The approved changes have also given rise to the "Licensing Commission for Multinational Corporations, hereinafter the Commission, as a consultative and advisory body for the establishment of Multinational Corporations, which will be attached to the Ministry of Commerce and Industry", and that aims to streamline the procedures for installation of multinationals.
From the text of the approved bill:
This draft law submitted for consideration by the Honorable National Assembly amends some articles of Law 41 of August 24, 2007, "which created the Special Scheme for the Establishment and Operation of Multinational Corporations and the Licensing Commission for Multinational Corporations and other provisions. "
At present and under the protection of Law 41 of August 24, 2007, seventy-two (72) Licenses for Multinational Corporations have been granted to companies operating in our country under the Special Regime, who have invested directly in the Republic of
Panama the sum of three hundred seventy-one million dollars (B/.371, 000,000.00).
This new business regime has created hundreds of jobs for nationals, impacting directly on improving the quality of their lives as they benefit from these opportunities.