N° 010-09 OF JUNE 29TH, 2009
COMMISSION OF MULTINATIONAL HEADQUARTERS
Requirements for the MHQ License.
1. Complete application form (in Spanish)
The following documents must be attached to the application form:
a. Charter of incorporation of the applicant, indicating within its main objectives, the applicant’s, interest to establish itself as a Multinational Headquarter (MHQ) in Panama. In the event that the applicant is incorporated under the Panamanian Legislation, the charter of incorporation must be modified to comply with the requirement above described.
b. Power of attorney granted to a lawyer or law firm authorized in the Republic of Panama.
c. Sworn statement, subscribed by the applicant’s legal representative, stating its desire to establish itself as a Multinational Headquarter in Panama, specifying the activities mentioned in Law 41 of 2007 that it will be carrying out and asserting that it will comply with all the requirements for a Multinational Headquarters License. The legal representative's signature must be authenticated by a Public Notary in the Republic of Panama.
d. Consolidated financial statements of the corporate group asserted in the sworn statement, dully certified by a public authorized accountant. Reference to the stock exchange where the corporate group is register and their consolidated financial statements are located can be mentioned. If the consolidated financial statements are in a different language than Spanish and/or in a different currency than US dollar, it shall be translated into Spanish by a local public translator, and must include a bank note stating the current conversion to the dollar.
e. Bank’s Reference Letter.
f. The applicant that wishes to carry out an activity regulated by the Panamanian State, through the Superintendency of Banks, the Superintendency of Insurances and Reinsurances, National Security Commission or other regulated entity, must present, jointly with the other requirements, note from the regulator entity expressing its opinion with respect to the activities that the applicant will execute under the multinational headquarter license.
(Submitting this document, does not imply that the MHQ license will be necessarily approved.)
2. The assets of the corporate group must be the same or higher than US$200 million dollars. The applicant must attach for its verification:
a. Bank’s reference letter.
b. Consolidated Financial Statement of the Corporate Group.
3. In the event that the applicant is establishing its head office, a capital no less than two million dollars (US$2,000,000.00) is required, for its certification, the applicant must attach:
a. Cash flow informs.
b. Certificate issued by the treasurer or secretary of the applicant indicating the shareholders equity in the companies of the corporate group in order to verify the property of the MHQ.
4. In the case that the companies are already operating in Panama they must present:
a. Number of the applicant’s license or operation notice under which the corporation was operating, as require.
b. Financial Statements of the local company.
c. Copy of the last Income Tax Statement.
Notes: All documents presented with the application form must comply with the following requirements:
• All public documents must be legalized or apostilled.
• Original documents written in a language different than Spanish must be translated by a certified public translator in the Republic of Panama.
• The respective documentation must be sustained in US$ dollars. Documentation presented in different currencies should be converted to dollars.
• Applicants and attorneys general information is understood as: complete name of the applicant, address, Public Registry of Panama registration information; attorney’s personal information such as: gender, civil status, legal identification number, domicile, telephone, fax, P.O. Box and e-mail.