Narodna banka, with new products for entrepreneurs

The National Bank of Panama launched this week on the marketor two new financial products intended for entrepreneurs who are part of the Entrepreneurial Society.

This is a savings account that can be opened with a minimum of $150.00 and a checking account with $250.00.

“With these new deposit products, we aim to encourage more Panamanians to formalize theirs businesspromoting responsible competitiveness in our economy,” said Javier Carrizo Esquivel, General Manager of Banco Nacional de Panamá.

Currently, Banconal offers other matching deposit products for the needs of entrepreneurs, such as the Crece Panamá account and the Simplified Procedure, which can be opened with a zero balance. These alternatives have been developed to support Panamanians starting their projects.

“In this way, the Bank continues to work to leave a legacy that builds an economically competitive, socially just and environmentally sustainable Panama,” added Carrizo Esquivel.

What are entrepreneurial companies?

It is a type of legal entity created by Law 186 of 2020, with the purpose of facilitating the formalization of micro and small businesses through a simplified registration system.

The registration process is carried out in AMPYME (Body for Micro, Small and Medium Enterprises) through a single window.

Entrepreneurial companies enjoy a number of benefits such as a two-year exemption from paying flat rate and income tax, up to 50% discount on import duties, and the ability to receive tax-deductible donations of up to $10,000.00, among others.

Banconal claims that these actions contribute to compliance with s sustainable development goals (SDGs)especially number 8 which promotes sustainable, inclusive and sustainable economic growth.

It also considers number 9 focused on industry innovation, aligning its business management with ESG (Environmental, Social and Governance) criteria.