Panama is making the move to attract multinationals in 2009….
Panama’s Law 41 was designed in order to encourage international companies to use Panama as an international business hub. Among the benefits are tax incentives and visa assistance that encourage foreign investment in the country. Additionally, the country’s central location, a stable economy, international banking benefits, and an elaborate telecommunications infrastructure boast business advantages for companies.
Law 41 was enacted in August of 2007 as a joint effort between the private sector and government agencies. As a result of promotion and international marketing campaigns, over 17 global businesses have moved to Panama, including Procter and Gamble, Caterpillar, Roche, Merck, Peugeot, Hyundai Heavy Industries, and Western Union.
The Panamanian Ministry of Commerce and Industry (MICI) claims that Law 41, since enacted, has provided over 500 new jobs to the country. The country expects an additional 25 countries to move operations to Panama.
The country is optimistic as the U.S. recession affects countries around the world. Those companies interested in taking advantage of Law 41 must have fixed assets worth at least $200 million and must present financial statements, bank references and insurance policies before taking advantage of the perks.
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