Merchant Account (E - Commerce)

How to open a merchant account (E-Commerce) in Panama? This process has two stages. In Panama there are only two banks which open these types of accounts. First stage. The first step is to open a corporate account. The requirements are: - Social Pact (Certificate of incorporation or charter of the corporation) - Certificate of the Public Registry - Notice of Operations / Commercial License - Identity Card or Passport and second original identification of the following persons: Officers of the Corporation Board of Directors Shareholders Directors Persons authorized as signatories of the account - References: • One (1) bank or business reference for each of the signatories of the account, commercial reference for the corporation (if you ...[+]

Panama Banking Sector

Panama Banking Sector Panamanian banks are among the most stable banks in the world and Panama itself is the second largest international banking center in the world, after Switzerland. The Panamanian banking industry has many competitive advantages in its favor: dollarized economy, safety and system reliability, stability in the rules, confidentiality, free flow of capital, reasonable operating costs, asset´s growth of the International Banking Center (IBC) in the recent years and the adoption of international standards in banking. Global investors begin to see Panama as a strategic point for investment, a gateway to contribute to the development of the region, thanks to the connectivity of Panama and an open economy. Panamanian banking center has the distinction of not being touched by major international crisis thanks to its own characteristics, its ssafe banking practices and efficient and reliable regulation and supervision. There are approximately around 100 local and international banks in Panama. 45% of the assets are external. An important element for the banks wishing to settle in Panama, is that they can expand their operations in this region from Panama. Banks in Panama also offer very competitive interest rates. The rates of current accounts and savings accounts may change without notice, vary depending on the LIBOR (London InterBank Offering Rate), are subject to minimum deposits and / or minimum bala ...[+]

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