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Executive Report on Strategies in Panama
ICON Group International, June 2007, Pages: 384
How to Strategically Evaluate Panama
Perhaps the most efficient way of evaluating Panama is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).
Latent Demand and Accessibility in Panama
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Panama. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Panama:
Openness to Trade in Panama
Openness to Direct Investment in Panama
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Panama. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Panama over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Panama when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Panama as an area of dominant influence in Latin America and, potentially, the world.
As a whole, this report presents a strategic assessment of Panama by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN PANAMA
Business Trends and Opportunities
Consumer attitudes and many brand preferences are similar to the U.S. American television, radio and U.S. magazines are all available and popular in Panama. Panamanians frequently travel to the U.S. for vacation, medical treatment, study, and business. Their buying patterns and tastes are similar to ours.
U.S. goods and services enjoy a reputation for high quality and are highly competitive. Income distribution is skewed to the benefit of a relatively small, consumer goods-oriented, economically powerful class. This class enjoys a very high level of disposable income. They prefer high quality trend-setting goods where price is a secondary determinant in the purchasing decision. The majority of the population however has limited disposable income, with price and availability of credit critical to their buying patterns.
Panama has potential for substantial growth in the areas of electric power generation, health care services, port services, land development, road construction, water distribution and purification, telecommunications, and tourism.
Economic Fundamentals and Dynamics
Government Intervention Risks
From 1968 until 1989, Panama was governed by a military regime that took a statist approach to economic development. While price controls were applied to many goods, government involvement was generally less pervasive than that in other countries that pursued import substitution policies. In 1990, under the democratically elected Endara government, Panama embarked on a policy reform program to modernize government operations. Political opposition from entrenched special interest groups, however, diluted the substance of reforms.
The government regulates the activities and pricing of private telecommunications and energy suppliers. Banks and other financial service providers are regulated by a variety of bodies to ensure solvency and protection of the public’s interest. The entity set up to protect consumers, prevent monopolistic practices, and defend against unfair trade (CLICAC) has generally managed cases impartially and worked according to plan.
The use of the U.S. dollar as Panama’s currency means that fiscal policy is the government’s principal macro-economic policy instrument. Because Panama does not issue its own currency, government spending and investment are strictly bound by tax and non-tax revenues and the government’s ability to borrow.
Balance of Payments Issues
Panama’s goods and services export earnings have traditionally been among the largest in the region relative to GDP. This is because the country has profited from its geographical location and dollar-based economy to develop a strong services sector. Net services surpluses and foreign direct and financial investments have traditionally financed large merchandise trade deficits.
Infrastructure Development
Panama has a relatively well-developed infrastructure. Inter-city highways are generally well maintained, allowing goods and services to move with relative ease. The widening of the Interamerican Highway as well as the completion of two highway toll roads connecting Panama City to the heavily populated northern and western suburbs has decreased transportation time for both cargo and passengers to these areas.
Roads remain poor in the sparsely populated Darien province and to areas such as San Blas that have good tourism potential. An Inter-American Development Bank loan is in place to finance infrastructure development in various remote areas, most notably in the Darien. Recent investment in highways, ports, and the railroad in the Panama-Colon corridor have strengthened an increasingly efficient and effective intermodal transport sector.
Panama has two international airports, the largest being Tocumen International Airport in Panama City and a much smaller air facility in David, Chiriqui. Tocumen offers direct service to most countries in Latin America and the United States through COPA, Panama’s home based carrier, of which Continental Airlines owns 49%. Panama also has the potential to develop two other international airports within the next decade. The GOP touts first, the former Howard airbase as a potential international cargo or maintenance and repair hub. The other, the former US France Field facility, is being considered by local developers with international backing as a location for a new international airport of modern design and comprehensive facilities to handle cruise ship passengers, Colon Free Zone merchandise, and products from a planned high-tech industrial park adjacent to the existing facilities in Colon.
Political Risks
Politics and the Business Environment
Although Panama is one of the most economically developed countries in the region, problems such as trans-national crime, corruption, entrenched poverty, and spill-over problems from Panama’s troubled southern neighbor, Colombia, remain serious challenges for Panama’s future.
Influential individuals in the private sector have expressed strong reservations regarding the judicial sector in Panama, particularly the maritime tribunal, which they view as cumbersome, slow, and at times, corrupt. Both the Interamerican Development Bank and the U.S. Agency for International Development have initiated programs to assist the GOP to reform the justice system.
The Political System
Panama is a representative democracy with three branches of government: executive and legislative branches elected by direct vote every five years, and a nominally independent judiciary appointed by the executive. Because the current Panamanian judicial system is inefficient at best, and corrupt at worst, many U.S. companies doing business in Panama have arbitration agreements in place as an alternative to the courts.
Although the Legislature lacks the strong budgetary authority wielded by the U.S. Congress, it does play an important role in shaping political, economic and social initiatives.
Marketing Strategies
Distribution Channel Options
Business practices in Panama are very similar to those in the United States. Business tends to be direct and straightforward. On average, Panama City accounts for 65% of total national sales of consumer goods, the remaining 35% is distributed among the principal cities of David, Colon, Santiago and Chitre.
Generally, the marketing channel structure in Panama is simple. Direct importers act as wholesalers and in many cases also as retailers. This situation is common in the case of apparel, automotive parts and hardware products. In the case of consumer goods, food and medicines, the retail operation is separate from the wholesale operation. For industrial goods, sales are normally handled by local exclusive agents or distributors. In other cases, local firms order directly from U.S. brokers or the manufacturer.
Some of Panama’s major importers are also regional distributors for Central and/or South America, with warehousing facilities located in the Colon Free Zone (CFZ). Generally, CFZ importers/distributors have affiliated stores in Panama City for retail sale to the local market.
Agents and Distributors
According to Panama’s constitution, nationals and foreigners are treated equally under the law. Both Panamanian and foreign companies must fulfill the same basic requirements to organize and operate most types of business activities in Panama. There are restrictions on foreigners participating in retail trade and practicing certain professions. In practice, however, there are legal ways to overcome these restrictions. U.S. firms interested in retailing should consult a local attorney.
There is no law regulating the relationship between international suppliers and local agents and distributors. This relationship is only governed by the private agreements made between the parties involved. In cases of contract termination or disputes, the private contract clauses prevail over any other document or practice.
Individuals may engage in business activities in their own names or through legal entities. The most commonly adopted form of legal entity is the corporation (sociedad anonima). Other types of legal entities commonly used in Panama are: general partnerships, simple limited partnerships, joint stock partnerships and limited liability companies.
Franchising Activities and Direct Marketing
Panama is receptive to U.S. style franchising. The market for both specific and general franchising opportunities is attractive. Panama maintains no control on royalty payments or transfers. Recreation, entertainment services, fast food, automotive, and hotel and motel franchises are readily marketable as the local market demands better facilities and services.
Key factors for market success in Panama are: high quality, customer service, brand-name recognition and attractive packaging. U.S. products targeting the middle to upper-middle income market are usually competitive. Panamanians have a penchant for high quality U.S. products.
Consumers with high disposable income follow sophisticated U.S. and European consumption patterns. Most high-end U.S. and foreign brand names are represented in Panama. An aggressive marketing strategy is usually necessary to succeed in this trend-conscious market.
Joint Ventures and Licensing Options
Joint ventures, especially for large projects, are becoming common in Panama. Some joint ventures are formed for limited periods of time, such as for a specific construction contract or technology transfer contract. The profits from joint ventures can be distributed annually to each joint venture partner, and are taxed in the same manner as any other income.
Panamanian law contemplates the registration of license agreements, although in practice few licensors and licensees do so. License agreements are frequently used to reinforce rights to registered trademarks. The agreements must be attached to the registered trademark and filed with the Industrial Property Department in the Ministry of Commerce and Industry. The agreement becomes part of the file on the trademark covered.
Panama is an interesting and potentially profitable site for licensing agreements and joint ventures as well as routine buy/sell operations. The Colon Free Zone offers the U.S. exporter looking for regional marketing arrangements a convenient one-stop distribution center. There have been instances of money laundering, intellectual property piracy and drug trafficking reported in the CFZ. All U.S. firms should be aware of these factors before commencing operations in the Zone.
Creating a Sales Office
Panama has one of the most modern and flexible corporate laws in Latin America. Below are some of the advantages offered by Panamanian corporate law:
Two or more persons of any nationality, even though not domiciled in Panama, may organize a corporation for any lawful purpose. The articles of incorporation may be executed anywhere, even outside of Panama, and in any language, provided a Spanish translation is submitted for registration.
There are no requirements regarding the amount paid in capital.
Ownership of a Panamanian corporation may reside in a single individual or corporation and no part of the capital needs to be held by a Panamanian except if it is to undertake certain operations within Panama.
There are no nationality or residence requirements for shareholders.
Neither the directors nor the officers are required to be shareholders.
The Board of Directors must be composed of at least three directors, but one person may hold more than one position.
Meetings of shareholders or directors may be held outside of Panama and through electronic means. Proxies may be used by shareholders/directors.
In order to form a corporation in Panama, the client must furnish the following information:
The name of the corporation. It may be in any language, but it must terminate in a word or abbreviation indicating that it is a corporation.
The objectives and purposes of the corporation.
The amount of the authorized capital. Usually the authorized capital will consist of US$10,000 divided into 100 shares of US$100 each. Shares may be nominative or bearer shares.
Duration of the corporation, usually perpetual.
The full names and addresses of three or more directors and/or officers.
The domicile of the corporation.
The time period usually involved in setting up a corporation is from 15 days to two months. Attorney fees usually range from US$600 to US$1,500 per corporation.
Every corporation organized pursuant to the laws of Panama must have a resident agent within Panama, who must be an attorney. The annual fee for this service is about US$200. It is estimated that over 400,000 corporations are registered in Panama.
In order to engage in commercial or industrial activities, all corporations, partnerships or individuals must obtain proper authorization from the Ministry of Commerce and Industry. There are three basic types of licenses involved:
Commercial License Class A is required for wholesale operations, commercial and mortgage banks, financial companies, international financial brokers, insurance and reinsurance companies, international transportation companies, mutual funds, public utilities, and high-technology service companies.
Commercial License Class B is required for retail businesses, including representation agencies, service companies, bars, restaurants, drugstores, real estate agents, gas stations, local transportation, distributors and others. This license is only granted to Panamanians or corporations owned solely by Panamanians.
An Industrial License is required for extractive and manufacturing industries, as well as construction companies.
Exemptions for business license requirements are granted to persons or legal entities engaged exclusively in agriculture, cattle, bee, or poultry raising, or in the manufacturing and sale of handicrafts, in some instances provided that the work is not performed by hired workers. Licenses must be kept at all times in a visible and accessible place. The cost for obtaining a license ranges from US$250 to US$750. Also, an annual tax is levied based on the net worth of the company, as stated in the income tax return, plus other income taxes.
Most service providers are required to withhold a five percent (5%) value added tax on most of their services.
Selling Strategies
Panama has the highest per capita income in Central America. The majority of income is skewed to a small, consumer goods oriented economic class. These upper-middle and upper class families have high levels of disposable income. They are interested in purchasing high quality, trend-setting goods. Price is less of a factor in purchasing decisions made by this class than for the middle and lower income classes. The majority of Panamanians are interested in quality but price plays a more important role in the purchase decision.
The use of the U.S. dollar as legal currency and consumer preference for high quality products at competitive prices are two reasons for high acceptance of U.S. products in Panama. Overall, U.S. products are well accepted in the market and are considered of good quality. However, in many instances, U.S. products must compete against lower priced products especially from the Far East. For example, as in the U.S. itself, Japanese and Korean electronics dominate the market because of aggressive market entry techniques and good quality at competitive prices.
Advertising and Trade Promotion
Television and newspaper advertising are the promotion tools of choice for the majority of distributors of U.S. products. E-mail marketing is becoming increasingly popular, especially for services. Panama has a very competitive advertising market, with standard prices and very good production quality. Additionally, trade shows, specialized seminars and exhibitions are effective tools for trade promotion. Special sale prices during events such as mother’s and father’s day, back to school and Easter are usually advertised in newspapers during weekends.
Most foreign manufacturers of consumer products maintain a high profile presence in the country through newspaper ads, large billboards, sponsored sports events, and TV advertising. Radio advertising is mainly utilized outside of Metropolitan Panama City.
Major Newspapers
La Prensa
General Manager - Juan Luis Correa
P.O. Box 6-4586, El Dorado
Panama, Republic of Panama
Tel: (507) 222-1222
Fax: (507) 221-7328
E-mail:ventas@prensa.com
http://www.prensa.com
Daily Circulation: 35,000
Format: Standard
El Panama America
Director - Octavio Amat
P.O. Box B-4
Panama 9A, Republic of Panama
Tel: (507) 230-7777
Fax: (507) 230-7773
E-mail: webmaster@epasa.com
http://www.epasa.com
Daily Circulation: 25,000
Format: Standard
La Estrella de Panama
General Manager - Jose Urriola
P.O. Box Q
Panama 4, Republic of Panama
Tel: (507) 227-0555
Fax: (507) 227-0734
E-mail: laestre@estrelladepanama.com
www.estrelladepanama.com
Daily Circulation: 12,000
Format: Standard
Critica
Director- Juan Pritsiola
P.O. Box 9815
Panama 9, Rep. of Panama
Tel: (507) 230-7777
Fax: (507) 230-0442
E-mail: jpritsiola@epasa.com
http://www.epasa.com
Daily Circulation: 70,000
Format: Tabloid
Business Publications
Capital
(Weekly Publication)
Director: Indalecio Rodriguez
P.O. Box 0833-0206
Tel: 507-210-1414
Fax: 507-210-1244
E-mail: capital@capital.com.pa
Martes Financiero
(Weekly Publication)
Edited by La Prensa
Editor - Franklin Castrellon
Tel: (507) 222-1222
Fax: (507) 221-7328
E-mail:MF@PRENSA.COM
Business Web Sites
http://us-panama.org
http://businesspanama.com
http://panamainfo.com
Pricing Issues
The price structure for imported goods in Panama depends on the level of competition. The costs of transportation and import duties vary from item to item. Local prices can be higher or lower than world average depending on local competitive conditions. Import duties average 10% over CIF value and wholesale and retail markups are about 25% each.
Supplying Customer Service
Success among distributors is often decided by quality of the training, counseling and support they receive from their principals. U.S. companies should focus on providing U.S.-level training and technical assistance to their distributors and making sure they have the resources to provide after-sales support, including spare parts, service equipment, and quality service to the customers.
Government Procurement
Panama does not have a Central Procurement Office such as the U.S. General Services Administration (GSA). All purchases of goods and services of any significant value are by law advertised for public bid. Government procurement regulations establish that each government organization is responsible for its own procurement but subject to the supervision of the Ministry of Economy and Finance and the Comptroller General’s Office. The later provides ultimate authorization for all purchasing contracts. Government regulations also establish a process of company pre-qualification for purchases above US$250,000 to ensure that potential suppliers have the proper qualifications. Another feature of the procurement system is that tender documents for major bids are discussed with interested companies in order to assure agreement about an understanding of terms and condition of participation. Lack of transparency, excessive delays, and bureaucracy in the bid selection process have caused problems for U.S. and other bidders in important government bids in the past.
Excessive bureaucracy is also responsible for the government’s poor payment record. Typical payment schedules range from three to six months, after good or services have been invoiced.
Hiring Local Counsel
Attorneys are required, among other things, for establishing a corporation, registering products, registering a patent, obtaining a commercial license, and for handling immigration matters. Attorneys are frequently used to prepare major bids to make sure that paperwork and other requirements are properly completed. In many cases, local lawyer firms become part of consortia participating in major bids.
Import and Export Regulation Risks
Customs Regulations
Panama assesses import duties on an ad valorem basis. The ad valorem system uses the declared C.I.F. value as the basis for import duty calculations and in some cases utilizes historical price information as a reference.
In addition to the duty, all imports into Panama are subject to a five percent transfer or value added tax (ITBM) levied on the C.I.F. value, plus import duty and other handling charges. Pharmaceuticals, foods and school supplies are exempt from the ITBM tax.
Beginning in 1995, Panama adopted the Harmonized System (HS) or Tariff Nomenclature as its customs classification system.
In general, the Panamanian customs system tends to be efficient and straightforward and does not represent a significant obstacle for U.S. exporters.
Contact information for the Panamanian Customs’ office is:
Direccion General de Aduanas
P.O. Box 7304
Panama 5, Panama
Phone: 507-232-6672
Fax: 507-232-6494
Contact: Mercedes G. de Villalaz
E-mail: iarosemena@aduanas.gob.pa
www.aduanas.gob.pa
Licenses Required for Imports
No import licenses are required in Panama. Any company holding a commercial license can freely import goods into Panama. A commercial or industrial license is required by individuals or companies wishing to engage in commercial or industrial activities. Phytosanitary permits are required to import some agricultural products. These were routinely issued in the past but as previously stated, are now frequently refused or delayed as a means of limiting agricultural imports.
Controls on Exports
The Fiscal Code regulates all matters concerning the country’s exports. The Code establishes that all national products may be exported, except:
Drugs, with the exception of those having pharmaceutical or scientific purposes.
Staple products determined by the government to be temporarily scarce in the country; and,
Products the Panamanian government decides not to export for reasons of international agreements or for economic interest of the country.
Exports subject to the payment of taxes require an Export Authorization, which is issued by the National Customs Office, Ministry of Economy and Finance. Exports subject to taxes are: metals and natural resources.
Import Documentation Requirements
Processing of customs documents in Panama for imports is fast, efficient and reliable. Merchandise imported into Panama must be cleared through customs by a customs broker licensed by the Government of Panama. The following goods are imported under duty free status: consigned to national or municipal governments, imported by foreign diplomats, consigned to the Panama Canal, sold to vessels transiting the Canal, or intended for reexport.
Basic import documentation required by the Panamanian Customs office includes:
Import Declaration (Prepared and signed by a Customs Broker),
Commercial Invoice (To be presented in English or Spanish in quadruplicate),
Airway Bill,
Bill of Lading (To be presented in triplicate),
Commercial License Number,
Phytosanitary Certificate (In case of animal and plants products, to be obtained from the U.S. Department of Agriculture), and,
Certificate of Free Sale (if required)
Any food product or other item used for human consumption (including for use on human skin or clothes) may be subject to the Certificate of Free Sale (CFS) documentation requirement. The main purpose of the CFS is to prevent the dumping of inferior goods, especially for human consumption, on the Panamanian market. The CFS must verify that a product is sold freely and used widely in the U.S. Potential exporters of items subject to the CFS documentation requirement may wish to either contact: (1) their trade association which may provide the service of issuing the documentation, or (2) the Food and Drug Administration, Division of Programs and Enforcement Policy, 200 C Street, SW, Washington, DC 20204.
If for any reason the bill of lading or any other required document cannot be presented within 24 hours after the shipment has arrived, clearance of the goods will be permitted by posting a bond equal to the amount of import duties. The bond is cancelled if the prescribed documents are presented in due form within a period of 90 days. The bond may be extended in justified cases, an additional 90 days.
Export Documentation
The Vice Ministry of Foreign Trade was created in 1998 to promote exports and investment. It facilitates the processing of export documentation through a “One Stop” (ventanilla unica) office which can reduce the export process to a few hours.
Export documentation required by Panamanian Customs authorities includes:
Commercial Invoice,
Export Declaration (usually prepared and signed by a Customs Broker),
Certificate of Origin (issued by the Chamber of Commerce, Industry and Agriculture of Panama or the Panama Trade Development Institute),
Bill of Lading,
Airway Bill,
Veterinary, Sanitary or Phytosanitary Certificate (when applicable).
There is no requirement to utilize export brokers for export documentation.
Entering Temporary Imports
The Panamanian Fiscal Code establishes a temporary entry regime of up to one year for all types of merchandise. There are two options. First, the goods can enter the country if the importer makes a deposit equivalent to the import duty. This payment will be reimbursed at the time the goods leave the country. Second, an insurance company can issue a bond for the importer covering the import duty value, payable if the goods fail to exit the country as scheduled.
Special temporary provisions apply in the case of trade shows and exhibitions taking place at Panama’s exhibition and convention center, Atlapa. Goods can enter the Atlapa Convention Center with no warranty payment or bond required. Certain shows held at Atlapa enjoy duty free status and the merchandise displayed may be sold off the floor with no duties.
Samples with commercial value are subject to temporary entry requirements. Samples with no commercial value are admitted duty free. If samples arrive in large containers, they will be dutiable even though they may be marked as free samples.
Labeling Issues
Panama has no special regulations for labeling and marking. Labels are required to have basic information regarding the name and address of the manufacturer, expiration date, list of ingredients, lot number, and the product form, e.g. powder, liquid, etc.
Labels in English are accepted, except for medicines, household products and foods which require special instructions. In these cases instructions regarding dosage, usage, warnings, etc., must be in Spanish.
All goods arriving in Panama intended to be reexported immediately must be marked “PANAMA IN TRANSIT” on each box or outside container.
In general, products which comply with U.S. labeling and marking requirements will also meet local requirements and are suitable for sale in Panama.
Restrictions on Imports
The following products cannot be imported into Panama:
Counterfeit coins or printed material that imitates currencies,
Equipment or instruments for manufacturing coins,
Liquors, wines, beers or medicines with labels that falsely describe contents, or of any kind of harmful preparation,
Certain firearms or war materials,
Foreign lottery or raffle tickets,
Opium in the form of gum or for smoking,
Obscene brochures, books, newspapers, magazines, or postcards containing negative portrayals of the country’s culture, civilization or dignity, and,
Plants, seeds, or animals when determined by the Ministry of Agriculture.
Local Standards
The Government of Panama designated the Comision Panamena de Normas Tecnicas (COPANIT), an agency of the Ministry of Commerce and Industry, as the domestic registering authority for participation in the International Standards Organization ISO-9000 program. There is no legal limitation in Panama on participation in ISO-9000 by firms doing business here. In fact, an increasing number of Panamanian firms are seeking or have already obtained ISO-9000 certification. Panama is a member of the Pan American Standards Commission (COPAN), headquartered in Venezuela.
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