• JD Supra Panama

Publisher:
JD Supra
Publication date:
2019-04-29

Latest documents

  • Establishing A Business Entity In Panama

    Types of Business Entities -
 
 The main types of Business Entities in the Republic of Panama are the Corporations (Sociedad Anónima) and the Private Interest Foundations (Fundación de Interés Privado). Limited Liability Companies (LLC) may be incorporated as well; however, the corporations represent most of the registrations.
 
 These business entities have the following advantages:
 
 • They offer total secrecy and anonymity;
 • There is no requirement to disclose shareholders or beneficiaries;
 • There is no requirement to file annual returns or financial statements;
 • There is a full exemption from taxation on any business activity or transaction carried outside of Panama;
 • Simple ongoing administration;
 • The accounting books may be kept anywhere in the world.
 
 Please see full Chapter below for more information.

  • Register of Money Remittance Companies with the Superintendency of Banks

    The Prevention Agreement for Other Financially Obligated Subjects No. 001-2018 of August 21, 2018, issued by the Superintendency of Banks of Panama, establishes the registration process for money remittance companies before the Superintendency of Banks.

  • Register of Exchange Houses before the Superintendency of Banks

    The Prevention Agreement for Other Financially Obligated Subjects No. 002-2018 of August 21, 2018, issued by the Superintendency of Banks of Panama, establishes the registration process of the exchange offices in the Superintendency of Banks.

  • New Immigration Regulations in the Republic of Panama

    The Republic of Panama recently adopted Executive Decree No. 521. The decree annuls the visa requirement to enter the Republic of Panamá to every person who has a visa or a valid residence, duly issued by Canada, United States of America, Commonwealth of Australia, Republic of Korea, Japan, United Kingdom of Great Britain and Northern Ireland, Republic of Singapore and European Union countries.

  • Panama adopts a list of reportable jurisdictions and participants in Automatic Exchange of Tax Information

    Through the enactment of Law 51 of October 27, 2016, Panama officially undertook to implement the Common Reporting Standard ("CRS"). As a result of this law, Panamanian Reporting Financial Institutions ("RFIs") are required to carry out the detailed due diligence procedures of the CRS, aimed at determining whether a person holding a financial account is a tax resident in any foreign jurisdiction.

  • Panama adopts a law to prevent forbid and punish acts of discrimination

    The Republic of Panama has recently adopted Law 7 of February 14th, 2018, which regulates all matters related to the protection of the honor, dignity, physical and psychological integrity of individuals who are victims of acts of discrimination.

  • The Republic of Panama and the People's Republic of China signed Maritime Transport Agreement

    On May 17, 2018, the Maritime Cooperation Agreement (the "Agreement") signed by the Republic of Panama and the People's Republic of China entered into force. The Agreement has as a main purpose to develop a friendly relationship between the two countries and strengthen cooperation in the maritime transport field. It is worth mentioning that this Agreement does not affect the obligations and rights of each Party arising from their membership or participation in other organizations, as well as those resulting from national or international treaties.

  • Panama - New incentives for forestry activities

    Panama has adopted legislation renewing and expanding tax incentives and reimbursements for forestry activities in the country. Law No. 69 of October 30, 2017, creates an incentive program for forest cover and natural forest conservation in Panama, in compliance with the objectives set by the Million Hectare Alliance of Panama and those of the Sustainable Development Goals 2030 of the United Nations.

  • LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Panama

    1. What role does the government of Panama play in approving and regulating foreign direct investment?
 
 The government of Panama plays an important role in attracting foreign direct investment to the country. In addition to being responsible for approving commercial licenses (avisos de operación), generally required for operating a business in Panama, as well as other regulatory authorizations that may apply, the government also promotes special regimes for certain economic activities. The government is also responsible for enforcing rules under these regimes, granting any specific authorizations under these, enacting supplementary rules, and providing agency guidance or interpretation when needed.
 
 Please see full Chapter below for more information.

  • Panama: New Law Prohibiting Harassment, Racism and Sexism in the Workplace Mandates Full Compliance by May 16, 2018

    On February 14, 2018, Law 7, which prohibits sexual harassment, mobbing (bullying), racism and discriminatory practices in all environments, including the workplace and academia, took effect.

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