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Companies applying for a Multinational Company (SEM) License – a prerequisite to the SEM visa for multinational company hires – are now subject to relaxed eligibility conditions but stricter documentary requirements, according to an announcement by the Panamanian Ministry of Commerce and Industry.
Relaxed Eligibility Conditions
The corporate group must now have either at least 2,500 employees with at least a Bachelor’s or Master’s degree or PhD, or alternatively must have assets over USD 200 million.
Previously, the corporate group only qualified for an SEM license if it met the minimum asset requirement.
Stricter Documentary Requirements
Companies must now submit the following additional documents when applying for an SEM license:
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Notarized financial statements;
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Notarized certificate explaining the corporate structure and the multinational company’s relationship to the Panamanian entity; and
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Chart showing the corporate relationship between the local entity, the main company headquarters and any company(ies) within the corporate group to which the Panamanian entity will provide services.
The other documentary requirements for an SEM license also remain.
What This Means for Employers and Foreign Nationals
Multinational companies in Panama seeking an SEM license should benefit from the relaxed eligibility conditions and should contact their immigration professional for guidance on meeting the new documentary requirements.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected]
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