Panamanian government plans to attract investments of regional headquarters
August 2, 2009 by ursula
Filed under Corporate Relocation, News
Government aims to achieve at least one billion dollars of foreign direct investment this year in five years.
Exchange. The companies covered by the Act 41 of August 24, 2007 receive tax benefits when they relocate in this country.
Companies United States, Singapore, Taiwan, Japan, Europe, Sweden and Norway are touching Panama’s door to implement investment plans in the country.
Proposals from all these companies are being analyzed by a team from the Ministry of Commerce (MICI), which seeks to maximize the benefits to Law 41 of August 24, 2007, which created the Special Regime for the Establishment and Operation of Multinational Companies Venues in the country. From the creation of this law until present, 23 companies have settled in the country to benefit from this initiative.
These 23 companies will soon be joined by General Electric (GE), the U.S. multinational, which has 330 thousand employees in the world and is planning to move from Costa Rica to Panama its regional corporate office for Central America and the Caribbean.
Among those that have already taken advantage of the benefits of law 41 include Maersk, AES, Caterpillar, Procter & Gamble, LG, Roche, Peugeot, Hyundai, Halliburton, Inelectra, Western Union, Total, Sinopec, Thunderbird, AIA Bermuda Services , Endress Hauser and Volconsa.
The MICI is working on reactivating the Center for Latin American Energy project in Colón to make this province a center for collecting, refining and transporting fuel.
How will this be done?
To achieve this level of foreign investment, MICI plans to create one-stop shop for investment, which will process the visas. Also streamline the procedures for visas renewals for investors, workers and managers of multinational companies.
A part of the diplomatic service, the Ministry has plans to hire staff as business aggregates established in major embassies where Panama has free trade treaties. Since as of present they were never properly served because the missions were overloaded with other priorities.
For more useful information about moving to Panama contact one of our experts today.
I am sorry to hear this. Panama has a lot more to offer, but you are right we have strict anti tobacco laws in doors, for more information on smoking laws visit http://www.healthinsuranceinpanama.com/new-law-for-tabacco-control-in-panama
Thanks for trying to be like California(A broke state)
You just missed out on the probablity of as many as 20 citizens of the US moving to Panama,and buying homes,and some setting up businesses.Why?Because of your new smokinf policies.
Our local group (only half of which are smokers) had decided to take a trip to Panama to see if it was the place for us to move away from all the heavyhanded government control we are experiencing in the USA.
When we tried to book Hotel rooms,we found out that not only had you are heading in the same direction,but in the smoking area,you have already surpassed us.
As a result,we have now shifted our sights to Brazil,and Cost Rica.Your loss.One of those Countries gains.
mt