Panama encourages companies to invest in the territory through their trade policies. Its privileged location has allowed it to become a center of operations for the world. Free Zones are part of a special, comprehensive and simplified regime for the establishment and operation of companies that contribute to the development of the country, promoting investment and promoting economic, scientific, technological, cultural, educational and social development.
If you wish to know more about the law that governs the Free Zones in Panama, we encourage you to read our blog post: 3 fundamental aspects of Law 32 of Free Trade Zones in Panama.
Below, you will find a list of the requirements requested by the Ministry of Commerce and Industries to establish industrial operations in a Free Trade Zone in the country.
What are the ways that a company can establish their operations in a free trade zone?
A company can establish their operations in a free trade zone through an Operations License granted by the Ministry of Commerce and Industries.
What requirements are necessary?
To obtain this license, interested companies must provide the following requirements:
- Formal request addressed to the National Commission of Free Zones.
- Bank references, from local or foreign business companies of recognized solvency.
- Attach a study that contains:
- Activity of goods or services to be developed.
- Origin and detail of the material, machinery, etc., to be used.
- Number of jobs that are projected to be generated.
- Initial investment and future investment project.
- Timeline and project execution.
- Identification of the natural or legal person.
- Certificate of peace and national security.
- Certification on simple paper of invested capital issued by a public accountant.
- Certification of shareholders or partners of the company signed by the secretary or treasurer.
- Certification issued by the promoter of the free zone.