There are two distinct phrases for this process. They are the offsite and onsite phases.
The offsite phase means you go back to your home country. You will collect all the required documents which will take from 7 to 30 days depending on your country. Once you complete the required documents, your lawyers will open the company for you.
The onsite phase means you will come to Panama. You will meet your lawyers in Obarrio, a banking neighborhood city. Your lawyer will receive all the documents from you. Also, your lawyer will answer possible questions for you. After this, you will schedule an appointment in the bank and a visit to the migration office.
Opening a Bank Account in Panama
The very first step for the onsite phase is to open a local bank in Panama. The law firm will set arrangements with some various banks and will pick the best one for you. They are the ones who will bring you to your appointments and will guide you throughout the process. You will get zero difficulties in setting up your account with all the prepared documents that you have.
Once you have successfully opened a bank account, it is a requirement to deposit $5,000 (+$2,000 for each family member) in your account. You must have already sent the money to Panama in order to have a faster process on this process.
After this, you need to print out your bank statement showing that you successfully deposited the money in your account. The second time you hold this paper in your hands, you can freely withdraw the money again.
Next is you go to the National Migration Service, or “Servicio Nacional de Migración.” The paralegal will pick a number for you since there are quite long lines. You will be called by the paralegal when your turn is about 30-60 minutes away. You can then leave your hotel and arrive just in time at Migration for your procedure. You will do some photos, signatures, and fingerprints later. You will then receive your temporary residency card after your second visit to Migration a few days later.
A multi-entry visa will be given to you after you receive your temporary card a few days later. This visa is valid for 12 months. You are not allowed to leave before you get your multi-entry visa once you have started the application process. Otherwise, you will be fined $2,000 by the government. So, this concludes the process for now. I hope this helps.