Law on Multinational Companies Sanctioned

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.

Tuesday, September 1, 2020

After the <a href="https://centralamericadata.com/en/article/home/Aval_a_ley_de_Empresas_Multinacionales" target="_blank">deputies of the Panamanian Assembly approved in the third debate last month the bill that aims to promote investments in this context of economic crisis that derives from the outbreak of covid-19, the President of the Executive sanctioned the regulation on August 31, 2020.

The sanctioning of the law took place in the context of a protocolary act that was carried out in the Colon Free Zone (ZLC).

The EMMA Law promotes the establishment of multinational manufacturing, light manufacturing and assembly companies, requiring the direct hiring of labor, promoting job generation and economic growth in the country, post covid-19, details a statement from the ZLC.

The services of these multinationals will be able to be developed in different provinces of the country and will work in product manufacturing, machinery equipment, product packaging services, machinery and equipment.

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More on this topic

Panama: More Companies in the SEM Regime

December 2017

Six new foreign companies will be establishing their regional headquarters in the country, under the conditions of the Multinational Company Headquarters regime in Panama.

From a statement issued by the Ministry of Trade and Industry:

MICI 11-12-2017.  Confirming once again the competitive advantages offered by the Panamanian isthmus as the great connection of the Americas to the world, six new companies will be establishing their regional headquarters in Panama, with a direct investment -only in its first year of operation under the SEM regime. - of more than four million dollars and the creation of some 200 jobs. 

More Flexible Rules to Attract Foreign Companies

September 2017

Within the conditions to operate under the Multinational Enterprise Headquarters regime in Panama, the requirement for a worldwide number of employees has been changed to instead include a requirement to have a presence in more than 40 countries.

From a statement issued by the Ministry of Trade and Industry:

Panama: Incentives for Multinationals to be Broadened

August 2015

The government plans to extend the incentives of the law 41 other multinational companies not included in the original text, such as the manufacturing sector.

Nestor Gonzalez, vice minister of Foreign Trade, told Anpanama.com that "... the law currently only provides incentives to companies that set up back office operations, and now they want to expand this and allow industries to set up under this scheme. "

'Panama Invest’ Bears Fruit

October 2011

Efforts to promote the country in Sao Paulo, Toronto and Madrid among other cities, are now generating tangible results.

25 multinational companies from around the world have expressed interest in setting up in Panama under the Law of Multinational Corporations (SEM in Spanish).

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