Arosemena Noriega & Contreras

Author: anorcodigitalweb

  • Towards a Green Economy: Challenges and Transitions in the Post Pandemic in Panama

    Towards a Green Economy: Challenges and Transitions in the Post Pandemic in Panama

    Conferences: “Towards a Green Economy: Challenges and Transitions in a Post-Pandemic Panama”

    On October 26, Mr. Mario Rognoni, an associate of our firm, participated in the business forum organized by the British Chamber of Commerce entitled: “Towards a Green Economy: Challenges and Transitions in the Post-Pandemic in Panama”.


    At said forum a discussion was held on the challenges and transitions that would affect Panama in the post pandemic period; the path towards a green economy; and the contribution of foreign direct investment in Panama, particularly by British companies.

     

    Mario Rognoni

  • Almuerzos Ejecutivos | Octubre 2022

    Almuerzos Ejecutivos | Octubre 2022

    Almuerzos Ejecutivos | Octubre 2022

    El pasado 20 de octubre de 2022, recibimos como expositor al Lic. Francisco Bustamante Peña, Licenciado en Economía de la Universidad de Panamá y antiguo Subdirector de la Caja del Seguro Social, quien nos habló sobre “Seguridad Social: Antecedentes, historia y situación actual en Panamá. Perspectivas “.

     

    El desarrollo del tema fue liderado por el Lic. Bustamante, en el que comenzó explicando la situación actual de la CSS, mostrando los estados de resultados y estableciendo de manera clara, adonde está el problema. Continuó estableciendo una serie de propuestas que solucionarían los problemas de liquidez a largo plazo.

    Ruben Elias Rodriguez, Francisco Bustamante, Lineth de Gil, Marqués de Torre Casa – Dr. Alejandro Alfonso Larrain, Julio César contreras III

    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.

  • New amendments on British Virgin Islands (BVI) Corporations

    New amendments on British Virgin Islands (BVI) Corporations

    August 2022: New amendments for the British Virgin Islands (BVI) Corporations

    In August 2022, the authorities of the British Virgin Islands (BVI) published the new amendments made to the Business Companies Act (BCA) and its regulations. These amendments enter into force as of January 1, 2023.

     

    The amendments that update various parts of the BCA, reflect BVI’s commitment to international standards and best practices regarding transparency and the anti-money laundering struggle.

     

    The salient aspects of the amendments to the BCA, are the following:

     

    1. List of names of directors

    The register of directors will remain private, but will be available to users registered in the BVI VIRGIN online system upon payment of a fee for the investigation process and will be carried out by company name and only the names of the currently registered directors can be obtained.

     

    2. Voluntary Liquidators

    Any person appointed as a voluntary liquidator of a company must be a resident of BVI and must have at least 2 years of liquidation experience and an appropriate professional qualification or hold an insolvency practitioner license issued by the BVI Financial Services Commission.

     

    3. Bearer shares

    Companies incorporated in BVI will no longer be able to issue bearer shares and as of July 1, 2023 any company that holds bearer shares will be automatically converted into registered shares.

     

    4. New Procedure for the Restoration of Dissolved Companies

    The amendments introduce a new, simpler procedure for companies to apply for re-incorporation to the BVI Registry when they have been dissolved, in addition to the existing court procedure. Companies may submit an application to the Registry within 5 years following their dissolution.

     

    5. Strike Off Companies

    All those companies that are in strike off status due to non-payment of the annual license and their respective surcharges will be dissolved by the BVI Registry after 90 days. The company may be restored to the BVI Registry up to within a period of 5 years after having been dissolved.

     

    6. New annual financial statements

    All companies must present certain financial information to their registered agent through an annual declaration up to nine months after the closing of the fiscal period. To date, the details of the declaration format have not yet been confirmed. The registered agent is required to maintain said declaration and must notify the BVI Registry of those companies that have not complied with the declaration as sanctions will be applied for non-compliance. This statement will not be made public.

     

    7. New register of persons with significant control

    The registered agent must maintain a Register of Persons with Significant Control, that is, a register of the beneficial owner of the company. It is expected that in the future this registry will become an international standard.

     

    Arielka Zamora

  • Lifting sanitary measures

    Lifting sanitary measures

    Lifting of the sanitary measures regarding mandatory use of masks, physical distancing, capacity, and entry to Panama due to COVID

    On July 11, 2022, the sanitary measure of mandatory use of masks in open and closed spaces was eliminated throughout the territory of the Republic of Panama, with the exception of: public and private health facilities, persons engaged in the handling and sale of food; and public transport of passengers, collective and selective.


    Likewise, as of July 13, 2022, the use of masks is not mandatory in aircraft and international air and maritime transport vessels transiting or disembarking at airports or ports in the Republic of Panama. However, the mandatory use of the mask in aircraft transiting between airports within the Republic of Panama is maintained.


    Finally, on September 14, 2022, the Ministry of Health ordered the lifting of the following sanitary measures: physical distancing, restriction of capacity throughout the national territory and restriction due to Covid for the entry of travelers to Panama.

     

    By: Mario Rognoni

  • Peculiarities of Conflicts Generated from Civil Works Construction Contracts

    Peculiarities of Conflicts Generated from Civil Works Construction Contracts

    Peculiarities of Conflicts Generated from Civil Works Construction Contracts

    Through a Civil Works Construction Contract, a construction company undertakes to execute a project for the benefit of another called owner, who in turn is obligated to pay a certain price.

     

    In some cases, controversies and conflicts arise from said contract, which can be resolved through alternative methods of conflict resolution such as arbitration, conciliation, or mediation, provided that the parties have agreed to it in their respective contracts.


    In any every case, the following conditions must always be complied with: (i) the contractual and legal basis of the claim must be identified; (ii) the claim must be recorded; (iii) there must be technical support accompanied by documentary and expert evidence; and (iv) the corresponding actions must be carried out to notify the other counter-party of the claim.

     

    By: Ana Cristina Alzamora

  • Personal Data Protection

    Personal Data Protection

    Personal Data Protection

     

    Our Political Constitution, aligned with international patterns, served as the basis for the enactment of Law 81 of March 26, 2019, regulated by Executive Decree 285 of May 28, 2021, which together constitute the general legal framework for the protection of Personal Data in Panama, setting the minimum standards that must be met to comply in the processing of Personal Data and establishing the applicable sanctions in case of non-compliance of the rules.

     

    By: Ana Cristina Alzamora

  • Medicinal use of Cannabis

    Medicinal use of Cannabis

    Medicinal use of Cannabis

     

    On September 1, 2022, Executive Decree No. 121 was issued, with the purpose of creating the regulatory framework that allows the supervised and controlled use and access of cannabis and its derivatives, for therapeutic, medical, veterinary, scientific, and research purposes throughout the Republic of Panama, and at the same time prohibits the sale of medicinal cannabis door to door or by internet.

     

    Any product derived from cannabis for the purposes at hand will be subject to a system of surveillance and supervision by the Ministry of Health, which is the competent authority to establish the requirements, receive applications for acquisition licenses, store, transport, dispense and/or market, consume and export cannabis and its derivatives for medicinal purposes.

     

    By the same token, on September 1, 2022, Executive Decree No. 85 was issued, creating the National Directorate for the Monitoring of Activities Related to Medicinal Cannabis.

     

    By: Arielka Zamora

  • New Laws on International Tax Fiscal Transparency

    New Laws on International Tax Fiscal Transparency

    New Laws on International Tax Fiscal Transparency

     

    In order to comply with the Foreign Account Tax Compliance Act (FATCA) and facilitate the exchange of tax information, Panama enacted the following laws:

     

    1. Law 47 of October 24, 2016, which ratifies the Agreement between the Government of the Republic of Panama and the Government of the United States of America, to comply with international tax standards and to execute FATCA. The Ministry of Economy and Finance is empowered to carry out the exchange of information corresponding to the year 2014 and all subsequent years.
    2. Law 51 of October 27, 2016, which establishes the legal framework for the Exchange of tax information and other rules are enacted. The Ministry of Economy and Finance is empowered to request and carry out in situ inspections in private entities and financial institutions with the purpose of gathering all necessary information to comply with the exchange of tax information with foreign authorities, FATCA, and tax treaties.

     

    By: Ana Cristina Alzamora

  • Migratory Regulations: Venezuela

    Migratory Regulations: Venezuela

    New migratory regulations for non resident Venezuelans

     

    NON-RESIDENT VENEZUELANS WHO ENTER PANAMA MUST APPLY FOR A STAMPED VISA AT THE PANAMANIAN CONSULATE

     

    By means of Executive Decree No.77, the Decree that created the Office of Humanitarian Affairs for Venezuelan residents, to attend to requests for family reunification for humanitarian and family union reasons, is repealed.

     

    Once the family reunification visa has been eliminated, all foreign NON-RESIDENT Venezuelan nationals who want to enter the Republic of Panama must apply for a Stamped Visa at the Consular Office of Panama in the country in which they are located or through an attorney within the territory of Panama.

     

    An exception applies to those foreign Venezuelan nationals who have a multiple visa and previously used in the granting State and its validity is not less than 6 months at the time of entering the territory of Panama or, valid residence, duly issued from the following countries: Canada, United States of America, Commonwealth of Australia, Rep. of Korea, State of Japan, United Kingdom of Great Britain and Northern Ireland, Rep. of Singapore and any of the States that. make up the European Union.

     

    By: Chantall Santos

  • Interesting facts about the Panama Canal

    Interesting facts about the Panama Canal

    Some interesting facts about the Panama Canal

    This August 15th, the Panama Canal reaches 108 years of operation, which is why we take the opportunity to share some curious facts about this wonder of world trade:

     

    • The cost of the Panama Canal toll depends on the weight of the vessel and the number of passengers.
    • The cheapest toll was paid in 1928 by Mr. Richard Halliburton who swam through the Panama Canal. This man paid 36 cents of a dollar, equivalent to his 63 kilos of weight. The transit took him 14 days and he swam the 49 miles (80 kilometers) of the Panama Canal.
    • On average a ship takes between 8 and 10 hours to cross the Panama Canal.
    • The Panama Canal works as a stair in which its locks (Gatún in the Atlantic and Pedro Miguel and Miraflores in the Pacific) are emptied and filled, thus allowing ships to pass through the isthmus.
    • The first ship that crossed the Panama Canal was the American ship Ancón on August 15, 1914. Curiously, August 15 is the anniversary date of Old Panama (Panamá La Vieja) an archaeological site where the city of Panama was located. since its foundation in 1519.
    • The Panama Canal has closed twice during its entire operation: (i) In 1915 due to a landslide on September 18. The landslide was of such magnitude that 10 million cubic yards of land were required to be dredged over 9 months and (ii) In 1989 during the US invasion of Panama.
    • Gatun Lake is a large artificial lake and is a key element of the Panama Canal because it supplies its operations and helps the transit of ships through the locks. It was created between 1903 and 1913 and in those years, it was the largest artificial lake in the world.

     

    By: Maryluz Castillo G.

     

  • Single Tax Payer Registry Update (RUC)

    Single Tax Payer Registry Update (RUC)

    Single Tax Payer Registry Update (RUC)

    Pursuant to Resolution No. 201-4393 of June 21, 2022, the Directorate General of Income (DGI) establishes the Tax Obligation for all legal entities to update the Single Tax Payer Registry (RUC, in Spanish).

     

    Pursuant to Resolution No. 201-4984 of July 12, 2022, the DGI establishes the procedure for registration of legal entities in the RUC.

     

    • The procedure requires that the entity indicate one of the following categories of obligations:
    • Panamanian Source.
    • Foreign Source.
    • Exempt and Non-Taxable Source. Asset holding entity.
    • Identify the Resident Agent.
    • Identify the Certified Public Accountant as a related third party.

     

    Those entities that do not carry out the update,will not be able to file the corresponding forms to fulfill their tax obligations, which will result in penalties established by Law.

     

    For more information on these matters, please contact:  corporate@anorco.com.pa

  • National Lawyers Day in Panama

    National Lawyers Day in Panama

    National Lawyer’s Day in Panama

     

    Every year we celebrate Lawyer’s Day, a date that reminds us of the birth of Justo Arosemena, considered the Father of the Panamanian Nation, born on August 9th, 1817, and who was the promoter of the Federal State of Panama in the year of 1855.

     

    On this date, we want to highlight the importance of the Lawyers of our country and the role they play in defending and enforcing the constitution, laws, and regulations in force, always from the universal principles of justice, respect, equality, tolerance, and truth.

     

    Congratulations to the Panamanian jurists on their day.

  • Charla Almuerzo Septiembre 2017

    Charla Almuerzo Septiembre 2017

    Charla almuerzo | Septiembre 2017

     

    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.

     

    El pasado 28 de septiembre de 2017, recibimos como expositor al Dr. Francisco José Zambrano Borrero, Magister en Derecho con Mención en Derecho Privado de la Universidad de Chile y Doctorado en Derecho de la Universidad Santa María La Antigua, quien nos habló sobre su obra literaria “Hacia un Tribunal Constitucional”.

     

    El desarrollo del tema fue llevado de manera excepcional por el Dr. Zambrano quien resaltó la importancia y la necesidad de crear una nueva constitución para la república y a la vez, un Tribunal Constitucional que sea autónomo y que pueda aportar cambios significativos al actual sistema de justicia.

    Julio César contreras III, Francisco Zambrano, Rubén Elías Rodríguez, José Miguel Navarrete, Italo Antinori

  • Charla Almuerzo Diciembre 2017

    Charla Almuerzo Diciembre 2017

    Charla almuerzo | Diciembre 2017

     

    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.

     

    El pasado 30 de noviembre concluimos este ciclo de conferencias 2017 con la exposición del Dr. Italo Antinori, doctor en Derecho Constitucional quien junto a la Lic. Xenia Solís, magister en Derecho Procesal Penal nos brindaron un análisis sobre El Presupuesto del Canal de Panamá en la Constitución Política y El Génesis de la crisis de Cataluña.

     

    El desarrollo del temas fue llevado de manera excepcional por los expositores quienes analizaron a profundidad las ambigüedades de nuestra constitución y que a consecuencia, provocaron un gran debate sobre el examen, modificación y aprobación del Presupuesto del Canal de Panamá.

     

    De igual forma, los presentes pudieron conocer los principales factores que dieron como inicio la crisis que vive Cataluña en su búsqueda por la independencia.

    Julio César contreras III, Xenia Solís, Italo Antinori, José Miguel Navarrete