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Tuesday, September 02 2014 @ 05:10 AM EDT

National Assembly Passes New Law On Multinational Companies

Law & LawyersThe National Assembly approved on third reading Bill 487 to amend Law 41 of 24 August 2007 that creates the Special Scheme for the establishment and operation of multinational companies, and the licensing commission for the headquarters of multinational companies. The project was presented to streamline the procedures developed in the Directorate General of Multinational Corporations, making this office the Technical Secretariat of the Committee on Licensing Multinational Corporations. The office was given the ability to communicate directly with the National Immigration Service, Customs Authority, Directorate for General Revenue, for the the cancellation of the license to a Multinational Company Headquarters.

It was also established this is the company licensed by Multinational Business Offices through their legal representative, and not the executive of the Multinational Corporations directly, who will manage or request from the Directorate General of Multinational Corporations of the Ministry of Trade and Industry, the Visas for Permanent Personal for Headquarters of Multinational Enterprises.

At present and under the protection of Law 41 of 24 August 2007, licenses were granted to seventy-two (72) Multinational Corporations for companies operating in our country under the Special Regime, which have invested directly in the Republic of Panama the sum of $371 million dollars. In this same vein, is added as a dependent of the Permanent Staff of Multinational Corporations, people who have been united for five (5) consecutive years in terms of uniqueness and stability, for which they must submit a notarized Affidavit of Panama, in which they state they have maintained such a union.

The new law also states on immigration issues, the term for which the visa is granted to the Permanent Headquarters Staff of a Multinational Company shall be for five (5) years renewable for similar periods in a row. The law establishes the Immigration category of Permanent Resident for the Permanent Staff of the Headquarters for Multinational Companies, with at least five (5) years living in Panama, after the approval of their Permanent Personnel Visa for Multinational Corporations. Regarding the Visa for Temporary Personnel for Multinational Corporations, it was authorized they can be extended for three additional months, only one time.

As for the benefits in terms of customs, the law establishes in favor of foreign personnel who are protected with a Visa and who are on the Permanent Staff for Multinational Corporations, a total duty only once every two (2) years for the importation of a motor vehicle for personal or family use. (TVN)

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