[accordion]
[toggle title=”Estadísticas e indicadores relevantes”]
[tabs] [tab title=”Starting a Business”]
Starting a Business
DB 2015 Rank |
38 |
DB 2014 Rank*** |
36 |
Change in Rank |
-2 |
DB 2015 DTF** (% points) |
91.93 |
DB 2014 DTF** (% points) |
91.85 |
Change in DTF** (% points) |
up0.08 |
Indicator |
Panama |
Latin America & Caribbean |
OECD |
Procedures (number) |
5.0 |
8.3 |
4.8 |
Time (days) |
6.0 |
30.1 |
9.2 |
Cost (% of warehouse value) |
6.4 |
31.1 |
3.4 |
No. |
Procedure |
Time to Complete |
Associated Costs |
1 |
Hire a registered agent |
1 day |
USD 200 |
2 |
Request and obtain environmental study |
1 day |
USD 75 |
3 |
Register at the Mercantile Division of the Public Registry and pay Annual Franchise Tax |
2 days |
— |
4 |
Obtain a notice of operation (“aviso de operación”) through the “Panama emprende” website |
1 day |
USD 55 for legal entities |
5 |
Request an employers’ inscription number from the Social Security Administration |
1 day |
No charge |
[/tab] [tab title=”Getting Credit”]
Getting Credit
DB 2015 Rank |
17 |
DB 2014 Rank*** |
45 |
Change in Rank |
28 |
DB 2015 DTF** (% points) |
75.00 |
DB 2014 DTF** (% points) |
60.00 |
Change in DTF** (% points) |
15.00 |
Indicator |
Panama |
Latin America & Caribbean |
OECD |
Strength of legal rights index (0-12) |
7 |
5 |
6 |
Depth of credit information index (0-8) |
8 |
5 |
7 |
Credit registry coverage (% of adults) |
0.0 |
12.6 |
12.1 |
Credit bureau coverage (% of adults) |
63.0 |
39.3 |
67.0 |
Depth of credit information index (0-8) |
Private credit bureau |
Public credit registry |
Score |
Are data on both firms and individuals distributed? |
Yes |
No |
1 |
Are both positive and negative credit data distributed? |
Yes |
No |
1 |
Are data from retailers or utility companies – in addition to data from banks and financial institutions – distributed? |
Yes |
No |
1 |
Are at least 2 years of historical data distributed? (Credit bureaus and registries that distribute more than 10 years of negative data or erase data on defaults as soon as they are repaid obtain a score of 0 for this component.) |
Yes |
No |
1 |
Are data on loan amounts below 1% of income per capita distributed? |
Yes |
No |
1 |
By law, do borrowers have the right to access their data in the credit bureau or credit registry? |
Yes |
No |
1 |
Can banks and financial institutions access borrowers’ credit information online (for example, through an online platform, a system-to-system connection or both)? |
Yes |
No |
1 |
Are bureau or registry credit scores offered as a value-added service to help banks and financial institutions assess the creditworthiness of borrowers? |
Yes |
No |
1 |
Score (“yes” to either public bureau or private registry) |
|
|
8 |
Strength of legal rights index (0-12) |
|
Does an integrated or unified legal framework for secured transactions that extends to the creation, publicity and enforcement of functional equivalents to security interests in movable assets exist in the economy? |
No |
Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description of collateral? |
Yes |
Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of collateral? |
Yes |
May a security right extend to future or after-acquired assets, and may it extend automatically to the products, proceeds or replacements of the original assets? |
No |
Is a general description of debts and obligations permitted in collateral agreements; can all types of debts and obligations be secured between parties; and can the collateral agreement include a maximum amount for which the assets are encumbered? |
Yes |
Is a collateral registry in operation for both incorporated and non-incorporated entities, that is unified geographically and by asset type, with an electronic database indexed by debtor’s name? |
Yes |
Does a notice-based collateral registry exist in which all functional equivalents can be registered? |
No |
Does a modern collateral registry exist in whichregistrations, amendments, cancellations and searches can be performed online by any interested third party? |
No |
Are secured creditors paid first (i.e. before tax claims and employee claims) when a debtor defaults outside an insolvency procedure? |
Yes |
Are secured creditors paid first (i.e. before tax claims and employee claims) when a business is liquidated? |
Yes |
Are secured creditors subject to an automatic stay on enforcement when a debtor enters a court-supervised reorganization procedure? Does the law protect secured creditors’ rights by providing clear grounds for relief from the stay and/or sets a time limit for it? |
No |
Does the law allow parties to agree on out of court enforcement at the time a security interest is created? Does the law allow the secured creditor to sell the collateral through public auction and private tender, as well as, for the secured creditor to keepthe asset in satisfaction of the debt? |
Yes |
Score (number of “yes” responses) |
7 |
Coverage |
Private credit bureau |
Public credit registry |
Number of individuals |
1,497,048 |
0 |
Number of firms |
73,036 |
0 |
Total |
1,570,084 |
0 |
Percentage of adult population |
63.0 |
0.0 |
[/tab] [tab title=”Registering Property”]
Registering Property
DB 2015 Rank |
61 |
DB 2014 Rank*** |
66 |
Change in Rank |
5 |
DB 2015 DTF** (% points) |
74.65 |
DB 2014 DTF** (% points) |
73.64 |
Change in DTF** (% points) |
1.01 |
Indicator |
Panama |
Latin America & Caribbean |
OECD |
Procedures (number) |
7.0 |
7.0 |
4.7 |
Time (days) |
22.5 |
63.3 |
24.0 |
Cost (% of warehouse value) |
2.4 |
6.1 |
4.2 |
No. |
Procedure |
Time to Complete |
Associated Costs |
1 |
Obtain a non-encumbrance certificate at the Public Registry Office |
1-2 days (simultaneous with Procedures 2 & 3) |
USD 30 |
2 |
Obtain a certificate of good standing online from the Autoridad Nacional de Ingresos Públicos |
Less than a day (online procedure and simultaneous with procedure 1 and 3) |
no cost online |
3 |
Obtain a non-debt water certificate (“certificado de Paz y Salvo”) |
1 day (simultaneous with Procedures 1 & 2) |
USD 1.25 |
4 |
A lawyer prepares the sale agreement |
2 days |
USD 200 (lawyer’s fees) |
5 |
Payment of the Transfer and Capital Gains Taxes |
2 days |
2% of property value (transfer tax) + 3% of property value (capital gains tax, not included in the cost calculation) |
6 |
Notarization of the sale agreement and preparation of the public deed |
2 days |
USD 100 |
7 |
The public deed is filed and recorded at the Public Registry Office under the name of the buyer |
2 weeks |
0.3% of property price (registration fee) + USD 5 for filing + USD 10 for analyzing the document |
[/tab] [tab title=”Enforcing Contracts”]
Enforcing Contracts
DB 2015 Rank |
84 |
DB 2014 Rank*** |
85 |
Change in Rank |
+1 |
DB 2015 DTF** (% points) |
58.87 |
DB 2014 DTF** (% points) |
58.87 |
Change in DTF** (% points) |
0.00 |
Indicator |
Panama |
Latin America & Caribbean |
OECD |
Time (days) |
686.0 |
736.9 |
539.5 |
Cost (% of claim) |
38.0 |
30.6 |
21.4 |
Procedures (number) |
32.0 |
39.8 |
31.5 |
|
Indicator |
686 |
30 |
291 |
365 |
38 |
24.8 |
13 |
0.2 |
32 |
[/tab] [tab title=”Protecting Minority Investors”]
Protecting Minority Investors
DB 2015 Rank |
76 |
DB 2014 Rank*** |
75 |
Change in Rank |
-1 |
DB 2015 DTF** (% points) |
55.83 |
DB 2014 DTF** (% points) |
55.83 |
Change in DTF** (% points) |
0.00 |
Indicator |
Panama |
Latin America & Caribbean |
OECD |
Extent of disclosure index (0-10 |
4.0 |
3.9 |
6.6 |
Extent of director liability index (0-10) |
4.0 |
5.1 |
5.4 |
Ease of shareholder suits index (0-10) |
8.0 |
6.4 |
7.2 |
Extent of conflict of interest regulation index (0-10) |
5.3 |
5.1 |
6.4 |
Extent of shareholder rights index (0-10.5) |
10.5 |
6.4 |
8.0 |
Strength of governance structure index (0-10.5) |
1.5 |
2.9 |
4.6 |
Extent of corporate transparency index (0-9) |
5.5 |
3.0 |
6.1 |
Extent of shareholder governance index (0-10) |
5.8 |
4.1 |
6.2 |
Strength of minority investor protection index (0-10) |
5.6 |
4.6 |
6.3 |
|
Score |
Score Description |
4.0 |
|
1 |
Shareholders or board of directors including interested parties |
0 |
No disclosure obligation |
2 |
Disclosure on the transaction and on the conflict of interest |
1 |
Disclosure on the transaction only |
0 |
No |
4.0 |
|
1 |
Yes |
1 |
Liable if negligent |
1 |
Liable if negligent |
1 |
Yes |
0 |
No |
0 |
No |
0 |
Only in case of fraud or bad faith |
8.0 |
|
1 |
Yes |
3 |
Any relevant document |
1 |
Yes |
2 |
Yes |
0 |
No |
1 |
Yes if successful |
10.5 |
|
1.5 |
Yes |
1.5 |
Yes |
1.5 |
Yes |
1.5 |
Yes |
1.5 |
Yes |
1.5 |
Yes |
1.5 |
Yes |
1.5 |
|
0 |
No |
0 |
No |
0 |
No |
1.5 |
Yes |
0 |
No |
0 |
No |
0 |
No |
5.5 |
|
0 |
No |
1 |
Yes for listed companies |
1 |
Yes for listed companies |
1.5 |
Yes |
1 |
Yes for listed companies |
1 |
Yes for listed companies |
[/tab] [tab title=”Trading Across Borders”]
Trading Across Borders
DB 2015 Rank |
91.25 |
DB 2014 Rank*** |
8 |
Change in Rank |
-1 |
DB 2015 DTF** (% points) |
91.25 |
DB 2014 DTF** (% points) |
92.09 |
Change in DTF** (% points) |
-0.84 |
Indicator |
Panama |
Latin America & Caribbean |
OECD |
Documents to export (number) |
3 |
6 |
4 |
Time to export (days) |
10.0 |
16.8 |
10.5 |
Cost to export (US$ per container) |
665.0 |
1,299.1 |
1,080.3 |
Cost to export (deflated US$ per container) |
665.0 |
1,299.1 |
1,080.3 |
Documents to import (number) |
3 |
7 |
4 |
Time to import (days) |
9.0 |
18.7 |
9.6 |
Cost to import (US$ per container) |
1,030.0 |
1,691.1 |
1,100.4 |
Cost to import (deflated US$ per container) |
1,030.0 |
1,691.1 |
1,100.4 |
Nature of Export Procedures |
Duration (days) |
US$ Cost |
Documents preparation |
5 |
160 |
Customs clearance and inspections |
1 |
50 |
Ports and terminal handling |
1 |
65 |
Inland transportation and handling |
3 |
390 |
Totals |
10 |
665 |
Nature of Import Procedures |
Duration (days) |
US$ Cost |
Documents preparation |
6 |
150 |
Customs clearance and inspections |
1 |
225 |
Ports and terminal handling |
1 |
265 |
Inland transportation and handling |
1 |
390 |
Totals |
9 |
1,030 |
Export documents |
Bill of Lading |
Commercial Invoice |
Customs Export Declaration |
Import documents |
Bill of lading |
Commercial Invoice |
Customs Import Declaration |
[/tab] [tab title=”Resolving Insolvency”]
Resolving Insolvency
DB 2015 Rank |
132 |
DB 2014 Rank*** |
131 |
Change in Rank |
-1 |
DB 2015 DTF** (% points) |
33.66 |
DB 2014 DTF** (% points) |
33.55 |
Change in DTF** (% points) |
0.11 |
Indicator |
Panama |
Latin America & Caribbean |
OECD |
Time (years) |
2.5 |
2.9 |
1.7 |
Cost (% of estate) |
25.0 |
16.4 |
8.8 |
Outcome (0 as piecemeal sale and 1 as going concern) |
0 |
0 |
1 |
Recovery rate (cents on the dollar) |
27.7 |
36.0 |
71.9 |
Commencement of proceedings index (0-3) |
2.0 |
2.2 |
2.8 |
Management of debtor’s assets index (0-6) |
2.0 |
3.0 |
5.4 |
Reorganization proceedings index (0-3) |
0.0 |
0.5 |
1.8 |
Creditor participation index (0-4) |
2.0 |
1.9 |
2.2 |
Strength of insolvency framework index (0-16) |
6.0 |
8.2 |
12.2 |
|
Answer |
Score |
2.0 |
0.5 |
0.5 |
1.0 |
2.0 |
0.0 |
0.0 |
1.0 |
1.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
2.0 |
0.0 |
0.0 |
1.0 |
1.0 |
[/tab] [/tabs]
[/toggle]
[/accordion]