Panamanian President Laurentino Cortizo, sanctioned the law that creates the Special Regime for the Establishment and Operation of Multinational Companies for the Provision of Services related to Manufacturing.
Deputies of the Panamanian Assembly approved in third debate the bill creating the Special Regime for the Establishment and Operation of Multinational Companies for the Provision of Services related to Manufacturing.
The services of these multinationals will be able to be developed in different provinces of the country and will work in product manufacturing, equipment machinery, product packaging services, machinery and equipment, the Assembly informed.
Having a minimum of five full-time permanent employees is one of the requirements that companies must meet in order to obtain a Regional Offices of Multinational Corporations license, if a bill from the Varela administration succeeds.
The bill presented by the Ministry of Commerce and Industries (Mici) to the National Assembly contemplates, among other things, the new conditions that must be met by companies seeking to obtain a license as Regional Offices of Multinational Corporations (SEM by their initials in Spanish).In addition, it details a proposed law reform, under which companies must generate annual operating expenses in the country of at least $500,000.
The draft version of a new law for the CFZ establishes a tax treatment equal to that in other free zones.
The draft law has already been agreed by business associations, and is about to be taken to the Cabinet and then to the National Assembly.
Luis Germán Gómez president of the Association of Users of Colon told AnPanama.com that "... Among the changes the document envisages is the creation of a single window and facilitation for companies under the regime of Headquarters of Multinational Enterprises (SEM by its initials in Spanish) which can be installed within the CFZ. "
A law intends to attract reinsurance companies, by giving them the same benefits enjoyed by the Headquarters of Multinational Corporations.
The information was confirmed by the Panamanian superintendent Luis Della Togna, who added that the project could be ready before the end of the year. He also explained that the aim is to leverage the competitive advantages offered by Panama and have a law that addresses the latest trends in supervision and regulation on this topic.
Migratory and tax benefits have been Established for foreign staff of multinationals based in Panama.
The approved changes have also given rise to the "Licensing Commission for Multinational Corporations, hereinafter the Commission, as a consultative and advisory body for the establishment of Multinational Corporations, which will be attached to the Ministry of Commerce and Industry", and that aims to streamline the procedures for installation of multinationals.
With a system of laws to generate competitiveness and legal security for multinational companies, Panama is on its way to repeating the experience of Singapore and Switzerland.
Panama is strengthening its strategic position in Latin America as a commercial, banking, insurance, and logistical center by starting to repeat the first fruits of Law 41 (from August 2007), which provides incentives to international companies to set up their regional headquarters in the country.
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