Posted on 2018-08-14
With the aim of increasing foreign investment and consolidating the logistics and services platform of Panama, the Minister of Commerce and Industries, Augusto Arosemena Moreno, presented a bill to the National Assembly that seeks to make the special regime for the establishment more competitive. and operation of Multinational Company Headquarters (SEM) in our country. Arosemena stressed that the modification of the SEM regime contemplates updates in accordance with international standards, establishes new requirements to obtain an SEM license and expands the services that companies can provide.
He explained that after ten years of execution of Law 41 of August 24, 2007, the SEM regime has proved successful, achieving the installation in Panama of 146 regional headquarters of multinational companies that add an investment of 1,000 million dollars, benefiting the economic activity of the country, generating hundreds of jobs, transfer of knowledge technology and training of the national workforce. "We look for the regime to remain successful and competitive with other countries in the region that are making efforts to attract headquarters of multinational companies," he said. He clarified that this project does not contemplate any change in labor matters, that in no way threatens the more than 60 professions reserved only for Panamanians or against the percentage allowed by law for the hiring of foreigners.
To ensure that there is a fixed investment by companies reverting to the national economy, the project incorporates new requirements to opt for an SEM License such as: Having a minimum of 5 full-time employees and incurring a minimum of annual operating expenses in Panama, which may not be less than five hundred thousand balboas (B/. 500,000.00). To increase SEM operations in Panama, the proposal adds the financial assistance service to companies of the same business group, which includes, but is not limited to, financial management services, risk analysis, credit analysis, due diligence, custody and file of documentation, document processing center and treasury services to the business group, as well as any other determined and approved by the Superintendency of Banks, Superintendence of Insurance and Reinsurance, Superintendence of the Securities Market or other regulatory entities of the Republic of Panama.
Source: MICI PanamaTweet
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