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

The ROMC already operating in Panama and carry out services to related companies
outside Panama can be included into this regime by formal request to the Technical
Secretariat, in accordance with the established in this Law.
The license will be granted for an indefinite period to the applicants and will award a
unique registry number so they can make all necessary administrative proceedings to
develop their activities in the Republic of Panama. It will be arranged to have
expeditious proceedings.
If the ROMC, under this regime, wishes to carry out additional or different activities
from those for which it was authorized, will have to request for a license modification to
the Technical Secretariat by having an extension of the form presented. The new license
will have the same unique registry number previously granted.
If among the additional activities that the ROMC wishes to perform are non-protected
operations under this Law, it will have to incorporate a separated company. It may be
done by registering this new company like foreign company in the Public Registry or by
incorporating a new Panamanian company so to be able to perform these activities in
the national territory. This new company will not be protected by this Law and will
have their own personnel not belonging to the company whose activities are indeed
protected under this Law.
The License for a ROMC could be cancelled by the Technical Secretariat, by itself, by
request of interested party or by recommendation of the Commission, if the ROMC
incurs in any of the following:
1. To stop performing the activity by which the license was granted.
2. Do not initiate operations within the six months following to the concession of
the license; this time could be extended six additional months.
3. The ROMC is being inspected or is declared in bankruptcy by the authorities of
its country of origin.
4. Any violation to this Law.
5. Any violation to the laws of the Republic of Panama
6. Other cases contemplated in this Law.
The cancellation decision can be appealed before the Commission which can only be
able to confirm the cancellation by means of motivated resolution, by affirmative vote of
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