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Setting up a bank account in Panama

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Thread: Setting up a bank account in Panama

  1. #1
    zog
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    Setting up a bank account in Panama

    Hi

    Does anyone have any experiences to share on the process of setting up a banking account?

    Can it be done from the UK? Or must one be in Panama to set the account up?

    If anyone set up an account when not in Panama, how did you go about this?

    If one must be in Panama, what kind of information is required? Will I need an address in Panama? Or is a passport and a foreign address acceptable?

    I am looking to move to Panama, but it seems to me that with a bank account ready for me in Panama it would make life a bit easier, especially when I intend to visit for finding the right property.

    Many thanks, and hoping you can help,

    sincerely,

    J.

  2. #2
    Moderator Array GordonS's Avatar
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    Hi Zog,

    There have been some very detailed explanations of the requirements for setting up bank accounts in a number of different posts here. Rather than list them all for you, just go to the "Search" link at the top of this page and enter "bank accounts" . You'll find lots of help there from others on this forum.

    Enjoy your reading....
    Gordon and Randy,
    Canada

  3. #3
    zog
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    Hi

    Yes, I have seen the threads in the search. Thanks.

    But there seems to be a lot of confusion about what ID is required. I can set up a UK offshore account easily enough that can be in dollars. Has anybody done this as an alternative?

    If anyone has any experience of setting up an account when not in Panama I would be interested to know their experiences.

    Many thanks.

    J.

  4. #4
    Member Array panamaoffshorelegal's Avatar
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    Good luck with your search... there are plenty of great service providers out there.
    Last edited by panamaoffshorelegal; 04-11-2008 at 05:15 PM. Reason: post too commercial

  5. #5
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    There are many attorney's in Panama that can complete the same task Panamaoffshorelegal is offering. I always advise to check with more than one attorney.

  6. #6
    Member Array panamaoffshorelegal's Avatar
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  7. #7
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    Your embassy may also be able to give a list.

  8. #8
    dsc
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    Looking for more Panama blogs last night, I stumbled onto this site:

    http://tinyurl.com/4lxw9m



  9. #9
    Alp
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    Quote Originally Posted by panamaoffshorelegal View Post
    Good luck with your search... there are plenty of great service providers out there.

    Hi.

    How much costs offshore company with bank account and everything in your company ?


    Alp

  10. #10
    Member Array panamaoffshorelegal's Avatar
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    Hi there!

    Quote Originally Posted by Alp View Post
    Hi.

    How much costs offshore company with bank account and everything in your company ?


    Alp
    To get an offshore company with bank account is $1795 .. which includes the first year of tax paid to the Panama government (around $300 per year).

    https://ssl-panama.offshorelegal.org/secure-order.html has more details.

    Our prices are all inclusive. There will only be a shipping fee added to this price upon checkout.

  11. #11
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    Well using two accounts is indeed convenient. Think of a situation when you have a loan from one of the banks and you also have your business account there. Imagine you do not have money on your account and the bank is waiting for a transfer to cut the money, but you do not want the money to be cut. You can always ask your customer to transfer fund to another account and so you can avoid money-cutting.

    In fact I use 3 accounts for my company: 2 normal (onshore) accounts and 1 offshore banking account from Jersey. It is quite convenient. My country's banking system is quite volatile and exchange rate often experiences large fluctuations. I keep significant amount of cash overseas and it is very easy to transfer them back if needed.

  12. #12
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    It would be cheaper and easier to just bring the paper work down to open the corporation and then open the bank account. It is easier if all the members on the board are residents of panama. It can be tricky if you put non residents.

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    Correct. And also, you should be able to find attorneys that can setup the corporation for around 300 bucks. The first year tax is $250. Some additional notary fees and such will show as well. You can also ask the attorney to not charge you a resident agent fee, given that you recommend new clients and pay the annual tax yourself at Banco Nacional or Caja de Ahorros ($300). Setting up the banks accounts involve some work but it's free. Start with the personal ones, then come in with your board members (within 1 month of the personal one) and tell them you want to transfer the majority of your funds to your corporation.

    You will primarily be scrutinized, not so much the corporation. For recommendations see here: RULES for DEALING WITH PANAMA BANKS and here: OPEN BANK ACCOUNT IN PANAMA

    The key is to have everything in order and overload them with as much "extras" as you possibly can. Don't hold back on information.

    Best wishes, Ed

    Quote Originally Posted by panamahouse View Post
    It would be cheaper and easier to just bring the paper work down to open the corporation and then open the bank account. It is easier if all the members on the board are residents of panama. It can be tricky if you put non residents.

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    Quote Originally Posted by EdBowers View Post
    Correct. And also, you should be able to find attorneys that can setup the corporation for around 300 bucks.
    Hi Ed, just curiously, how many attorneys/law firms in Panama City that you know of will actually setup a corp for $300 and what type of connections do they have to "the system" that exists here? I honestly would be on the floor in awe if there is any type of reputable firm that would only charge $300. Have you been able to setup a corp in Panama for $300?

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    Breaking The Law

    If anyone is charging $300 to set up a corporation -- they are breaking the law. The gov. has "price protection" to help protect lawyers from price wars.

    That being said, if your best friend or your wife or your girlfriend is a lawyer -- I'm sure "special arrangements" are possible.

    However, you'll NEVER see those advertised and you'll NEVER get that deal unless you're "in bed" with your lawyer.

    Matt

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    I know two of them and one of them does not even charge a resident agent fee.

    Why would you need a reputable firm? This is monkey work. Take existing corp papers, modify them as you please, print them on the special paper. Put $300 on the table and your pre-prepared corporation and ask them if they want the $300 for 15 mins work and having someone run around to some places for stamps.

    Attorneys only charge for BSing in their office.

    Use the phone book. Check for female attorneys with kids who have no website and seem like decent people and you will have great success.

    Actually, tell them $150, but you will run around for the stamps/payments.... and see if they go for it.....

    Quote Originally Posted by MRWOOHOO View Post
    Hi Ed, just curiously, how many attorneys/law firms in Panama City that you know of will actually setup a corp for $300 and what type of connections do they have to "the system" that exists here? I honestly would be on the floor in awe if there is any type of reputable firm that would only charge $300. Have you been able to setup a corp in Panama for $300?

  17. #17
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    Quote Originally Posted by EdBowers View Post
    Why would you need a reputable firm?
    Hmmmm, why would I want a reputable firm to setup a corp in a foreign country for me? Maybe you are right and people come down here should just find a desperate single mother to represent them? Personally that would frighten me but who knows? It seems there is the potential as a foreigner to run into different situations. Once again, me personally, having the absolute cheapest attorney representing me would be of some concern to me. Once again, this is my opinion.

    Actually, now that I think about it. I guess you could then just transfer the corp to a reputable firm, correct?

    I do still question it though.
    Last edited by MRWOOHOO; 07-30-2009 at 02:48 AM. Reason: My Post

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    If you need representation you can hire an attorney specialized in the area of trouble at the time. No need to use your registered agent.

    People pay a lot of money, mainly for their own comfort, not for the product received, which is just a piece of paper.

    Did you reputable lawfirm tell you that you can use the same person as Secretary AND Treasurer and avoid having to hassle one more person for signatures when opening corporate accounts?

    Quote Originally Posted by MRWOOHOO View Post
    having the absolute cheapest attorney representing me would be of some concern to me.

    Actually, now that I think about it. I guess you could then just transfer the corp to a reputable firm, correct?

    I do still question it though.

  19. #19
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    I have a personal. I will say I do feel good with my representation, he is well connected, he is on speed dial. Having to find somebody to help you out when a problem arises is not something I would want to do on a spur of the moment in Panama. My personal feeling. I like the warm and fuzzy feeling I get so to me it is worth it.
    Last edited by MRWOOHOO; 07-30-2009 at 05:45 PM. Reason: My post



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