Honduras: Reform to the Free Zones Law

With the reform proposal to the Law of Free Zones presented to Congress, it is intended to reduce from 20 to 10 the requirements that must be met to approve a new free zone.

Wednesday, December 4, 2019

After several months of working on the proposal to make changes to the law, the file was submitted to the legislative chamber and prepared by the Honduran Maquiladora Association (AHM), the Ministry of Finance, the Central Bank of Honduras and the Ministry of Economic Development (SDE).

See "Free Zone Law Reforms in Honduras"

According to the directors who worked on the proposal, with the simplification of the processes, the time to establish a new free zone in the country would decrease from 8 up to one month.

Maria Antonia Rivera, minister in charge of the SDE, told Laprensa.hn that "... Once the project is approved, only one institution will be in charge of reviewing the documentation and making the respective inspections, and in approximately one month it will be approved if it meets the requirements."

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Rivera added that this is about "... simplify the whole process; until now entering a free zone application could take seven or eight months because it goes through about six institutions."

Now the proposal is in the hands of the National Congress and the deputies will be in charge of approving the amendments to the current law.

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The Chamber of Textile, Clothing Companies and Free Zones states that if the new law on Free Zone included the tax, it would drive away millions of dollars in investments.

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