Executive Summary LAW No. 41 of 24th August 2007 SPECIAL ...

More documents

Recommendations

Info

8. Advice, coordination and pursuit of marketing trends; and merchandising of assets and services produced by its enterprise group. 9. Operations and research support, and development of products and services of its enterprise group. 10. Any other analogous service previously approved by the Council of Cabinet by means of motivated resolution, whenever it fulfills the Law. OBLIGATIONS OF THE ROMC: 1. To present to the Technical Secretariat of the Commission for Licenses of a ROMC an annual report that contains the statistics concerning its operations within the national territory. 2. To communicate immediately, to the Commission for Licenses of a ROMC, any change related to the status of its operations in the country, as well as of their personnel. The companies in this regime of a ROMC will have to operate as a foreign company enrolled in Panama or like a Panamanian company owned by a multinational company, its subsidiaries or affiliates. For purposes of the law, it will not be deemed as multinational company, nor as a company included into this regime of ROMC, companies such as law firms that directly offer services to clients or different companies or to others outside its enterprise group from Panama, or through a subsidiary or branch abroad. AUTHORITIES Commission for Licenses of a ROMC It is a counseling and advisory governmental branch in regards to the establishment of regional offices. Among its powers the law provides for the establishment of requirements for granting Licenses of a Regional Office of Multinational Company (ROMC). Technical Secretariat of the Commission The law sets forth the following functions, among others: 1. To grant licenses of a ROMC to companies requesting it and fulfill its requirements, previous recommendation of the Commission. 2
2. To request visas for the personnel who will be working for the companies included into this regime as well as for their dependants. 3. To issue certificates to the company with License of a ROMC or their personnel under its personnel visa regime for administrative proceedings. 4. To enforce administrative and economic penalties to the Companies included into this regime because of their infringement of the Law, its regulations and rules. 5. To solve, in first instance, claims or petitions filed based on this Law. 6. To carry out administrative procedures for the handling of the benefits companies have under this regime. 7. To issue an official registry containing all the companies included into this regime, as for their personnel and dependants. LICENSE FOR REGIONAL OFFICE OF MULTINATIONAL COMPANY The requirements for granting a license for ROMC will be established by the Commission for Licenses of a ROMC following these considerations among others: 1. assets of the multinational company 2. places or regional offices of operation 3. activities or commercial operations performed by the multinational company 4. local or international stock market of the multinational company 5. any other requirement that the Commission considers advisable to establish and to evaluate. The request for a license for ROMC will have to be made in writing presenting the form elaborated by the Technical Secretariat, previous approval of the Commission. The interested multinational company must present a letter requesting the license and a sworn declaration expressing their desire to establish a ROMC in Panama and that they fulfill all requirements needed to obtain this license, according to the established in this Law, and that they have all the required backup documentation needed as well. The Technical Secretariat will evaluate the request and the documentation and will forward them to the Commission for its recommendation. 3
Page 1: Executive Summary LAW No. 41 of 24t
Page 5 and 6: the majority of the Commissioners.
Page 7 and 8: The company with license of a ROMC

Executive Summary LAW No. 41 of 24th August 2007 SPECIAL ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?