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requirements."}},{"@type":"Question","name":"<strong>Is there a minimum investment requirement for companies?<\/strong>","acceptedAnswer":{"@type":"Answer","text":"Yes, but it is relatively inocuous. Expect to pay a few thousand USD to set up and then ongoing annual costs around the same, although this varies widely according to sector, company size and free trade zone."}},{"@type":"Question","name":"<strong>What are some of the benefits for companies operating in a free trade zone in Panama?<\/strong>","acceptedAnswer":{"@type":"Answer","text":"It depends on which trade zone you are in.<br\/><br\/>In the City of Knowledge:<br\/><br\/>The import of products such as equipment, furniture or machines that are important for the development of the companies that are located in the City of Knowledge will be exempt from all taxes, contributions, and fees.<br\/>The purchase or sales of machines, equipment, furniture and services that are necessary to the development of the company inside of these special economic zones in Panama will also be exempt from Valued Added Tax, in Panama called (ITBMS).<br\/>The production, processes of high-tech goods, assembly or similar services provided by companies located in the City of Knowledge in Panama will benefit from the following incentives:<br\/>All the operations, transactions, and procedures will be completed free of National taxes, contributions and fees.<br\/>The capital of the company will also be exempt from direct national tax, including patent, trademark or any kind of license taxes.<br\/><br\/>In Panama Pacifico:<br\/><br\/>Income tax declarations (5%)<br\/>Exemption on Dividend tax<br\/>Exemption on the Valued Added tax (called ITBMS in Panama)<br\/>Reduced withholding tax of 2%<br\/>Integrated Procedures System: inside Panama Pacifico, companies can access the necessary public institutions to apply for licenses or permits.<br\/>Single Record: Panama Pacifico facilitates the procedure of establishing the company in Panama Pacifico by allowing business owners to undertake all the necessary processes with one single entity located inside the special economic zone.<br\/>Education centers: inside this special economic zone, companies will also have at your disposal schools if needed.<br\/>Private institutions such as banks, pharmacies, restaurants, gyms, among others.<br\/>Fixed rates for overtime (maximum 25%) and for work done on holidays<br\/>The weekly rest days are negotiable between the employer and the employees. According to the Panamanian Labor code, the rest days are on Sunday.<br\/>Companies can be open for business, even in National Holidays.<br\/>A 15% foreign labor force is allowed (only 10% is permitted outside of the zone according to the Panamanian Labor code).<br\/>All work permits and residence visas can be obtained at Panama Pacifico authority facilities.<br\/>All types of residence visas obtained in Panama Pacifico can be extended for the direct family members (Sons or Parents).<br\/>Foreign staff hired as specialists have the right to import 100% duty-free, for a single time, all types of articles for personal or domestic use, up to the sum of USD100,000<br\/>Investment stability law: this benefit will allow your company to maintain the benefits obtained for 10 years, even if the law that granted the benefits change.<br\/><br\/>The Colon free zone:<br\/><br\/>Tax exemption on imports, re-exports and manufacturing of goods<br\/>Tax exemption on re-export incomes<br\/>Tax exemption on invoicing<br\/>Tax exemption on other national or provincial taxes<br\/>Low cost on the rent of land, building or any required spaces<br\/>Migratory facilities for foreign executives<br\/>Digitalized security system<br\/>A large financial network of national and international banks<br\/>Sales through e-commerce."}},{"@type":"Question","name":"Are there any restrictions on companies that can operate in a Free Trade Zone?","acceptedAnswer":{"@type":"Answer","text":"Very few, although you will find that not every type of company can operate in every free trade zone. This is why it is so important to choose the correct zone for you."}},{"@type":"Question","name":"Can companies offering services operate in a Free Trade Zone?","acceptedAnswer":{"@type":"Answer","text":"Yes, absolutely. It does depend on the zone though. Panama Pacifico is generally best for this, with the City of Knowledge also standing out if you are investing in tech-based services."}}]},{"@context":"https:\/\/schema.org\/","@graph":[{"@type":"Organization","@id":"https:\/\/www.bizlatinhub.com#Organization","name":"Biz Latin Hub","url":"https:\/\/www.bizlatinhub.com\/","sameAs":["https:\/\/www.facebook.com\/BizLatinHub\/","https:\/\/www.linkedin.com\/company\/biz-latin-hub-group","https:\/\/twitter.com\/bizlatinhub","https:\/\/www.youtube.com\/channel\/UCPIaRokLsOuPAO2guhCMagQ"],"logo":{"@type":"ImageObject","url":"https:\/\/storage.googleapis.com\/stateless-main-bizlatinhub\/2020\/01\/4b0583e6-blh-logo-publisher.png","width":"160","height":"50"}},{"@type":"WebSite","@id":"https:\/\/www.bizlatinhub.com#website","headline":"Biz Latin Hub","name":"Biz Latin Hub","description":"Your Business Partner in Latin 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Calculator","url":"https:\/\/www.bizlatinhub.com\/hiring-employees-international-peo\/#calculator"}]],"isPartOf":{"@id":"https:\/\/www.bizlatinhub.com#website"}},{"@type":"Article","@id":"https:\/\/www.bizlatinhub.com\/business-incentives-special-economic-zones-panama\/#Article","url":"https:\/\/www.bizlatinhub.com\/business-incentives-special-economic-zones-panama\/","inLanguage":"en-US","mainEntityOfPage":"https:\/\/www.bizlatinhub.com\/business-incentives-special-economic-zones-panama\/#webpage","headline":"Business Incentives in the Special Economic Zones of Panama","description":"Find out how special economic zones in Panama can support your expanding business in Central America and your import and export activity in the region.","articleBody":"Find out how the special economic zones of Panama can support your expanding business in Central America. There are many special economic zones of Panama It has one of the strongest and stable economies of Central America and the special economic zones of Panama are absolutely central to this. This consistent growth supports increasing business confidence in establishing a company in Panama. If your business is related to import and export goods, it is the country you\u2019re looking for to start expanding. The special economic zones of Panama offer wide-ranging benefits to companies operating within them. However, in recent years the country has opened new zones that focus more on service provision alongside the classic import\/export model. Choosing the right special economic zone in Panama for your business needs depends on the location where you want to trade goods from, and\/or your principal business activity. Biz Latin Hub can help you do just that. We make sure you stay fully compliant and allow you to focus on what you do best: running your business. How do special economic zones in Panama benefit business? The special economic zones in Panama offer benefits related to immigration, labor and fiscal incentives to encourage foreign investment into the country. Depending on your commercial focus, each special economic zone offers a different set of incentives to suit different business models.  The most important special economic zones in Panama are the following: Colon Free Zone Panama Pacifico City of Knowledge. Establishing your company in the Colon Free Zone in Panama The Colon Free Zone in Panama was the first special economic zone established in the country, in 1984. This special economic zone is divided into 9 different sectors covering 1,064 hectares and housing more than 1,800 local and foreign companies. The principal purpose of the Colon Free Zone in Panama is to attract foreign businesses by offering tax exemptions to companies that import goods and reexport them outside of the country. What are the available incentives for businesses in the Colon Free Zone? Tax exemption on imports, re-exports and manufacturing of goods Tax exemption on re-export incomes Tax exemption on invoicing Tax exemption on other national or provincial taxes Low cost on the rent of land, building or any required spaces Migratory facilities for foreign executives Digitalized security system A large financial network of national and international banks Sales through e-commerce. Incorporate your company in Panama Pacifico Panama Pacifico is the latest in the special economic zones of Panama The Panama Pacifico special economic zone is the newest of its kind in the country. In this zone, businesses can access major technological advances while conducting commercial activities. Establishing your company in Panama Pacifico will grant your company similar benefits to the Colon Free Zone, but you would instead be located near the Pacific Ocean. This special economic zone incentivizes the development of different business sectors such as logistics, sea and air transportation, high-technology and innovation, call centers and shared services. The Panama Pacifico special economic zone allows the entrance of any kind of business. This means that even if your company is not a beneficiary of local exemptions, you can offer your services to all the companies already allocated within the special economic zones. Which commercial activities receive tax exemptions in the Panama Pacifico special economic zone? Direction, administration and\/or operations support Strategic planning services Business development Management and\/or training of personnel Operations and\/or logistics control Technical assistance Technical, logistical market support Management or administration, financial, treasury and accounting Import and export activities Tax incentives in the Panama Pacifico special economic zone Income tax declarations (5%) Exempt Dividend tax Exempt the Valued Added tax (called ITBMS in Panama) Reduce withholding tax of 2% Other incentives in the Panama Pacifico special economic zone Integrated Procedures System: inside Panama Pacifico, companies can access the necessary public institutions to apply for licenses or permits. Single Record: Panama Pacifico facilitates the procedure of establishing the company in Panama Pacifico by allowing business owners to undertake all the necessary processes with one single entity located inside the special economic zone. Education centers: inside this special economic zone, companies will also have at your disposal schools if needed. Private institutions such as banks, pharmacies, restaurants, gyms, among others. Fixed rates for overtime (maximum 25%) and for work done on holidays The weekly rest days are negotiable between the employer and the employees. According to the Panamanian Labor code, the rest days are on Sunday. Companies can be open for business, even in National Holidays. A 15% foreign labor force is allowed (only 10% is permitted outside of the zone according to the Panamanian Labor code). All work permits and residence visas can be obtained at Panama Pacifico authority facilities. All types of residence visas obtained in Panama Pacifico can be extended for the direct family members (Sons or Parents). Foreign staff hired as specialists have the right to import 100% duty-free, for a single time, all types of articles for personal or domestic use, up to the sum of USD100,000 Investment stability law: this benefit will allow your company to maintain the benefits obtained for 10 years, even if the law that granted the benefits change. Is the City of Knowledge the special economic zone for you? The City of Knowledge is another of the 3 more important special economic zones in Panama. This special economic zone encourages the development of new technologies, granting labor, immigration and tax benefits to companies that establish themselves to create or develop any kind of technologies that promote the development of Panama. The City of Knowledge as a main special economic zone in Panama focuses on boosting the innovative and competitive capacities of the users that are in the compound. Which benefits are offered by the City of Knowledge? Taxes The import of products such as equipment, furniture or machines that are important for the development of the companies that are located in the City of Knowledge will be exempt from all taxes, contributions, and fees. The purchase or sales of machines, equipment, furniture and services that are necessary to the development of the company inside of these special economic zones in Panama will also be exempt from Valued Added Tax, in Panama called (ITBMS). The production, processes of high-tech goods, assembly or similar services provided by companies located in the City of Knowledge in Panama will benefit from the following incentives: All the operations, transactions, and procedures will be completed free of National taxes, contributions and fees. The capital of the company will also be exempt from direct national tax, including patent, trademark or any kind of license taxes. Migratory The State will grant special visas to foreign personnel who enter the country to contribute to the development of the City of Knowledge project. Labor The companies affiliated with this special economic zone can hire the foreign personnel needed to carry out their tasks. Investment is key to the special economic zones of Panama FAQs on Free Trade Zones in Panama Can a foreign company operate in Panama? Yes, foreign companies can operate a company in a Free Trade Zone in Panama by following the designated registration procedure and fulfilling regulatory requirements. Is there a minimum investment requirement for companies? Yes, but it is relatively inocuous. Expect to pay a few thousand USD to set up and then ongoing annual costs around the same, although this varies widely according to sector, company size and free trade zone. What are some of the benefits for companies operating in a free trade zone in Panama? It depends on which trade zone you are in.In the City of Knowledge:The import of products such as equipment, furniture or machines that are important for the development of the companies that are located in the City of Knowledge will be exempt from all taxes, contributions, and fees.The purchase or sales of machines, equipment, furniture and services that are necessary to the development of the company inside of these special economic zones in Panama will also be exempt from Valued Added Tax, in Panama called (ITBMS).The production, processes of high-tech goods, assembly or similar services provided by companies located in the City of Knowledge in Panama will benefit from the following incentives:All the operations, transactions, and procedures will be completed free of National taxes, contributions and fees.The capital of the company will also be exempt from direct national tax, including patent, trademark or any kind of license taxes.In Panama Pacifico:Income tax declarations (5%)Exemption on Dividend taxExemption on the Valued Added tax (called ITBMS in Panama)Reduced withholding tax of 2%Integrated Procedures System: inside Panama Pacifico, companies can access the necessary public institutions to apply for licenses or permits.Single Record: Panama Pacifico facilitates the procedure of establishing the company in Panama Pacifico by allowing business owners to undertake all the necessary processes with one single entity located inside the special economic zone.Education centers: inside this special economic zone, companies will also have at your disposal schools if needed.Private institutions such as banks, pharmacies, restaurants, gyms, among others.Fixed rates for overtime (maximum 25%) and for work done on holidaysThe weekly rest days are negotiable between the employer and the employees. According to the Panamanian Labor code, the rest days are on Sunday.Companies can be open for business, even in National Holidays.A 15% foreign labor force is allowed (only 10% is permitted outside of the zone according to the Panamanian Labor code).All work permits and residence visas can be obtained at Panama Pacifico authority facilities.All types of residence visas obtained in Panama Pacifico can be extended for the direct family members (Sons or Parents).Foreign staff hired as specialists have the right to import 100% duty-free, for a single time, all types of articles for personal or domestic use, up to the sum of USD100,000Investment stability law: this benefit will allow your company to maintain the benefits obtained for 10 years, even if the law that granted the benefits change.The Colon free zone:Tax exemption on imports, re-exports and manufacturing of goodsTax exemption on re-export incomesTax exemption on invoicingTax exemption on other national or provincial taxesLow cost on the rent of land, building or any required spacesMigratory facilities for foreign executivesDigitalized security systemA large financial network of national and international banksSales through e-commerce. Are there any restrictions on companies that can operate in a Free Trade Zone? Very few, although you will find that not every type of company can operate in every free trade zone. This is why it is so important to choose the correct zone for you. Can companies offering services operate in a Free Trade Zone? Yes, absolutely. It does depend on the zone though. Panama Pacifico is generally best for this, with the City of Knowledge also standing out if you are investing in tech-based services. Biz Latin Hub can help you enter the special economic zones of Panama There are many benefits to establishing your company in Panama. To be able to take advantage of the special economic zones in Panama, you\u2019ll need to seek advice from experienced local experts. At Biz Latin Hub, we can assess your needs and determine which special economic zone in Panama may be the best fit for your business, allowing you to expand safely and in full compliance with local regulations. Given the favorable conditions in the country and the region as well as the economic growth, Biz Latin Hub through its company a Panamanian company Business Services offers the experience and support necessary for investors to have a successful market entry in Panama. Feel free to contact us now. Key services offered by Biz Latin Hub can help you enter the special economic zones of Panama","keywords":"colon free zone, Commerce, Free trade zone, national development, special economic zone, Technology, trade, ","datePublished":"2020-03-17T10:59:17-05:00","dateModified":"2024-10-24T11:29:40-05:00","author":{"@type":"Person","name":"Legal Team Panama","description":"Legal Team Panama is the Biz Latin Hub leading experts on doing business in Panama The Team writes on the news, doing business, law, and changing regulations. The team are experts in corporate law, Administrative law, Employment law, Immigration law and legal advisory services. Read more about them here. 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src="https://www.bizlatinhub.com/wp-content/uploads/2024/10/660f6e5b-doing-business-in-panama_blh-768x576.png" class="attachment-medium_large size-medium_large no-lazy" alt="A cityscape view of high-rise buildings along a coastline with a superimposed blue silhouette map of Panama. The text reads "Doing Business in Panama" along with Biz Latin Hub's logo and contact information at the bottom right." decoding="async" srcset="https://www.bizlatinhub.com/wp-content/uploads/2024/10/660f6e5b-doing-business-in-panama_blh-768x576.png 768w, https://www.bizlatinhub.com/wp-content/uploads/2024/10/660f6e5b-doing-business-in-panama_blh-300x225.png 300w, https://www.bizlatinhub.com/wp-content/uploads/2024/10/660f6e5b-doing-business-in-panama_blh-1024x768.png 1024w, https://www.bizlatinhub.com/wp-content/uploads/2024/10/660f6e5b-doing-business-in-panama_blh.png 1200w" sizes="(max-width: 768px) 100vw, 768px" fetchpriority="high"></div> </figure> <header class="entry-header ct-container"> <h1 class="page-title" title="Business Incentives in the Special Economic Zones of Panama">Business Incentives in the Special Economic Zones of Panama</h1><ul class="entry-meta" data-type="label:slash" ><li class="meta-date" ><span>First published On</span><time class="ct-meta-element-date" datetime="2020-03-17T10:59:17-05:00">March 17, 2020</time></li></ul><ul class="entry-meta" data-type="label:slash" data-id="second" ><li class="meta-updated-date" ><span>Last Updated On</span><time class="ct-meta-element-date" datetime="2024-10-24T11:29:40-05:00">October 24, 2024</time></li></ul> </header> </div> <div class="ct-container-full" data-content="narrow" data-vertical-spacing="top:bottom"> <article id="post-189583" class="post-189583 post type-post status-publish format-standard has-post-thumbnail hentry category-central-america category-latam category-panama tag-colon-free-zone tag-commerce tag-free-trade-zone tag-national-development tag-special-economic-zone tag-technology tag-trade"> <div class="entry-content is-layout-flow"> <p>Find out how the special economic zones of Panama can support your expanding business in Central America.</p> <figure class="wp-block-image alignright size-large is-resized"><img decoding="async" width="2303" height="2064" src="https://www.bizlatinhub.com/wp-content/uploads/2022/02/124616dd-financial-regulatory-compliance-in-panama-map-of-panama-and-its-key-cities.png" alt="Panama and its main cities. Doing business in Panama." class="wp-image-250606" style="width:450px;height:auto" srcset="https://www.bizlatinhub.com/wp-content/uploads/2022/02/124616dd-financial-regulatory-compliance-in-panama-map-of-panama-and-its-key-cities.png 2303w, https://www.bizlatinhub.com/wp-content/uploads/2022/02/124616dd-financial-regulatory-compliance-in-panama-map-of-panama-and-its-key-cities-300x269.png 300w, https://www.bizlatinhub.com/wp-content/uploads/2022/02/124616dd-financial-regulatory-compliance-in-panama-map-of-panama-and-its-key-cities-1024x918.png 1024w, https://www.bizlatinhub.com/wp-content/uploads/2022/02/124616dd-financial-regulatory-compliance-in-panama-map-of-panama-and-its-key-cities-768x688.png 768w, https://www.bizlatinhub.com/wp-content/uploads/2022/02/124616dd-financial-regulatory-compliance-in-panama-map-of-panama-and-its-key-cities-1536x1377.png 1536w, https://www.bizlatinhub.com/wp-content/uploads/2022/02/124616dd-financial-regulatory-compliance-in-panama-map-of-panama-and-its-key-cities-2048x1835.png 2048w" sizes="(max-width: 2303px) 100vw, 2303px" /><figcaption class="wp-element-caption"><em>There are many special economic zones of Panama</em></figcaption></figure> <p>It has one of the strongest and stable economies of Central America and the special economic zones of Panama are absolutely central to this. This consistent growth supports increasing business confidence in establishing a company in Panama.</p> <p>If your business is related to import and export goods, it is the country you’re looking for to start expanding. The special economic zones of Panama offer wide-ranging benefits to companies operating within them.</p> <p>However, in recent years the country has opened new zones that focus more on service provision alongside the classic import/export model.</p> <p>Choosing the right special economic zone in Panama for your business needs depends on the location where you want to trade goods from, and/or your principal business activity. Biz Latin Hub can help you do just that. We make sure you stay fully compliant and allow you to focus on what you do best: running your business.</p> <div id="ez-toc-container" class="ez-toc-v2_0_69_1 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction"> <p class="ez-toc-title" style="cursor:inherit">Table of Contents</p> <label for="ez-toc-cssicon-toggle-item-6748e37f83bfe" class="ez-toc-cssicon-toggle-label"><span class="ez-toc-cssicon"><span class="eztoc-hide" style="display:none;">Toggle</span><span class="ez-toc-icon-toggle-span"><svg style="fill: #000000;color:#000000" xmlns="http://www.w3.org/2000/svg" class="list-377408" width="20px" height="20px" viewBox="0 0 24 24" fill="none"><path d="M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z" fill="currentColor"></path></svg><svg style="fill: #000000;color:#000000" class="arrow-unsorted-368013" xmlns="http://www.w3.org/2000/svg" width="10px" height="10px" viewBox="0 0 24 24" version="1.2" baseProfile="tiny"><path d="M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z"/></svg></span></span></label><input type="checkbox" id="ez-toc-cssicon-toggle-item-6748e37f83bfe" aria-label="Toggle" /><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-1" href="#how-do-special-economic-zones-in-panama-benefit-business" title="How do special economic zones in Panama benefit business?">How do special economic zones in Panama benefit business?</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-2" href="#establishing-your-company-in-the-colon-free-zone-in-panama" title="Establishing your company in the Colon Free Zone in Panama">Establishing your company in the Colon Free Zone in Panama</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-3" href="#incorporate-your-company-in-panama-pacifico" title="Incorporate your company in Panama Pacifico">Incorporate your company in Panama Pacifico</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-4" href="#is-the-city-of-knowledge-the-special-economic-zone-for-you" title="Is the City of Knowledge the special economic zone for you?">Is the City of Knowledge the special economic zone for you?</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-5" href="#faqs-on-free-trade-zones-in-panama" title="FAQs on Free Trade Zones in Panama">FAQs on Free Trade Zones in Panama</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-6" href="#biz-latin-hub-can-help-you-enter-the-special-economic-zones-of-panama" title="Biz Latin Hub can help you enter the special economic zones of Panama">Biz Latin Hub can help you enter the special economic zones of Panama</a></li></ul></nav></div> <h2 class="wp-block-heading" id="h-how-do-special-economic-zones-in-panama-benefit-business"><span class="ez-toc-section" id="how-do-special-economic-zones-in-panama-benefit-business"></span><strong>How do special economic zones in Panama benefit business?</strong><span class="ez-toc-section-end"></span></h2> <p>The special economic zones in Panama offer benefits related to immigration, labor and fiscal incentives to encourage foreign investment into the country. Depending on your commercial focus, each special economic zone offers a different set of incentives to suit different business models. </p> <p> The most important special economic zones in Panama are the following: </p> <ol class="wp-block-list"> <li>Colon Free Zone</li> <li>Panama Pacifico</li> <li>City of Knowledge. </li> </ol> <h2 class="wp-block-heading" id="h-establishing-your-company-in-the-colon-free-zone-in-panama"><span class="ez-toc-section" id="establishing-your-company-in-the-colon-free-zone-in-panama"></span><strong>Establishing your company in the Colon Free Zone in Panama </strong><span class="ez-toc-section-end"></span></h2> <p>The Colon Free Zone in Panama was the first special economic zone established in the country, in 1984. This special economic zone is divided into 9 different sectors covering 1,064 hectares and housing more than 1,800 local and foreign companies.</p> <p>The principal purpose of the Colon Free Zone in Panama is to attract foreign businesses by offering tax exemptions to companies that import goods and reexport them outside of the country. </p> <h3 class="wp-block-heading" id="h-what-are-the-available-incentives-for-businesses-in-the-colon-free-zone">What are the available incentives for businesses in the Colon Free Zone?</h3> <ol class="wp-block-list"> <li>Tax exemption on imports, re-exports and manufacturing of goods</li> <li>Tax exemption on re-export incomes</li> <li>Tax exemption on invoicing</li> <li>Tax exemption on other national or provincial taxes</li> <li>Low cost on the rent of land, building or any required spaces</li> <li>Migratory facilities for foreign executives</li> <li>Digitalized security system</li> <li>A large financial network of national and international banks</li> <li>Sales through e-commerce.</li> </ol> <h2 class="wp-block-heading" id="h-incorporate-your-company-in-panama-pacifico"><span class="ez-toc-section" id="incorporate-your-company-in-panama-pacifico"></span><strong>Incorporate your company in Panama Pacifico </strong><span class="ez-toc-section-end"></span></h2> <figure class="wp-block-image alignright size-large is-resized"><img decoding="async" width="1024" height="1024" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20width='1024'%20height='1024'%20viewBox='0%200%201024%201024'%3E%3C/svg%3E" alt="Index of economic freedom in Panama" class="wp-image-272419 perfmatters-lazy" style="width:450px;height:undefinedpx" data-src="https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-1024x1024.png" data-srcset="https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-1024x1024.png 1024w, https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-300x300.png 300w, https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-150x150.png 150w, https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-768x768.png 768w, https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama.png 1080w" data-sizes="(max-width: 1024px) 100vw, 1024px" /><noscript><img decoding="async" width="1024" height="1024" src="https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-1024x1024.png" alt="Index of economic freedom in Panama" class="wp-image-272419" style="width:450px;height:undefinedpx" srcset="https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-1024x1024.png 1024w, https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-300x300.png 300w, https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-150x150.png 150w, https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama-768x768.png 768w, https://www.bizlatinhub.com/wp-content/uploads/2023/02/4799cdd5-index-of-economic-freedom-panama.png 1080w" sizes="(max-width: 1024px) 100vw, 1024px" /></noscript><figcaption class="wp-element-caption"><em>Panama Pacifico is the latest in the special economic zones of Panama</em></figcaption></figure> <p>The Panama Pacifico special economic zone is the newest of its kind in the country. In this zone, businesses can access major technological advances while conducting commercial activities. Establishing your company in Panama Pacifico will grant your company similar benefits to the Colon Free Zone, but you would instead be located near the Pacific Ocean. </p> <p>This special economic zone incentivizes the development of different business sectors such as logistics, sea and air transportation, high-technology and innovation, call centers and shared services.</p> <p>The Panama Pacifico special economic zone allows the entrance of any kind of business. This means that even if your company is not a beneficiary of local exemptions, you can offer your services to all the companies already allocated within the special economic zones. </p> <h3 class="wp-block-heading" id="h-which-commercial-activities-receive-tax-exemptions-in-the-panama-pacifico-special-economic-zone">Which commercial activities receive tax exemptions in the Panama Pacifico special economic zone?</h3> <ul class="wp-block-list"> <li>Direction, administration and/or operations support</li> <li>Strategic planning services</li> <li>Business development</li> <li>Management and/or training of personnel</li> <li>Operations and/or logistics control</li> <li>Technical assistance</li> <li>Technical, logistical market support</li> <li>Management or administration, financial, treasury and accounting</li> <li>Import and export activities</li> </ul> <h3 class="wp-block-heading" id="h-tax-incentives-in-the-panama-pacifico-special-economic-zone"><strong>Tax incentives in the Panama Pacifico special economic zone</strong></h3> <ul class="wp-block-list"> <li>Income tax declarations (5%) </li> <li>Exempt Dividend tax</li> <li>Exempt the Valued Added tax (called ITBMS in Panama)</li> <li>Reduce withholding tax of 2%</li> </ul> <h3 class="wp-block-heading" id="h-other-incentives-in-the-panama-pacifico-special-economic-zone"><strong>Other incentives in the Panama Pacifico special economic zone</strong></h3> <ul class="wp-block-list"> <li>Integrated Procedures System: inside Panama Pacifico, companies can access the necessary public institutions to apply for licenses or permits.</li> <li>Single Record: Panama Pacifico facilitates the procedure of establishing the company in Panama Pacifico by allowing business owners to undertake all the necessary processes with one single entity located inside the special economic zone.</li> <li>Education centers: inside this special economic zone, companies will also have at your disposal schools if needed. </li> <li>Private institutions such as banks, pharmacies, restaurants, gyms, among others.</li> <li>Fixed rates for overtime (maximum 25%) and for work done on holidays</li> <li>The weekly rest days are negotiable between the employer and the employees. According to the Panamanian Labor code, the rest days are on Sunday.</li> <li>Companies can be open for business, even in National Holidays.</li> <li>A 15% foreign labor force is allowed (only 10% is permitted outside of the zone according to the Panamanian Labor code). </li> <li>All work permits and residence visas can be obtained at Panama Pacifico authority facilities.</li> <li>All types of residence visas obtained in Panama Pacifico can be extended for the direct family members (Sons or Parents). </li> <li>Foreign staff hired as specialists have the right to import 100% duty-free, for a single time, all types of articles for personal or domestic use, up to the sum of USD100,000</li> <li>Investment stability law: this benefit will allow your company to maintain the benefits obtained for 10 years, even if the law that granted the benefits change. </li> </ul> <h2 class="wp-block-heading" id="h-is-the-city-of-knowledge-the-special-economic-zone-for-you"><span class="ez-toc-section" id="is-the-city-of-knowledge-the-special-economic-zone-for-you"></span><strong>Is the City of Knowledge the special economic zone for you? </strong><span class="ez-toc-section-end"></span></h2> <p>The City of Knowledge is another of the 3 more important special economic zones in Panama. This special economic zone encourages the development of new technologies, granting labor, immigration and tax benefits to companies that establish themselves to create or develop any kind of technologies that promote the development of Panama.</p> <p>The City of Knowledge as a main special economic zone in Panama focuses on boosting the innovative and competitive capacities of the users that are in the compound. </p> <h3 class="wp-block-heading" id="h-which-benefits-are-offered-by-the-city-of-knowledge"><strong>Which benefits are offered by the City of Knowledge? </strong></h3> <h4 class="wp-block-heading" id="h-taxes"><strong>Taxes</strong></h4> <ul class="wp-block-list"> <li>The import of products such as equipment, furniture or machines that are important for the development of the companies that are located in the City of Knowledge will be exempt from all taxes, contributions, and fees. </li> <li>The purchase or sales of machines, equipment, furniture and services that are necessary to the development of the company inside of these special economic zones in Panama will also be exempt from Valued Added Tax, in Panama called (ITBMS). </li> </ul> <p>The production, processes of high-tech goods, assembly or similar services provided by companies located in the City of Knowledge in Panama will benefit from the following incentives:</p> <ul class="wp-block-list"> <li>All the operations, transactions, and procedures will be completed free of National taxes, contributions and fees. </li> <li>The capital of the company will also be exempt from direct national tax, including patent, trademark or any kind of license taxes.</li> </ul> <h4 class="wp-block-heading" id="h-migratory"><strong>Migratory</strong></h4> <p>The State will grant special visas to foreign personnel who enter the country to contribute to the development of the City of Knowledge project.</p> <h4 class="wp-block-heading" id="h-labor"><strong>Labor</strong></h4> <p>The companies affiliated with this special economic zone can hire the foreign personnel needed to carry out their tasks.</p> <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="576" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20width='1024'%20height='576'%20viewBox='0%200%201024%20576'%3E%3C/svg%3E" alt="special economic zones of Panama: An infographic titled "Is Panama good for investment?" features the Biz Latin Hub logo. It highlights Panama's stable political system, tax incentives, strategic location, and growing economy with an annual growth rate of 6%, making it a prime spot for Panama business investment. Contact info: www.bizlatinhub.com." class="wp-image-272988 perfmatters-lazy" data-src="https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-1024x576.png" data-srcset="https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-1024x576.png 1024w, https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-300x169.png 300w, https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-768x432.png 768w, https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-1536x864.png 1536w, https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub.png 1920w" data-sizes="(max-width: 1024px) 100vw, 1024px" /><noscript><img decoding="async" width="1024" height="576" src="https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-1024x576.png" alt="special economic zones of Panama: An infographic titled "Is Panama good for investment?" features the Biz Latin Hub logo. It highlights Panama's stable political system, tax incentives, strategic location, and growing economy with an annual growth rate of 6%, making it a prime spot for Panama business investment. Contact info: www.bizlatinhub.com." class="wp-image-272988" srcset="https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-1024x576.png 1024w, https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-300x169.png 300w, https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-768x432.png 768w, https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub-1536x864.png 1536w, https://www.bizlatinhub.com/wp-content/uploads/2023/03/06b0d0b5-panama-investment-advantages-biz-latin-hub.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></noscript><figcaption class="wp-element-caption"><em>Investment is key to the special economic zones of Panama</em></figcaption></figure> <h2 class="wp-block-heading" id="h-faqs-on-free-trade-zones-in-panama"><span class="ez-toc-section" id="faqs-on-free-trade-zones-in-panama"></span>FAQs on Free Trade Zones in Panama<span class="ez-toc-section-end"></span></h2> <div class="schema-faq wp-block-yoast-faq-block"><div class="schema-faq-section" id="faq-question-1729699892703"><strong class="schema-faq-question"><strong><strong>Can a foreign company operate in Panama?</strong></strong></strong> <p class="schema-faq-answer">Yes, foreign companies can operate a company in a Free Trade Zone in Panama by following the designated registration procedure and fulfilling regulatory requirements.</p> </div> <div class="schema-faq-section" id="faq-question-1729699919317"><strong class="schema-faq-question"><strong>Is there a minimum investment requirement for companies?</strong></strong> <p class="schema-faq-answer">Yes, but it is relatively inocuous. Expect to pay a few thousand USD to set up and then ongoing annual costs around the same, although this varies widely according to sector, company size and free trade zone.</p> </div> <div class="schema-faq-section" id="faq-question-1729699935047"><strong class="schema-faq-question"><strong>What are some of the benefits for companies operating in a free trade zone in Panama?</strong></strong> <p class="schema-faq-answer">It depends on which trade zone you are in.<br/><br/>In the City of Knowledge:<br/><br/>The import of products such as equipment, furniture or machines that are important for the development of the companies that are located in the City of Knowledge will be exempt from all taxes, contributions, and fees.<br/>The purchase or sales of machines, equipment, furniture and services that are necessary to the development of the company inside of these special economic zones in Panama will also be exempt from Valued Added Tax, in Panama called (ITBMS).<br/>The production, processes of high-tech goods, assembly or similar services provided by companies located in the City of Knowledge in Panama will benefit from the following incentives:<br/>All the operations, transactions, and procedures will be completed free of National taxes, contributions and fees.<br/>The capital of the company will also be exempt from direct national tax, including patent, trademark or any kind of license taxes.<br/><br/>In Panama Pacifico:<br/><br/>Income tax declarations (5%)<br/>Exemption on Dividend tax<br/>Exemption on the Valued Added tax (called ITBMS in Panama)<br/>Reduced withholding tax of 2%<br/>Integrated Procedures System: inside Panama Pacifico, companies can access the necessary public institutions to apply for licenses or permits.<br/>Single Record: Panama Pacifico facilitates the procedure of establishing the company in Panama Pacifico by allowing business owners to undertake all the necessary processes with one single entity located inside the special economic zone.<br/>Education centers: inside this special economic zone, companies will also have at your disposal schools if needed.<br/>Private institutions such as banks, pharmacies, restaurants, gyms, among others.<br/>Fixed rates for overtime (maximum 25%) and for work done on holidays<br/>The weekly rest days are negotiable between the employer and the employees. According to the Panamanian Labor code, the rest days are on Sunday.<br/>Companies can be open for business, even in National Holidays.<br/>A 15% foreign labor force is allowed (only 10% is permitted outside of the zone according to the Panamanian Labor code).<br/>All work permits and residence visas can be obtained at Panama Pacifico authority facilities.<br/>All types of residence visas obtained in Panama Pacifico can be extended for the direct family members (Sons or Parents).<br/>Foreign staff hired as specialists have the right to import 100% duty-free, for a single time, all types of articles for personal or domestic use, up to the sum of USD100,000<br/>Investment stability law: this benefit will allow your company to maintain the benefits obtained for 10 years, even if the law that granted the benefits change.<br/><br/>The Colon free zone:<br/><br/>Tax exemption on imports, re-exports and manufacturing of goods<br/>Tax exemption on re-export incomes<br/>Tax exemption on invoicing<br/>Tax exemption on other national or provincial taxes<br/>Low cost on the rent of land, building or any required spaces<br/>Migratory facilities for foreign executives<br/>Digitalized security system<br/>A large financial network of national and international banks<br/>Sales through e-commerce.</p> </div> <div class="schema-faq-section" id="faq-question-1729699972808"><strong class="schema-faq-question">Are there any restrictions on companies that can operate in a Free Trade Zone?</strong> <p class="schema-faq-answer">Very few, although you will find that not every type of company can operate in every free trade zone. This is why it is so important to choose the correct zone for you.</p> </div> <div class="schema-faq-section" id="faq-question-1729700024343"><strong class="schema-faq-question">Can companies offering services operate in a Free Trade Zone?</strong> <p class="schema-faq-answer">Yes, absolutely. It does depend on the zone though. Panama Pacifico is generally best for this, with the City of Knowledge also standing out if you are investing in tech-based services.</p> </div> </div> <h2 class="wp-block-heading" id="h-biz-latin-hub-can-help-you-enter-the-special-economic-zones-of-panama"><span class="ez-toc-section" id="biz-latin-hub-can-help-you-enter-the-special-economic-zones-of-panama"></span><strong>Biz Latin Hub can help you enter the special economic zones of Panama</strong><span class="ez-toc-section-end"></span></h2> <p>There are many benefits to establishing your company in Panama. To be able to take advantage of the special economic zones in Panama, you’ll need to seek advice from experienced local experts. </p> <p>At Biz Latin Hub, we can assess your needs and determine which special economic zone in Panama may be the best fit for your business, allowing you to expand safely and in full compliance with local regulations.</p> <p>Given the favorable conditions in the country and the region as well as the economic growth, <a href="https://www.bizlatinhub.com/" target="_blank" rel="noreferrer noopener">Biz Latin Hub</a> through its company a Panamanian company Business Services offers the experience and support necessary for investors to have a successful <a href="https://www.bizlatinhub.com/company-formation/" rel="noreferrer noopener" target="_blank">market entry </a>in Panama. Feel free to <a href="https://www.bizlatinhub.com/contact-us/" rel="noreferrer noopener" target="_blank"><strong>contact us now</strong></a>. </p> <figure class="wp-block-image aligncenter size-large is-resized"><img decoding="async" width="1024" height="576" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20width='1024'%20height='576'%20viewBox='0%200%201024%20576'%3E%3C/svg%3E" alt="A visual listing the services provided by Biz Latin Hub. The services include Company Formation, Legal Services, Accounting & Taxation, PEO & Recruitment, Bank Account Opening, Tax Advisory, and Visa Processing. Contact information is shown at the bottom right." class="wp-image-301040 perfmatters-lazy" style="width:700px;height:undefinedpx" data-src="https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-1024x576.png" data-srcset="https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-1024x576.png 1024w, https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-300x169.png 300w, https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-768x432.png 768w, https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-1536x864.png 1536w, https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en.png 1920w" data-sizes="(max-width: 1024px) 100vw, 1024px" /><noscript><img decoding="async" width="1024" height="576" src="https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-1024x576.png" alt="A visual listing the services provided by Biz Latin Hub. The services include Company Formation, Legal Services, Accounting & Taxation, PEO & Recruitment, Bank Account Opening, Tax Advisory, and Visa Processing. Contact information is shown at the bottom right." class="wp-image-301040" style="width:700px;height:undefinedpx" srcset="https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-1024x576.png 1024w, https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-300x169.png 300w, https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-768x432.png 768w, https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en-1536x864.png 1536w, https://www.bizlatinhub.com/wp-content/uploads/2024/09/9d95b4ea-our-services_blh_-en.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></noscript><figcaption class="wp-element-caption"><em>Key services offered by Biz Latin Hub can help you enter the special economic zones of Panama</em></figcaption></figure> </div> <aside class="gb-container gb-container-f6d4bd6b"> <div class="gb-headline gb-headline-ba2ba015 gb-headline-text"><em>The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.</em></div> </aside> <div class="author-box ct-constrained-width " data-type="type-1" > <span class="ct-media-container"><img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20width='60'%20height='60'%20viewBox='0%200%2060%2060'%3E%3C/svg%3E" width="60" height="60" alt="Legal Team Panama" style="aspect-ratio: 1/1;" class="perfmatters-lazy" data-src="https://www.bizlatinhub.com/wp-content/uploads/2022/07/57fc64e0-legal-team-panama-150x150.png" /><noscript><img src="https://www.bizlatinhub.com/wp-content/uploads/2022/07/57fc64e0-legal-team-panama-150x150.png" width="60" height="60" alt="Legal Team Panama" style="aspect-ratio: 1/1;"></noscript></span> <section> <div class="author-box-name"> Legal Team Panama </div> <div class="author-box-bio"> <p>Legal Team Panama is the Biz Latin Hub leading experts on doing business in Panama The Team writes on the news, doing business, law, and changing regulations. 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