New additional requirement to request a SEM Company license – September 2017

The Resolution No. 20-17 of September 11th, 2017, modifying the requirements for a SEM Company license, came into force on September 12th, 2017.

Previously, only companies belonging to a business group with assets exceeding US$200,000,000.00, or to a business group that has at least 2,500 employees, could apply for a SEM license.

Now, companies that belong to a business group with assets exceeding US$200,000,000.00 or to a business group that is present in more than forty (40) countries may apply for the license. This last requirement is proved by means of an affidavit signed by the legal representative of the business group in which he or she certifies the countries and address of at least one (1) office in each country.

The affidavit must be duly certified by a notary public and legalized by means of the apostille or a Panamanian consulate. If the affidavit is not written in English, it must be translated to Spanish by a Panamanian-certified translator.

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