To open a bank account for a limited liability company in Panama, you must present copies of all the constitutional documents of the company to the bank. Additionally, the interested party must explain the purpose of the company and provide documents that prove said activity. Individuals that form part of that society – directors, dignitaries and shareholders – will need to provide copies of their identification document, their most recent income statement, and proof of address.
Additionally, each person listed on the account must be physically present to sign all the documents to open the account.
Recently, due to the increase of international demand in anti-money-laundering protection and terrorism financing, some banks in Panama are not offering their services to corporate entities that do not operate in the Republic of Panama.