18 multinationals establish HQ’s in Panama
While Panama continues its battle with covid-19 the country continues to attract companies seeking to establish operations and The Ministry of Commerce and Industries (MICI) reports that, 18 licenses have been approved for the establishment of headquarters of multinational companies (SEM).
The number exceeds the 17 that received the go-ahead last year. Jeannette Díaz Granados, general director of SEM, commented that there are 4 other applications that under review to determine if they comply with the requirements of Law 41 of 2007.
Among the requirements that companies seeking to obtain the benefits of Law 41 must meet are those related to assets that must be equal to or greater than $200 million. If the company does not comply with this point, it can also apply for the SEM license if it verifies that it provides services to at least seven affiliates, subsidiaries or associated companies.
Díaz Granados indicated that the investment of the 18 new licenses approved reaches $37.8 million, exceeding the $12.5 million of the estimated investment last year and the $9 million of 2019.
In total, there are 178 active licenses for multinational company headquarters representing a combined investment of $1.2 billion.
Automotive, aeronautics, manufacturing, entertainment, marketing, advertising, research, consumer goods and personal care, food, and beverages, textiles, footwear and jewelry, transportation and logistics, technology, telecommunications, basic and industrial chemicals, pharmaceuticals, call centers, consulting General, financial services, insurance, energy, oil and gas, engineering and construction, are the sectors where SEM companies established in the country operate.
