Contents of this guide
What the rules require for a company account
A company account is not assessed like an individual’s. Panamanian banks are bound by Agreement 1-2026 of the Superintendency of Banks, titled “Prevention of the misuse of banking and trust services” and issued on January 16, 2026. It repeals Agreement 10-2015 and, under its article 52, took effect six months after publication. Article 19 sets out how a legal entity must be treated: the bank builds a client profile using information it obtains before starting the business relationship.
The profile covers the company’s economic and financial activity, its date and country of incorporation, its address, the origin and destination of funds, and the amounts and frequency of expected transactions. The natural person who owns or controls the company is always added: the bank must trace ownership to that person, even when several companies sit in the chain. Radar’s guide to the bank account of a foreign individual covers the personal side of the process and is not repeated here.
The same rule appears in Law 23 of 2015, which adopts anti-money-laundering measures. Its article 28 says that, for a legal entity, the obligated party requests the certifications showing incorporation and good standing, identifies officers, directors, attorneys-in-fact and signatories, and verifies the beneficial owner using information from reliable sources.
Approval is not automatic even for a complete file. Legal Solutions Panamá, a Panama City firm that assists foreigners with company formation and bank account opening, notes on its offshore company page that opening the account is not guaranteed and that each bank applies its own due diligence and approval process.
Company and beneficial owner documents
The table lists what article 19 of Agreement 1-2026 asks for in the case of a Panamanian company, along with who issues each item. A bank may request additional documents under its own policy and the risk level it assigns to the client.
| Document | What it is for | Who issues it |
|---|---|---|
| Public Registry certificate (or information extracted from its database) | Shows the company exists and gives its details. The bank must refrain from opening accounts for suspended companies. | Public Registry of Panama. For a sociedad anónima the procedure is described on Panamá Digital (in Spanish). |
| Copy of the articles of incorporation (pacto social) | Proves the company’s formation and structure. | Executed before a notary and recorded in the Public Registry. |
| ID of the president or legal representative, the secretary, the signatories and the attorneys-in-fact who operate the account | The bank identifies who manages and operates the account. | Authority of each person’s country (passport or ID card). |
| Statement of whether there are nominee directors or officers | The bank must identify whether any member was supplied by a resident agent. | The company’s resident agent. |
| Share register, share certificate, or a minute or certification showing the shareholding percentage | Shows who holds 10% or more of the shares, interests or voting rights. | The company; the certification is signed by the resident agent, the president or the secretary. |
| ID of the beneficial owner with nationality, date and place of birth, country of residence and address | Identifies the natural person who owns or controls the company. | Authority of the beneficial owner’s country. |
| Tax identification number of the beneficial owner’s country of tax residence | Requested from foreigners from jurisdictions with tax information exchange agreements in force with Panama. | Tax authority of that country. |
| Signed financial statements, sworn income tax return or other document showing the source of income | Supports the financial profile and the source of funds. | Whoever prepares or issues each document. |
| Registered minute or custodian certification (only if bearer shares exist) | Lets the bank identify holders of bearer shares under the custody regime of Law 47 of 2013. | Public Registry and authorized custodian. |
When ownership cannot be determined through shareholding, the bank may identify the person who exercises control by other means, for example whoever decides on the company’s funds. As a last resort the Agreement allows the bank to identify the senior managing official. If none of these routes clarifies ownership, the bank may require a minute or certification signed by authorized representatives listing the beneficial owners.
Kathia Rivera Morales, founder and president of Legal Solutions Panamá, explained in an interview with Radar that incorporating a company calls for valid passports of the directors and shareholders and a know-your-customer form, which is the due diligence the law requires of the resident agent. Much of what the lawyer gathers to incorporate the company overlaps with what the bank asks for.
Resolution S-010-2023 of the Superintendency of Non-Financial Subjects, published in Gaceta Oficial 29897, recalls that Law 129 of March 17, 2020 created the Private and Single Registry of Beneficial Owners of Legal Entities and that its article 3 requires a lawyer or law firm acting as resident agent to register with that Superintendency. That registry sits on the resident agent’s side. The bank, for its part, must verify the beneficial owner through its own means, so what a bank receives does not depend on that registry. The guide to setting up an offshore company in Panama details the resident agent’s obligations.
Steps from incorporated company to open account
- Confirm the company is registered and in good standing. A suspended company cannot open an account. The Public Registry can be searched online.
- Obtain the Public Registry certificate and a copy of the articles of incorporation, or the equivalent information extracted from the Registry’s database.
- Document ownership and control. The share register or share certification is prepared and, if nominees or a resident agent are used, that is disclosed.
- Gather the IDs of officers, signatories, attorneys-in-fact and beneficial owners, with the tax identification number where applicable.
- Prepare the financial support: economic activity, geographic origin and destination of funds, and financial statements, an income tax return or other proof of the source of income.
- Submit the application. The bank completes the client profile, assigns a high, medium or low risk category and decides which level of due diligence applies.
- Answer the bank’s requests. If doubt remains about the identity of the client or the beneficial owner, the rules require the bank to refrain.
- Keep the file current. The Agreement requires data updates at least every 12 months for high-risk clients, every 24 for medium risk and every 48 for low risk.
Why applications are rejected and how to avoid it
The Superintendency does not publish a list of rejection reasons or rejection rates. What the rules do say is when a bank must stop or tighten its review. The table separates those situations from the measures that lower the risk of a stalled application.
| Situation that stops or tightens the review | What the rules say | What lowers the risk |
|---|---|---|
| Suspended company | The bank must refrain from starting the relationship (Agreement 1-2026, art. 19). | Regularize the company’s status at the Public Registry before applying. |
| The natural person who owns or controls the company is not identified | The bank must refrain from starting or continuing if doubt persists (Agreement 1-2026, art. 19; Law 23 of 2015, art. 28). | Provide the share register or a signed certification and cover the whole chain of companies down to the natural person. |
| Nominee directors or officers supplied by a resident agent | Simplified due diligence does not apply and the bank must identify them (Agreement 1-2026, arts. 17 and 19). | Disclose it from the start and document who the beneficial owner is. |
| Financial profile that does not match the activity | The financial profile must be consistent with the company’s activities and verifiable (art. 19). | Describe the real activity and provide financial statements or other proof of income. |
| Origin or destination of funds in higher-risk jurisdictions | Geography is a factor in the risk model and must take into account jurisdictions with deficient measures against tax evasion (art. 13). | Explain with documents the reason for each jurisdiction involved. |
| Beneficial owner who is a politically exposed person | High-risk clients, including politically exposed persons, receive special attention (art. 10). | Prepare support for the source of wealth in advance. |
Beyond those cases, risk classification depends on each bank’s methodology (article 12). Radar’s guide notes that the Superintendency’s pilot found differences in how banks interpret the criteria. For that reason the same file can move forward at one bank and stall at another, and nobody can promise the outcome in advance. Firms that handle account opening from abroad are compared in Radar’s ranking.
Common mistakes
- Assuming the resident agent is enough. The information the resident agent gathers is a starting point, but the bank carries out its own verification of the beneficial owner.
- Submitting only the company. Due diligence is done per client and reaches the natural person; without the beneficial owner’s details the file does not move.
- Expired documents. The Agreement requires the identification document to be valid when presented, and an expired passport must be updated by the client.
- A declared activity that does not match expected movements. The bank compares the financial profile with the transactional one and monitors it afterward.
- Choosing the structure without thinking about the bank. Private interest foundations and other structures have their own identification rules; the guide to corporation, LLC or foundation compares the options.
- Treating approval as certain. Forming the company and opening the account are separate steps, and the second is not guaranteed.
What to ask the bank or the lawyer
- Which documents the bank requires for the company and which it accepts as copies or in digital form.
- Whether the bank accepts a share certification signed by the resident agent or prefers another document.
- Whether the company has nominee directors and how that changes the level of due diligence.
- What proof of the source of funds it asks for, given the company’s activity.
- Whether the process can begin remotely or requires presence, something each bank decides.
- How often it updates the file and which changes must be reported to it.
Anyone with a company to be formed or already formed can consult a lawyer before choosing a bank. Legal Solutions Panamá offers support plans for account opening that include pre-qualification of the banking profile and follow-up of the file.
Legal Solutions Panamá assists companies and their beneficial owners with opening bank accounts in Panama.
Frequently asked questions
What do banks ask for to open an account for an offshore company in Panama?
They ask for the Public Registry certificate, the articles of incorporation, the identification of officers and signatories, the identification of the beneficial owners and support for the source of funds. This is set by article 19 of Agreement 1-2026 of the Superintendency of Banks, and each bank may add requirements under its own policy.
How long does it take to open the account?
There is no official deadline: neither Agreement 1-2026 nor Law 23 of 2015 sets an approval time. The only sourced figure is that Panamá Digital states that obtaining a sociedad anónima certification at the Public Registry takes 3 to 4 hours on average. The rest depends on each bank and on the quality of the file.
Why is the account of a Panamanian company rejected?
The rules require the bank to refrain if it cannot identify the beneficial owner or if the company is suspended, and the financial profile must be consistent with the activity. Beyond those cases each bank’s risk matrix decides, and the Superintendency does not publish rejection reasons or rates.
Is it necessary to travel to Panama to open it?
The rules neither prohibit nor generally require it: article 14 of Agreement 1-2026 regulates account opening by digital or remote means, with mandatory inferential geolocation and an adaptation deadline of June 30, 2027. Whether a bank offers remote opening is up to each institution.
What is the source of funds and how is it shown?
It is the written support for where the money the company will use comes from. Agreement 1-2026 asks for at least one of these documents: signed financial statements, a sworn income tax return or other documentation that shows the source of income.
The information in this article is general and does not replace the advice of a qualified lawyer for the specific case. Account approval depends on each bank’s assessment.
Related articles
- Opening a bank account in Panama as a foreigner: what the rules require and what each bank requires
- How to set up an offshore company in Panama: requirements, steps and obligations
- Opening a bank account in Panama from abroad: the firms that handle account opening, compared
- How to search Panama’s Public Registry online
- Offshore Company or Operating Company in Panama: How to Choose by Activity
- Panama as an Offshore Jurisdiction: What Still Holds and What Does Not
Sources
All sources were checked on October 6, 2026. Official sources are in Spanish.
- Superintendency of Banks of Panama, Agreement 1-2026 of January 16, 2026 and the Superintendency’s notice on Agreement 1-2026.
- Law 23 of April 27, 2015, updated text (compilation of rules, art. 28).
- Gaceta Oficial 29897, Resolution S-010-2023 of the Superintendency of Non-Financial Subjects (Law 129 of 2020).
- Panamá Digital, Public Registry certification for a sociedad anónima.
- Legal Solutions Panamá: bank account opening and offshore company formation.
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