Panama Canal Turns 100. We Look at Labor, and Why Businesses Succeed in Panama – Weekly News Roundup, August 15th.

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Welcome to the Panama Weekly News Roundup. This week, the Panama Canal celebrates 100 years. We also take a look at the everyday working lives of Panamanians, and give you 10 solid reasons why you should start your business in Panama. Here’s the latest.

In Honor of the 100th Anniversary, the BBC Takes a Look at How the Canal Was Built

The Panama Canal is celebrating its 100-year anniversary this month, and the country is abuzz with excitement. Throughout August, Panama has been, and continues to celebrate this historic anniversary with various celebrations, memorials, and tributes to the work that went into the creation of one of the world’s seven wonders. Here is a short BBC Video which highlights how the Panama Canal was built.

The canal was a mammoth project, built in extremely inhospitable conditions, but it changed world trade forever. BBC News tells the story of the construction of one of the seven wonders of the modern world.

Click here to watch the video

China Wants Stake in Panama Canal, Proposes Fourth Set of Locks.

As the development of the new Canal Expansion project kicks into full gear, the Chinese are looking (yet again) to make an ambitious investment. This time, in the form of a fourth set of locks, which will lower and raise ships as they come through the new extension to the Canal. China already has sizeable investments in both Panama, and the Canal project.

The move expands the Chinese regime’s efforts to gain influence over global shipping choke points. Among its list of other efforts are its claims to 80 percent of the South China Sea, which sees about 50 percent of global oil tanker shipments, and a potential deal for the Greek port of Piraeus known as the “gateway to Europe.” Panama Canal administrator Quijano told JOC in June that a fourth set of locks is not currently financially feasible.

Source: The Epoch Times

Get an Inside View into the Working Lives of Every Day Panamanians

As part of an ongoing series on Panama, in recognition of the 100th anniversary of the Panama Canal, BBC News has done a multi-part exposé on the every day life of working Panamanians. From the mountainous interior, to the indigenous population, to the hustle and bustle of the city, they look at what makes up the social fabric of the country through the eyes of the worker.

Here’s an excerpt from one of their profiles:

Andrea Lino is waiting just outside the village of Drua, on a sandy beach formed in a wide bend of the River Chagres, 40km (25 miles) north of Panama City. Wearing the traditional costume of the Embera people, Andrea is a tribal chief turned trainee teacher who earns a living making traditional crafts for tourists. Life in the village is simple but not without comfort. The villagers live in palm-thatched huts and cook on open fires, but they have solar panels for electricity.

Source: BBC News

Top 10 Benefits of Starting a Business in Panama

Thinking about relocating your business to Panama, or starting a new one? There are many options, and many benefits in doing so. In our latest blog post , we highlight the top 10 reasons, and show you why your business can be successful here in Panama.

Panama is a great place for foreign investment, and many people are deciding to either move their business there, or start a new one. If you’re still on the fence about whether or not Panama is the right fit for you, check out these reasons. Here are 10 of the greatest benefits you’ll see if you decide to start a business in Panama.

  1. Tax Benefits: If you run an offshore business out of Panama, the tax breaks are immense. There is no offshore income tax, capital gains tax (except on sales of real estate located in Panama), tax on issuance of corporate shares, no federal, or state tax, and many more incentives. If you open a business that operates in Panama, you are liable to pay local business taxes, however rates are significantly lower than the US, Canada, or Europe.

Read more about the Benefits of starting a business in Panama

About Manoj Chatlani

Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, POLS Attorneys offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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