How to set up a company in Singapore: a foreign investor guide
Wanting to incorporate a company in Singapore? This is your guidebook of incorporation (and hints at post-formation steps) to set up your own company in this small but developed nation.
The Republic of Panama is situated between Costa Rica and Columbia with coastlines on both the Pacific and Atlantic Oceans. Panama has been well-known for its long-standing history as a reputable offshore financial center.
The Superintendency of Banks of Panama is the main local regulatory body responsible for the soundness and efficiency of the banking system. The country’s official currency is Balboa, whose value is on par with US dollar.
The banking laws categorize Panama banking sector into three classes: General license banks for conducting all types of banking business inside and outside of Panama, international license banks for only offshore banking activities and bank representative office. As of June 2019, there are 2 state-owned commercial banks, 47 general license banks and 26 offshore banks in Panama. There is no control or any restriction on funds transferred from and to of Panama.
Panama puts a strong emphasize on bank privacy laws in which banks are prohibited to share any account information unless allowed by Panamanian authorities. Until now, Panama has only signed Tax Information Exchange Agreement with the USA. As a result, the country often receives international scrutiny for tax transparency matters.
We currently don’t assist with opening bank account in Panama. However, a Panamanian company can open its account in any other offshore jurisdictions.
Wonder which can be the best bank for your Panama company? Let's find out with our Banking Tool.
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
Need more references? Here is a Banking Tool to make your decision easier!
Some of the most requested documents by banks are listed below. Each bank will have different requirements on a case-by-case basis.
You might consider contacting BBCIncorp to know the exact documents needed for your case.