Suspension of employment contracts due to COVID-19 As of March 21, 2020, Executive Decree No. 81 of March 20, 2020 came into force and effect in Panama, which, in relation to employer-employee relations, it establishes, in summary, the following: 1. For the application of Numeral 8 of Article 199 of the Labor Code, the declaration […]
Business shut-down due to COVID-19 and exceptions As a preventive measure of COVID-19, through Executive Decree No. 500 of March 19, 2020, the closing of commercial establishments and natural or legal person companies was ordered for 30 days from 11:59 p.m. March 20, 2020 in Panama, except those dedicated to the following activities: 1. The […]
Sanitary measures imposed in Panama due to COVID-19 As of March 16, 2020, Executive Decree 78 of March 16, 2020 came into force and effect in Panama, which, in relation to employer-employee relations, it establishes, in summary, the following: 1. Workers who are 60 years of age or older, as well as those who have […]
New Data Protection Law in Panama A Data Protection Law was enacted in Panama by means of Law No. 81 of March 26, 2019, establishing the conditions for the use, protection and transference of personal data and the creation of a Personal Data Protection Council. Regarding the use of any personal data, the Law establishes […]
Treatment of Olfactory Trademarks in Panama Trademark owners seek to protect elements of their products or services in different ways and an innovative way of doing so is by registering ‘aromas’ that identify them in the desired way. A trademark is understood as any sign or word or combination of these elements or any other […]
Tax evasion is now considered a criminal offense in Panama On March 2, 2019, Law 70 of January 31, 2019 that adds articles to the Criminal Code by means of which tax evasion is described or typified as a crime in Panama, enters into force or effect. Chapter XII is added to Title VII of […]
There is a new SEM Law in Panama On January 1, 2019, Law No. 57 of October 24, 2018, reformed the Special Regime for the Establishment and Operation of Multinational Company Headquarters (SEM) in Panama, by which, in essence, additional technical, financial and/or administrative services are added or expanded in the law, new parameters are […]
Factoring Contracts in Panama Factoring contracts, whereby one party assigns its invoices, credits or receivables to a third party or factor in consideration of legal currency, are a common source of short-term financing in Panama. The activity of offering factoring services in Panama is not regulated and can be carried out by private companies that comply […]
The sale of a business or business unit in Panama The sale or transfer of a business establishment in Panama will not affect third parties unless made public via a 3-day notice publicized in a newspaper of the place where the business is located. The buyer of a business establishment should pay the purchase price no […]
Setting-up a business in Panama Having expert and timely advice during the start-up stage of your business is essential for its success. This is especially true when the business is to be located in a foreign country where the laws and business practices and customs are different. Corporations and other Business Entities Even though our laws provide […]
