Open a Business Account for Your Panama Company
With over 70 banks and a fully dollarised economy, Panama stands as Latin America's leading financial hub. We support your Panama-incorporated entity through the account opening process — from documentation to approval — so your business can operate within this well-connected banking system.
Remote opening
Apply for your Panama corporate account from anywhere. The process is built for international business owners, with remote-friendly documentation and verification steps.
Multi-currency
Panama's adoption of the US dollar gives you native USD banking with no conversion costs. EUR, GBP, and other currencies are also available through major Panamanian banks.
Global network
As a major trade corridor anchored by the Panama Canal, the country's banking system maintains deep connections to North America, Latin America, Europe, and Asia.
No restrictions
Panama's dollarised, open financial system carries no exchange controls. Capital flows freely across borders without currency restrictions or remittance limitations.
Understanding Banking Options for Panamanian Entities
Why Panama's banking infrastructure makes it a leading hub for corporate finance
Panama's Corporate Banking Ecosystem
Leading Latin American Banking Hub With US Dollar as Legal Tender
Panama's adoption of the US dollar as legal tender, combined with decades of international banking activity, has made it Latin America's foremost corporate banking destination.
No Mandatory Capital Deposits for Corporate Bank Accounts
Panamanian companies face no regulatory requirement to maintain minimum capital balances in local institutions, providing complete discretion over cash management and treasury allocation.
Zero Exchange Controls on International Capital Flows
Panama enforces no exchange controls whatsoever, meaning companies can transfer any amount in any currency across borders without government approval or reporting thresholds.
Territorial Tax System Enhancing Corporate Banking Efficiency
Under Panama's territorial taxation model, income earned outside the country is not subject to local tax, reducing complexity and improving the net efficiency of international banking arrangements.
Diverse Banking Landscape With Dozens of Licensed Institutions
Panama's Superintendency of Banks oversees a broad ecosystem of local, regional, and international banks, giving companies extensive choice in selecting the right banking partner.
What Panama Banking Offers Corporate Clients
Standard USD Accounts With Multi-Currency Flexibility
Since the US dollar circulates as legal tender, USD accounts are the norm — while many banks also offer accounts in euros, Swiss francs, and other currencies for international operations.
SWIFT-Powered International Transfers and Trade Finance
Panama's banks are deeply integrated into global SWIFT networks and offer trade finance instruments including letters of credit, documentary collections, and guarantees for international commerce.
Robust Online Banking and Corporate Card Programs
Major Panamanian banks deliver feature-rich internet and mobile banking platforms, complemented by corporate Visa and Mastercard products for employee and operational spending.
Extensive Private Banking and Wealth Management Options
Panama's financial sector includes a strong private banking segment offering portfolio management, structured products, and bespoke advisory services for high-net-worth corporate accounts.
In-Person and Remote Account Opening Pathways
While some Panamanian banks prefer an initial in-person meeting, an increasing number now support remote onboarding through video calls and certified electronic documentation.
Why Choose Expanship for Panama Corporate Banking
Panama's extensive banking sector — with over 70 institutions — offers broad choice but requires careful navigation. Our team guides your Panama company through the selection process, documentation requirements, and compliance steps for a successful account opening.
Expert Banking Guidance
Panama's large banking sector demands local knowledge to identify the right fit. Our team matches your entity with institutions suited to your business profile and banking needs.
Banking Network Access
Your Panama company benefits from our familiarity with local and international banks operating in the Panamanian financial system.
Complete Documentation
We handle the preparation and verification of all required banking documents, including those specific to Panama's Superintendencia de Bancos standards.
Streamlined Process
Our structured approach navigates Panama's banking application requirements efficiently, reducing delays and positioning your application for a smooth approval.
Compliance Assurance
Panama's banking regulations require thorough due diligence. We ensure your application addresses all AML, KYC, and Superintendencia de Bancos compliance criteria.
Ongoing Support
Once your Panama account is operational, we remain available for compliance matters, institutional correspondence, and any support your banking relationship requires.
Panama Banking Account Options
Choose from a broad range of banking institutions and digital platforms, each offering distinct advantages for companies engaged in international commerce and trade.
Panama Account Opening Pricing
One-time fees for expert bank account opening assistance. Digital banking is included free with incorporation, or upgrade for full traditional banking access.
Digital Banking Package
Get your Panama entity connected to a trusted digital banking platform
What You Get
- Assisted onboarding with one digital banking provider
Complimentary when you choose one of our Panama incorporation packages
Unlimited Banking Package
What You Get
- Applications to unlimited Panamanian and international traditional banks
- Applications to unlimited digital banking platforms
Bank Consultancy
Expert guidance on selecting from Panama's 70+ banking institutions based on your company's operational profile
Application Review
Complete preparation and review of documents to satisfy Superintendencia de Bancos requirements
Certified Document Support
Certified corporate documents and apostille or notarisation coordinated as add-on
Appointment Coordination
Arranging and managing meetings with Panamanian banking representatives on your behalf
Panama Corporate Account Opening Process
Set up a corporate bank account in Panama through a methodical, well-supported process. We coordinate every detail from bank selection to account go-live.
Choose from Panama's wide range of banking institutions
With Panama's extensive selection of banks, we help you narrow down the institutions that best match your company's industry, transaction needs, and service expectations.
Prepare all corporate and compliance documents
We coordinate the preparation of all necessary corporate and personal documents, ensuring your application meets the specific requirements of your chosen Panamanian bank.
Engage with the bank on any supplementary queries
Our team manages ongoing communication with the bank during their review, responding to compliance queries and providing any additional materials they request.
Obtain your account approval and go live
Upon receiving the bank's decision, we walk you through account activation and initial setup. Should a decline occur, we redirect efforts to a suitable alternative.
Panama Corporate Banking Requirements
A clear breakdown of the documents Panamanian banks require for corporate account applications. We coordinate the preparation and certification of your full submission package.
Articles of Incorporation (Pacto Social)
Certified copy of the company's founding document as registered at the Public Registry of Panama
Public Registry Certificate
Certificate from the Registro Público confirming the company's active registration status
Board of Directors Resolution
Corporate resolution authorising the opening of a bank account and designating authorised signatories
Register of Directors
Current listing of all directors as recorded in the Public Registry
Shareholder Register
Record of all shareholders and their ownership interests in the Panama corporation
Tax Registration (RUC)
The company's Registro Único de Contribuyente number, if applicable to the intended banking activities
Certified Passport Copies
Notarised copies of valid passports for every director and authorised account signatory
Proof of Address
Recent utility bill, bank statement, or government document confirming the director's residence
Professional Resume
CV for each director outlining career background, business experience, and professional qualifications
Reference Letters
References from the director's bank or from qualified professionals such as lawyers or CPAs
Business Plan
Clear description of the company's commercial activities, market focus, and operational strategy for Panama and international markets
Financial Forecasts
Projected revenue, expenditure, and cash flow for the initial 12 to 24 months of account activity
Anticipated Account Activity
Outline of expected deposit and withdrawal patterns, principal currencies, and transaction volumes
Source of Funds Declaration
Documentation proving the legitimate source and origin of corporate funds
Customer and Market Profiles
Details of the company's key customers, suppliers, and the markets it operates in or plans to enter
Frequently Asked Questions
Comprehensive answers to frequently asked questions about corporate banking in Panama and opening accounts for Panamanian companies
Account opening generally takes 3 to 8 weeks. Panama banks conduct detailed compliance reviews, and the process can be faster when all documents are complete and certified at the time of submission.
Some Panamanian banks prefer an initial in-person visit, while an increasing number now offer remote onboarding via video calls and electronic document submission. We advise on which banks support your preferred approach.
Minimum opening deposits vary widely, from $1,000 for standard accounts to $25,000+ for premium banking. Since Panama uses the US dollar, deposits are typically made in USD.
Yes, all Panamanian banks require a clear understanding of your business model, supported by documents such as business plans, contracts, invoices, or trade agreements. This is central to their compliance process.
Yes, most banks require apostilled or notarised corporate documents and certified personal identification. We coordinate all document preparation and authentication as part of the service.
Corporate documents are generally accepted within 6 months of issuance. The Public Registry Certificate should typically be current within 30 to 90 days. We verify exact dating standards for each bank.
Banks may accept scanned copies for preliminary compliance screening, but original certified copies are required for final account approval. We outline the document submission workflow at the start.
Since Spanish is Panama's official language, Spanish-language corporate documents are accepted by all Panamanian banks. For banking in other jurisdictions, certified English translations may be required.
Banks require disclosure of all individuals holding 25% or more of the company. Identification, address verification, and an organisational chart or explanation of the full ownership structure are standard requirements.
Panama's territorial tax system means income earned outside the country is not subject to local tax. Banks understand this framework and may ask how your company's activities are structured with respect to domestic and international operations.
Yes, some banks restrict accounts for activities they classify as higher risk, such as cryptocurrency exchanges, gambling, or unregulated financial services. We help identify banks that accommodate your particular industry.
You must keep your corporate records and Public Registry filings current, respond to bank information requests promptly, notify the bank of any material business or ownership changes, and comply with all applicable AML regulations.
Common charges include monthly maintenance fees ($50–$500+), wire transfer fees ($15–$50+), minimum balance charges, and FX conversion fees. We supply a clear fee comparison for every bank on your shortlist.
Yes, most corporate accounts require minimum balances ranging from $5,000 to $500,000+ depending on the bank and account type. Sub-minimum balances can result in monthly penalty charges.
Most Panamanian banks issue corporate debit cards, and some offer corporate Visa or Mastercard credit cards. Card availability, limits, and terms depend on the company's financial profile and banking relationship.
Banks provide internet and mobile banking with capabilities including balance checking, international transfers, beneficiary management, payment scheduling, and statement access. Panama's banking infrastructure supports robust digital services.
Closures may occur due to compliance concerns, policy updates, or shifts in your company's activities. Maintaining accounts at more than one bank provides a safeguard. We assist with sourcing alternative banking promptly.
Contact Our Panama Banking Specialists
Interested in Panama bank account services, documentation standards, or understanding which banks best suit your needs? Get in touch with our specialists.
