Multinational Companies Law Endorsed

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.

Thursday, August 6, 2020

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.

Check out the "System for monitoring markets and economic situation in Central American countries", developed by CentralAmericaData.

From the National Assembly's press release:

August 6th, 2020. Multinational manufacturing companies (Emma) operating in the country, in addition to generating economy and employment, will have the task of training Panamanians to promote the hiring of qualified labor.

This is the Bill 355, which creates the Special Regime for the Establishment and Operation of Multinational Companies for the Provision of Services Related to Manufacturing (EMMA) approved, in third debate, in the National Assembly.

Congressman Ricardo Torres said that the attraction of these corporations gives our country the character and personality of a service logistics center.

He stressed that it enhances Panama's competitive advantages by creating a system of comprehensive incentives (tax, immigration, labor, and customs). But he argued that to be beneficiaries of these conditions, companies must demonstrate that they generate the expected employment.

This regulation establishes as a requirement the creation of technical education centers in Panama for the training of Panamanian staff and training programs with the different universities of our country.

With this provision, Project 355 highlights, the complaint of applicants to positions in these large companies will be ended if they are not trained to the level of the requirements requested for the position.

Torres pointed out that there are more than one hundred companies interested in contributing to the strengthening of the economy, in addition to benefiting more than 10 thousand families.

Project 355 emphasizes that the companies that establish themselves in Panama will have to present to the Technical Secretariat of the Multinational Companies Licensing Commission an annual report containing the statistics concerning their operations within the national territory.

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



More on this topic

Law on Multinational Companies Sanctioned

September 2020

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.

After the 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.

Multinational Companies Law Moves Forward

July 2020

The Panamanian Assembly approved in first debate the bill creating the Special Regime for the Establishment and Operation of Multinational Companies for the Provision of Services related to Manufacturing.

This bill aims to create the Special Regime for the Establishment and Operation of Multinational Enterprises for the Provision of Services Related to Manufacturing (EMMA), in order to make Panama a more competitive nation in the global economy and adapt the attraction of investments in the provision of services and productive processes, manufacturing, as well as the generation of jobs and technology transfer, the Assembly reported.

New Rules for SEM Companies in Panama

July 2018

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.

New Multinational Incentive Act Approved

August 2012

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.

 close (x)

Receive more news about Economics

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Gluten-free food business for sale

Operating Company dedicated to the manufacture of gluten-free and sugar-free products, OHNE brand.
The OHNE brand has 8 product lines: square bread, sweet...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Oct 29)
Brent Crude Oil
38.56
Coffee "C"
107.10
Gold
1,880
Silver
23.25