Assessment | purpose of the company, payment countries, owners' profile | 2-3 days |
| 2. Pack | company documents, references, business plan, source of funds | 1-3 weeks |
| 3. Review | interview, often during a visit to Panama, bank questions | from 3 weeks to 2-3 months |
| 4. Setup | online banking, cards, first transfers | a few days |
Company obligations the bank looks at
| Obligation | What is required |
|---|---|
| Annual fee | $300 a year for a corporation |
| Accounting | keep records and documents for at least 5 years, and give a copy to the registered agent within 4 months of year end |
| Penalty for accounting breaches | from $5,000 to $1,000,000 |
| Corporate income tax | 25% on Panamanian-source profit, foreign income is not taxed |
| Dividend tax | 10% on local profit, 5% on foreign profit |
| Tax on goods and services | 7% |
Who gets refused
The bank will refuse if the company cannot explain why it needs an account in Panama, if the ownership structure is opaque, if there are no references and no documented source of funds, or if the company, its owners or counterparties are linked to sanctions. A refusal is also likely when the annual fee is unpaid or the accounting records have not been given to the agent. We check whether the bank works with your citizenship before preparing documents.
What we do
Murblz specialists assess the chances before applying, choose a bank for your model, prepare company documents, the business plan, references and the explanation of the source of capital, arrange the interview and handle correspondence until the account is open. If a Panamanian bank is unrealistic for your model, we open the Panamanian company's account in another country. We keep the accounting and the filings with the agent so the company stays in good order. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Corporate account - opening assistance
See also
Company formation · Personal account · Investment property · Country taxes · All country programs
FAQ
Can a Panamanian company open an account without a trip to Panama?
Does a Panamanian company pay tax on foreign income?
What must a Panamanian company do every year?
Why do Panamanian banks refuse companies?
How long does it take to open a company account in Panama?
How much does it cost to open a company account with your help?
Where can your Panama company open an account?
We find a bank in Panama or another country that will take your Panamanian company, build the pack with source of funds and guide the opening. The catalogue covers every country.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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