Member Articles
The United States Corporate Transparency Act (“CTA”) of 2021 What is the CTA? The CTA was enacted on January 1st, 2021 as part of the National Defense Authorization Act to prevent the use of companies to evade anti-money laundering rules or to hide other illegal activities. Under the CTA companies will be required to report information regarding its beneficial owners with a beneficial ownership registry maintained by the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN)... |
The Philosophy Behind the Successful Economic Substance Regime of the BVI Following the introduction in the British Virgin Islands (BVI) of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA), which became effective on January 1st, 2019, some questioned the sustainability of BVI’s position as a leading international financial centre. While we cannot underestimate those concerns, we believe that there is also evidence that ESA will not have a negative impact on the BVI... |
How to Protect my Trademarks and Ideas? You are undertaking a project for a new business, a startup.You already have the financial/commercial side well thought-out, and have commissioned a designer to sketch a logo and design a corporate identity under the brand you have decided to use. You buy stationery, signs, business cards, among others... |
Startup Financing A company’s need for substantial amounts of capital is intensified when looking to grow quickly, or develop an innovative product that will disrupt the market in a meaningful way. This is true to any company, and is especially true to innovative and disruptive startups, which aim at creating new markets, revolutionizing existing ones and prevailing over traditional market participants... |
The Quetzal will Soar its Flight:
The public + The private: the winning alliance
By Ignacio Grazioso
Ten years ago, the PPP Law was approved, the regulatory framework that seeks to make the Public Private Partnerships (“PPPs”) viable as a solution to the country's infrastructure deficit. For reasons beyond legal and economic facts, Guatemala has not yet seen its first PPP project born. However, the planets seem to be aligning to propitiate the possible detonation of investment in infrastructure and we see reasons for optimism on the horizon... |
Disability and Remote Work Teleworking is a work tool that opens a world of possibilities for the reinsertion of sectors of the population that have not had free access to work opportunities. It is a feasible option to provide job opportunities to people for whom moving outside their homes is a limitation; limitations that could occur not only to people with family responsibilities – child and elderly care – or students, but also to people with disabilities... |
Telework in Guatemala Although in Guatemala there is no legal frame for “Telework”, it could be said that it is a way in which services are provided in a location other than the employer's office or headquarters. What makes this modality so attractive? What is the key to make it work? The key is in TECHNOLOGY, in the innovative and efficient use of tools that allow us to be connected without being anchored to a specific place... |
Special Regimes Relevant to Panamanian Startups At the beginning of astartup’slife,the use of financial resources in the most efficient way is of vital importance.It is for this reasonthatthe incentives that a country can provide to an entrepreneurand hisnewlyformed company can potentially determine how and how much that company willgrow... |
Feasibility of Organizing a Startup as Limited Liability Entrepreneurship Company On July 22, 2020, the National Assembly approved, after a third debate, Draft Law No. 83 (the “Draft Law”), which regulates limited liability entrepreneurship companies (the “LLECs”) in Panama, and is now awaiting the signature (or veto) of the President of the Republic... |
Superintendence of Non-Financial Regulated Persons Issues New Regulations in Relation to Attorneys and Accountants Panama, 24 July 2020. By means of Rule JD-01-2020, published in the Official Gazette No. 29076 of 24 July 2020, the Superintendence of Non-Financial Regulated Persons (SNFR) has established a set of rules and obligations imposed to attorneys and accountants whenever they incur in any of the regulated activities under Law 23 of 2015, which relates to prevention of money laundering, financing of arms of mass destruction and financing of terrorism... |
Panama: The World of Turnkey Contracts, Partial Payment Accounts and Certificates of No Objection
For a long time, we have heard in different social media, for various reasons, some more positive than others, information related to Turnkey Contracts and the State indebtedness resulting from the Partial Payment Accounts (in Spanish, “Cuentas de Pago Parcial”) and Certificates of No Objection (in Spanish, “Certificados de No Objeción”)... |
The Creation of a Startup in Panama An entrepreneur has a lot to consider when starting a new business... |
The COVID-19 Pandemic Triggers the Use of Electronic Commerce in Central America Confinement and strict measures of social distancing are now part of the reality of millions of people around the world. Given the uncertainty presented by the world panorama in the economic, political, social and cultural fields, the authorities must go one step further to try to mitigate the severe consequences that the COVID-19 pandemic has caused globally... |
Why Incorporate your Startup in Panama? In the corporate world, there is a novel type of enterprise labeled “startup,” which is known for its rapid growth, partly, because of the fact that it is highly related to the general use of information and communications technologies (ICTs) and the latest business trends... |
QIL+4 Abogados Introduces New Workplaces Manual: COVID-19 This new Workplaces Manual covers all General Preventative Measures set for the by the following: Governmental Agreement 79-2020 Ministerial Agreement 146-2020 Presidential provisions in force Provisions of the Ministry of Public Health and Social Assistance Guide to the identification of occupational hazards by Covid-19 and preventive measures in the workplace - IGSS Regulation of Occupational Health and Safety The Manual covers the specifics of all factors involved in halting |
The Civil Aviation Authority, the National Immigration Authority and the Ministry of Labor Extend the Measures Taken as a Result of the State of Emergency due to the COVID-19 Pandemic Civil Aviation Authority: All international flightsshall remain suspended untilJuly 22, 2020. National Immigration Authority: All identifications issued by the National Immigration Authoritythat weredue to expirebetween March 13 and July 31, 2020,willremain validuntilOctober 31, 2020,without incurring in fines or surcharges... |
Labor Update: COVID-19 Preventative Measures for Workplaces The Guide for the Identification of Labor Risks by Covid-19 and Preventive Measures in Workplaces was published by the Guatemalan Social Security Institute... |
Weekly Report: COVID-19 in Central America (May 30 - June 5)
Special Report "COVID-19 in Central America" on special measures taken in each country of our region prepared by the multidisciplinary team of Consortium Legal. The information contained in this publication is for information purposes only and does not constitute legal advice. The information is constantly updated and is subject to change... |
Corporate Compliance Guide - Chapter on Certifications "As demonstrated within this context, actual enforcement can serve as a powerful motivator of intensified corporate compliance efforts. Companies and individuals often want to do the right thing, but an effective compliance programme entails more than just a pristine ethical mindset. Among other elements discussed in this book, a compliance programme requires the commitment of management at all levels and sufficient resourcing to do the job well... |
Labor Update New Procedure for Authorization and Registration of Furloughs On May 23, 2020, the notice related to the Employment Protection Fund was jointly published by the Ministry of Labor and Social Welfare and the Ministry of Economy, through which a new electronic procedure was implemented for the registration, control and authorization of total suspensions (individual or collective) of employment contracts... |
Ministerial Agreement 146-2020: National Strategy for Control of Epidemic of SARS COV-2 and Conditioned of Confinement
The Ministry of Public Health has published changes in the strategy to be followed for the eventual de-escalation of the confinement measures to be followed, repealing agreement 144-2020... |
Government of Guatemala Issues National Strategy Plan to Reopen Activities in the Country The Ministry of Public Health and Social Assistance recently published Ministerial Agreement 144-2020 that contains the national strategy for controlling the epidemic COVID-19 and confinement conditions... |
COVID-19: Reopening of the National Immigration Authority and the Labor Immigration Department of the Ministry of Labor Updated on June 1, 2020 National Immigration Authority: Residence Permitsare valid until June 7, 2020. This measure is in place since March 13. The suspension of administrative processesanduser service will belifted from June 8. In-person user service will be restored gradually and progressively: Between June 8 and June 12, only attorneys will be allowed to visit, between the hours of 7:00 a.m. and 4:00 p.m... |
Weekly Report: COVID-19 in Central America (May 16 - 22) Special Report "COVID-19 in Central America" on special measures taken in each country of our region prepared by the multidisciplinary team of Consortium Legal. The information contained in this publication is for information purposes only and does not constitute legal advice. The information is constantly updated and is subject to change... |
COVID-19: Additional, Exceptional and Temporary Measures Adopted by the Superintendency of Banks of Panama and the Panama Banking Association. Rule 2-2020, as amended by Rule 3-2020 of the Superintendency of Banks of Panama (hereinafter, “SBP,” for its initials in Spanish). On March 16, 2020, the SBP issued Rule 2-2020, which was subsequently amended by Rule 3-2020 (here in after referred to as “Rule 2-2020") and "establishes additional, exceptional and temporary measures for compliance with the provisions contained in Rule 4-2013 on credit risk".”... |
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