How Panama Became An Internaltional Business Hub

Panama - International Business Hub 

They say that running a business is not a child’s play especially when it comes to running a successful business. Managing a business comes with a lot of responsibilities – the first of which being that you as a business owner needs to be able to manage yourself before you are able to efficiently manage a business. Businesses these days are going international due to the increased management knowledge and study which people have specialized in. This has led to an era of the creation of business hubs where businesses not just reap profits for themselves but also help in developing the environment surrounding them.

When a region flourishes as a business hub, there is a rise in everything around it ranging from the economy, quality of life of people, infrastructure, transportation and now days even the environment as businesses take Corporate Social Responsibility (CSR) seriously.

A good example of an international business hub which has flourished lavishly in the recent past can be nothing better than Panama City in Panama. For those who aren’t aware, Panama is a country located between Central and South America. Having its currency as the United States Dollar, Panama is a modern place full of nightclubs, skyscrapers, casinos, colonial buildings and the man made Panama Canal which cuts it through the center and joins Atlantic Ocean with Pacific Ocean. This even gave a new shorter sea route which led to an increase in trade and shipping in the region.

Over the period of time, Panama developed into an international business hub with tons of companies moving in and flourishing their branches, headquarters and more in the place. The reasons behind how Panama became an international hub are many but basically for any country to become a business hub, certain factors need to exist.

Today Panama has got companies from nearly all sectors ranging from IT, Pharma, eCommerce, Finance, Telecom, Shipping etc. Businesses, both large and small, operate happily from Panama due to the fact that the place, its laws and its government supports the idea of creating it into an international business hub. Certain steps have been taken to make it easier for doing business in Panama to ensure that businesses do not get stuck with formalities and paper work.

Factors that make Panama International Business Hub

Allocation of Resources

For any business to run with peace of mind, the availability of the required resources ranging from raw material to all essential supplies must be there with ease. Even if they have to be transported, the cost of doing so should be minimal. Spending too much to acquire a resource is not a good business practice and every business knows the importance of locating themselves where the resources are. Panama is one such country where nearly all types of resources are available in abundance.

   

Tax Considerations

Tax is a big consideration for businesses and their local tax law directly affects them. What a business would love in respect of taxes will be higher tax slabs, tax exemptions and a liberal taxation system which is easier to understand and manage. The business must not feel that tax management and filing is a burden and must take it with utmost positivity. Fortunately, Panama’s tax laws offer what businesses really need whereby tax considerations is not really an issue.

Transportation Network

A place must be easy to access in order to ascertain the status of being a business hub. Panama is well connected by all forms of transport. Be it roadways, railways, airways or waterways. You will find it easy to travel across Panama and even businesses find it easy to transport their final products with ease or procure the raw material and other required resources.

   

Availability of Skilled Manpower

Panama has got handful of educational institutes and universities offering world class facilities and education to the students. Hence, availability of skilled manpower is in abundance and even people from other countries come over to work along. This gives a great chance to youngsters to socialize and share.

Offshore Payment Solutions

 When businesses tend to operate internationally, transactions often end up settling in foreign borders. Currency exchange and offshore payment providers then become not a luxury but a need of the hour to make the business run. There are many payment solution providers in Panama ranging from private institutions to even banks helping businesses in settling their transaction abroad or getting paid in the local currency with ease.

   

 

Panama has surely crossed all hurdles and overcome different barriers which has led to it becoming an international business hub.

 

 

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