Arosemena Noriega & Contreras

Author: anorcodigitalweb

  • Corporate Formation Series: Bahamas

    Corporate Formation Series: Bahamas

    Corporate formation series: Bahamas

     

    Our efforts do not end in providing specialized administrative services. For your convenience, we have included the formation of companies in the more recognized jurisdictions such as: Panama, British Virgin Islands (BVI), Bahamas, Belize, Cayman Islands, and Nevis, among others.

     

    The Bahamas is one of the most developed financial centers, with more than 350 banks and management companies that are subsidiaries of many international firms. In addition to the formation of Panamanian corporations, we also advise on the establishment of private interest foundations pursuant to Panama law.

     

    Salient features:

     

    • Only requires a minimum of one shareholder and one director.
    • The opening of bank accounts does not entail a complex process.
    • There is full freedom of capital movement.
  • Economic Impact of the Panama Canal & Legal Analysis

    Economic Impact of the Panama Canal & Legal Analysis

    The Panama Canal: A Legal Analysis of Its Economic Impact on Global Trade

     

    The Panama Canal has been a catalyst for global trade and has impacted the global economy. In this article, we will analyze the economic impact of the Canal from a legal perspective and discuss how our law firm can assist in matters related to maritime transportation and international trade.

     

    Impact on Global Trade

     

    The Panama Canal facilitates the passage of approximately 5% of global trade, connecting the Pacific Ocean with the Atlantic and significantly reducing transportation times and costs. The Canal has influenced international trade by allowing countries to expand their markets and diversify their supply sources.

     

    From a legal standpoint, the Panama Canal is governed by a series of international laws and regulations that ensure equal access, safety, and environmental protection in the transit of vessels. Furthermore, the Canal has been a driver for the signing of trade treaties and cooperation agreements between countries.

     

    The Role of Our Law Firm

     

    Our law firm can advise and represent clients in matters related to international trade and navigation through the Panama Canal. We provide legal services in areas such as compliance with customs regulations, resolution of commercial disputes, drafting and reviewing maritime transportation contracts, and consultancy on foreign investments and trade agreements.

     

    Additionally, we are committed to sustainable development and environmental protection. Therefore, we also advise our clients on implementing sustainable business practices and complying with applicable environmental regulations when transiting the Panama Canal.

     

    The Panama Canal has been a key factor in the growth of global trade and the global economy. Our law firm takes pride in helping our clients navigate the legal complexities related to international trade and transit through this remarkable engineering achievement.

  • Panama Canal Conservation & Legal Framework

    Panama Canal Conservation & Legal Framework

    Safeguarding the Natural Wealth of the Panama Canal: The Legal Framework for Conservation

     

    The Panama Canal’s surroundings host astonishing biodiversity. In this article, we will examine the legal framework that protects the biodiversity and environment in the Canal’s vicinity and discuss the importance of environmental protection in the context of sustainable development.

     

    Legislation and Conservation Agencies

     

    Panama boasts solid legislation and dedicated agencies for environmental protection and biodiversity conservation. The General Environmental Law (Law 41 of 1998) establishes principles and standards for the protection, conservation, and restoration of the environment. Additionally, Panama’s Ministry of Environment is the government entity responsible for implementing and enforcing environmental policies and laws.

     

    Furthermore, there are protected areas in the Canal region, such as Soberanía National Park, which play a crucial role in conserving biodiversity and preserving the water resources that supply the Canal. These areas are regulated by specific laws and managed by the National Environmental Authority (ANAM) and the Panama Canal Authority (ACP).

     

    Corporate Responsibility and Sustainability

     

    The Panamanian legal framework also establishes responsibilities for businesses regarding environmental protection. Environmental legislation requires companies to comply with specific standards and conduct environmental impact assessments before undertaking development projects in sensitive areas.

     

    The ACP, for its part, has implemented sustainability policies in the management and operation of the Canal, including reforestation programs, water quality monitoring, and promotion of environmentally friendly practices in the maritime sector.

     

    Conserving the Panama Canal’s surroundings is essential for ensuring its sustainable operation and preserving its unique biodiversity. The Panamanian legal framework and cooperation between government agencies and the private sector play a pivotal role in protecting and promoting the environment in the region.

  • Corporate Formation Series: Belize

    Corporate Formation Series: Belize

    Corporate formation series: Belize

     

    Our efforts do not end in providing specialized administrative services. For your convenience, we have included the formation of companies in the more recognized jurisdictions such as: Panama, British Virgin Islands (BVI), Bahamas, Belize, Cayman Islands, and Nevis, among others.

     

    The laws of Belize are a guarantee for commercial confidentiality. Therefore an International Business Corporation (IBC) in Belize is the ideal corporate vehicle for international financial transactions.

     

    Salient Features

     

    • The formation process is easy and fast.
    • Flexibility in the language. The company can be formed in several languages together with an English translation.
    • An IBC can migrate within or outside the jurisdiction of Belize.
    • The meetings of the shareholders and directors can be held within or outside the jurisdiction of Belize.
  • Legal History of the Panama Canal

    Legal History of the Panama Canal

    Navigating the Legal History of the Panama Canal: From its Construction to Today

     

    The Panama Canal is an iconic engineering feat that impacts global trade and economy. In this article, we will explore the fascinating legal history of the Canal, from its beginnings to how it has influenced international relations and global commerce.

     

    Involvement of France and the United States

     

    Alexander, who was at the closing ceremony of the IDB Board of Governors held in Panama, added that the country generally grows more than the region.

     

    The idea of constructing a canal in Panama dates back to the 16th century. France’s involvement began in 1879 when Ferdinand de Lesseps obtained a concession from the Colombian government to build a sea-level canal in Panama. However, the French project failed.

     

    In the early 20th century, the United States showed interest in constructing a canal in Central America. Following the failure of the French project, the U.S. government negotiated the Herrán-Hay Treaty with Colombia. However, the Colombian Senate rejected the treaty in 1903.

     

    Shortly thereafter, with support from the United States, Panama declared independence from Colombia. Just 15 days later, Panama and the United States signed the Hay-Bunau-Varilla Treaty, granting the U.S. perpetual control of a 10-mile-wide zone across Panama. Construction of the Panama Canal began under U.S. control in 1904 and was inaugurated in 1914.

     

    Torrijos-Carter Treaty and Canal Handover

     

    The Hay-Bunau-Varilla Treaty was criticized in Panama for the lack of Panamanian representation and participation in its negotiation. By the mid-20th century, tensions between Panama and the United States led to the signing of the Torrijos-Carter Treaties in 1977, negotiated by Panamanian leader Omar Torrijos and U.S. President Jimmy Carter.

     

    These treaties stipulated the abolition of the United States’ perpetual control over the Canal Zone and the gradual handover of the Canal to Panama. On December 31, 1999, full control of the Canal was transferred to Panama. Since then, the Panama Canal Authority, an autonomous government entity, has been in charge of the administration, maintenance, and operation of the Canal.

  • Corporate Formation Series: British Virgin Islands (BVI)

    Corporate Formation Series: British Virgin Islands (BVI)

    Corporate formation series: British Virgin Islands

     

    Our efforts do not end in providing specialized administrative services. For your convenience, we have included the formation of companies in the more recognized jurisdictions such as Panama, British Virgin Islands (BVI), Bahamas, Belize, Cayman Islands, and Nevis, among others.

     

    BVI corporations are one of the most traditional in the international market, due to their administrative simplicity.

     

    Salient features:

     

    • Freedom to conduct business abroad.
    • Exempt from capital gains tax.
    • The meetings of the shareholders and directors can be held anywhere in the world.
    • Directors and officers may be individuals and/or legal entities.
    • Accounting records can be kept anywhere in the world.
  • Corporate Formation Series: Panama

    Corporate Formation Series: Panama

    Corporate formation series: Panama

     

    Our efforts do not end in providing specialized administrative services. For your convenience, we have included the formation of companies in the more recognized jurisdictions such as: Panama, British Virgin Islands (BVI), Bahamas, Belize, Cayman Islands, and Nevis, among others.

     

    Panama was the first country in the region to enact modern legislation that would allow the formation of “offshore” companies for purposes of asset protection and tax planning. The simplicity and flexibility provided by Law 32 of 1927, make Panamanian corporations the most common form of business entity used for both local and foreign investors.

     

    In addition to the formation of Panamanian corporations, we also advise on the establishment of private interest foundations pursuant to Panama law.

     

    Salient Features

     

    • Full tax exemption over income obtained from foreign sources and operations carried out outside of Panama.
    • There is full freedom of capital movement.
    • The Articles of Incorporation and capital can be prepared and expressed in any language and currency.
    • A minimum capital is not required nor must it be paid at the time of incorporation.
    • There are no restrictions on the number of shareholders.
    • Directors and officers may be individuals and/or legal entities.
    • Accounting records can be kept anywhere in the world.
  • Promoter of Free Zones in Panama

    Promoter of Free Zones in Panama

    Promoter of Free Zones in Panama

     

    Free Zones are part of a special simplified global regime for the establishment and operation of companies that contribute to the development of the country and the creation of jobs, framed in the global goods and services economy.

     

    The Free Zones in Panama are governed by Law 32 of 2011 and regulated by Executive Decree No. 62 of 2017, which establish a wide range of tax, royalty and tariff benefits; as well as special flexible immigration and labor regimes that encourage business activity.

     

    The licenses granted by the Ministry of Commerce and Industries (MICI) to operate in the to Free  Zones are:

     

        1. License as Promoter and/or Free Zone Operator

        2. Operation License as a company established in the Free Zone

  • Excecutive meeting 01.25.23 – Chamber of commerce

    Excecutive meeting 01.25.23 – Chamber of commerce

    Executive Meeting organized by the Industry and Agriculture Chamber of Commerce with the theme “Consumption Trends 2023”

     

    On January 25, 2023, Mr. Jean Carlos Morales Pascual, an attorney at our law firm, participated in the Executive Meeting organized by the Chamber of Commerce, Industries, and Agriculture of Panama where the topic “Consumption Trends 2023” was discussed. The central theme focused on the instability, insecurity, and skepticism of the local consumer as a result of the COVID-19 pandemic.

     

    Facing this reality, there exists, however, a growth in the sale of certain products such as those pharmaceutical products and in particular, flu remedies, analgesics, and generic drugs. On the other hand, there has also been an increase in animal feed and fabaceous or legume products.

     

    Due to the great consumer demand for these products, the forecast is for the appearance of new companies dedicated to their elaboration and/or distribution, which in turn will lead to an increase in legal services to meet this new demand.

  • Panama prepares for the Population and Housing Censuses 2023

    Panama prepares for the Population and Housing Censuses 2023

    Panama prepares for the Population and Housing Censuses 2023

     

    Panama has throughout it’s history held 11 population censuses, the first in 1911 and the last in 2000.  It has also held seven housing censuses from 1950 to 2000.

     

    In this regard, Panama is preparing for the XII National Population Census and VIII Housing Census.

     

    It will be a fully technological process lasting 56 days from January 8 until March 4, 2023, and will include:

     

    • 8,650 mobile capture devices
    • Around 7,000 enumerators collecting data and 2,000 supervisors

     

    The preliminary results will be available in July 2023 and final results in September of that year.

     

    According to the last census, held in 2010, Panama’s total population was 3,405,813 persons.

  • The Pfizer Bivalent Vaccine Arrives to Panama

    The Pfizer Bivalent Vaccine Arrives to Panama

    The Pfizer Bivalent Vaccine Arrives to Panama

    Last Tuesday, January 10, a batch of 75,600 doses of Pfizer’s Bivalent vaccine against COVID was received in Panama.

     

    These doses will be applied as of Friday, January 13, which is seeking to strengthen the vaccination program and mitigate the spread of COVID in the country.

     

    The Ministry of Health highlights that this vaccine protects against the variants of the COVID-19 virus, B.5, XBB, BQ1 and BQ.1.1 that currently circulate, making Panama one of the first countries in the region to receive this vaccine.

  • Panamanian Public Servants with Political Aspirations

    Panamanian Public Servants with Political Aspirations

    Panamanian Public Servants with Political Aspirations

    Any public servant with political aspirations for the general elections taking place in May 2024 must resign from their position as of January 15, 2023.

     

    In this regards, the article 33 of the Electoral Code establishes that no public servant can be eligible for a popular elected position who has served, at any time, six months prior to the election.

     

    Within those public servants who must comply with this requirement are ministers, vice ministers, general secretary and general director of governmental entities, governors, officials of the Judicial Branch to mention the most important.

  • Panama Canal- The Economic Game Changer of the 20th Century

    Panama Canal- The Economic Game Changer of the 20th Century

    Panama Canal – The Economic Game Changer of the 20th Century

     

    How did the construction of the Panama Canal impact Panama’s economy in the early 20th century?

    The construction of the Panama Canal was a monumental undertaking that began in 1904 and was completed in 1914. It had a profound and lasting impact on Panama’s economy. During the construction period, the influx of funds, job opportunities, and economic development associated with this colossal project ushered in a new era of prosperity for the nation.

     

    Panama became a hub of activity as people from around the world flocked to the region to work on the canal. This resulted in a significant boost to the country’s economy. The construction provided employment for thousands of Panamanians and immigrants, and the money flowing into the country stimulated local businesses.

     

    What is the ongoing economic significance of the Panama Canal?

    Even a century later, the Panama Canal remains a crucial economic artery, contributing significantly to Panama’s economy. It generates substantial revenue through tolls paid by ships passing through its locks. This revenue not only supports the maintenance and operation of the canal but also fuels economic growth in the surrounding areas.

     

    Moreover, the Panama Canal continues to stimulate trade, tourism, and investment in the region. Its strategic location allows ships to bypass the lengthy and treacherous journey around South America, making it an indispensable part of global trade routes. As a result, Panama has positioned itself as a key player in international commerce.

  • Electronic Documents and Signatures Regulations in Panama

    Electronic Documents and Signatures Regulations in Panama

    Electronic Documents and Signatures Regulations in Panama

     

    Law 51 of 2008, as amended by Law 82 of 2012 (the “Law”) establishes the regulatory framework for the creation, use and storage of electronic documents and the electronic certification of signatures in Panama.

     

    The Law also establishes the regulatory framework for certain commercial acts carried out through the Internet, mainly in relation to information concerning the execution of electronic contracts and the conditions relating to the validity and effectiveness of such contracts; the obligations and responsibilities of commercial service providers through the Internet, including those who act as intermediaries in the transmission of content through communication networks; including offers, promotions and contests; and the penalties applicable to commercial service providers through electronic means.

  • Law 337 of 2022

    Law 337 of 2022

    Law 337 of 2022

    The Government of Panama enacted Law 337 of 2022 (the “law”;), for the purpose of increasing the collection of taxes and duties.

     

    The most salient points of the Law are:

     

    • All corporations that, until December 31, 2023 are in arrears in the payment of franchise tax and that intend to dissolve the same before the Public Registry, are exempted from the payment of the franchise tax, except for the last period, as well as the waiver of the surcharges caused. The only payment that the corporation has to make is the last franchise tax and the marginal fine for reactivation. 
    • The amnesty period regarding the payment of the franchise tax is extended until December 31, 2022.
    • 100% of the total interest and surcharges of the franchise tax will be forgiven until December 31, 2022.
    • Up to 60% of the value of the marginal fines applicable to corporations will be exonerated until December 31, 2022.
  • Almuerzos Ejecutivos | Agosto 2022

    Almuerzos Ejecutivos | Agosto 2022

    Almuerzos Ejecutivos | Agosto 2022

    El pasado martes 4 de agosto de 2022, recibimos como expositor al Dr. Lucas Verzbolovski, presidente de AREDIS – Asociación de Representantes y Distribuidores de Productos Farmacéuticos, quien nos habló sobre su análisis de los “Medicamentos en Panamá, mitos y realidades”.

     

    El desarrollo del tema fue llevado de manera excepcional por el Lic. Verzbolovski quien demostró con hechos irrefutables la comparación de los diferentes sistemas de subsidio de medicamentos en el mundo, estableciendo las pautas sobre la posición de Panamá y los aspectos que se deben mejorar para que este aspecto crítico de la seguridad social del país pueda tener un futuro sostenible.

    Julio César contreras III, Dennis Rousseau – Agence France Press y la Sra. es Vielka de Henríquez, Lucas Verzbolovski, Vielka de Henríquez, Miguel Antonio Bernal

    AROSEMENA NORIEGA & CONTRERAS ha instituido un programa de charlas magistrales que se llevan a cabo periódicamente durante el año en nuestras oficinas. Estas charlas tienen como objetivo principal desarrollar y debatir temas de interés entre socios, abogados, personal administrativo de la firma e invitados conformados por importantes personalidades del ámbito jurídico, social y comercial de nuestro país.