25 multinational companies from around the world have expressed interest in setting up in Panama under the Law of Multinational Corporations (SEM in Spanish).
The stable economic growth being experienced in Panama is one of the reasons why international companies are interested in the country, in addition to the benefits provided by being in close proximity to the canal.
Aware of what they have to offer as an investment destination, government agencies have staged a number of high-profile ‘Panama Invest’ events in major cities, in order promote the country’s advantages.
An article on Panamaamerica.com.pa states: "Panama expects to have gained about 200 companies under the SEM scheme by 2012, and approximately 500 by 2014.
Since 2005, this has contributed $338 million to the national economy, and has generated 746 jobs for nationals and 1136 for foreign employees. "
Source: Panamaamerica.com.pa
More on this topic
April 2012
Some 58 multinationals have settled in Panama in the past two years, particularly in the special area of Panama Pacífico, contributing $40 million with the start of their operations.
The Minister of Trade and Industry, Ricardo Quijano, said the opening of these 58 multinational operations contributed $40 million and multiplied opportunities for economic growth.
June 2011
In the first three months of 2011 direct foreign investment totaled $746 million, an increase of 21% compared to the same period in 2010.
Kristelle Getzler, the Ministry of Economy for the State, said that in the first six months of 2011, seven new multinationals settled in the country, among which are TLAS Copco from Sweden, and Merck and Bauer from Germany.
February 2011
Regulators will oversee sales operations and transfer of funds from multinational companies based in the country and overseas branches.
The Superintendence of Tax Administration will create an international audit department, which will start operations in March.
Rudy Villeda, Superintendent of Tax Administration, told Prensalibre.com, "The idea is to have more information from multinationals with related companies abroad, as they sometimes affirm they declare taxes in other jurisdictions and that must be verified".
January 2009
The Ministry of Commerce released the fiscal benefits for multinational companies that set up in Panama via a International Publicity campaign.
Laestrella.com.pa published that "The Multinational Companies Headquarters (SEM) allows foreign economic groups to expand their businesses from Panama via branches or subsidiaries.
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