Other cities, available with also fast transit times. When panama became a wto member, it committed to accede to the wto agreement on government procurement gpa. Find cheap deals and discount rates among them that best fit your budget. While panama is an observer to the wto committee on government procurement, it has not proceeded with accession to the gpa. Regardless of the product being sold, display panama sa is able to provide, duty free, the equipment necessary to display it. Economic growth from 20002003 was hampered by the global slowdown, a decline in the colon free zone and agricultural exports, and the overall impact of the withdrawal of the us. The colon free trade zone was created in 1948 and is the 2 nd largest in the world behind hong kongs. The colon free trade zone, panama republic of panama in 1948 the republic of panama began a project to solve two basic needs at both the national and international levels. Panamas main destinations of reexports from the colon free zone. The country of the isthmus has 16 free zones, including the free zone of colon zlc, the second largest free rade zone in. The 99 companies operating in panama s 15 free zones may import inputs duty free if products assembled in the zones are to be exported.
The colon free trade zone, panama republic of panama. Companies in the colon free zone colon free trade zone. Panama s free trade zones are prone to facilitate money laundering and other crimes. Cfz is located on the atlantic side of the panama canal, employs 30,000 workers, and its net exports account for 4% of panama s gdp.
Administered as an autonomous ins tu on of the panamanian government. Tax exemption on imports, reexports and manufacturing of goods. Companies in the sporting goods category, colon free trade zone, panama republic of panama. Colon free zone, panama pacific and city of knowledge. Known as the worlds second largest free trade zones, the colon free trade zone is considered as panama s duty free heaven. Panama s colon free zone ensures its importance as a crossroad for worldwide merchandise traffic. The colon free trade zone is a free port in panama dedicated to reexporting a wide variety of merchandise to latin america and the caribbean.
Worldwide, the colon free zone is second in size only to hong kong and it is the largest of its kind in latin america. Colon free zone cfz was created in 1948 as an importreexport zone and today is the second largest sez in the world. Leading services include the panama canal, banking, the colon free zone, insurance, container ports, and flagship registry, medical and health, and tourism. Reefer inland capabilities customs clearance performed in the ports as well as bonded cargo pick up and deliveries. It is the capital of panama s colon province and has traditionally been known as panama s second city. Each of them offer different kinds of tax breaks based on their intended purposes. Unctad, trade policy frameworks for developing countries. The cfz law modernizes the legal framework of the cftz by. If you have ever considered starting up an export business, panama is a great place from which to operate. A report published by the ministry of economy and finance underlines an open secret. Colon free trade zone, one of the worlds major free trade centers for the. Playing cards batteries bulbs ifla boats calculators tooth brushes metric tape measures nail clippers silverware lighters string lamps files pens false and acrylic. In the colon free zone, you can reap tax and financial benefits that are unrivalled anywhere else on the planet. Panama maritime ports move more than 6 million teus per year.
Browse expedias selection of 55 hotels and places to stay closest to colon free zone. In 20 transit through tocumen international reached 7. It is currently the worlds second largest free trade zone trailing hong kong but is much more accessible for. Located in the colon free trade zone, capital panama has 3 warehouses and nearly thirteen thousand square meters. Save on popular hotels near colon free zone, colon. One, the modernization of the economic service sector, and the other, a mechanism without precedent to streamline regional commerce on a large scale. Decorative panel systems tubular rick systems wire grid systems. Panama tax free zones panama offshore legal services. Over 1,800 companies operate in the colon free zone with the majority of them involved in importing and exporting, including factories, warehouses, and repackaging many products.
The first panama tax incentive began in 1948 when the colon free trade zone was established and has become the second largest tax free zone in the world after hong kong. Sell through panama s colon free trade zone to the region a u. The free zone law, the panama pacifico zone, the colon free zone. The colon free trade zone cfz offers a remarkable opportunity to u. Companies that benefit from these exemptions are not eligible to benefit from the program to promote the competitiveness of agricultural exports cefa in spanish for their exports. Panamas export of goods, free on board value, 20032014. Located n the colon free zone, the company has the location and expertise to help its clients make a great impression. Drove over to colon from panama city to site see and shop duty free. Of course, the more you spend the lower the percentage. Challenges and opportunities of a logistics hub 1 since the united states completed the panama canal in 1914 linking the atlantic and pacific oceans, an independent panama has been a hub for international trade. Airport cargo and passengers in the colon free zone currently.
Panama s free trade zone the colon free zone is the worlds second largest free trade zone and plays an important part in panama s service economy. General overview on panamas economy and investment climate. Panama, and a solesource purchase of radar equipment and helicopters for reportedly inflated prices. The services sector includes the panama canal, shipping and container port activities, and local and offshore banking and insurance services. Special economic zones in panama harvards growth lab. Opportunities for indian exporters in the colon free zone. All engagement fees click link are agreed and paid up front and agree to. Shopping at the colon free trade zone panama city forum. Originally it was located entirely on manzanillo island, surrounded by limon bay, manzanillo bay,and the folks river. The colon free zone alone represents a larger market than panama s entire internal market. Fob colon free zone is a catalog and directory of companies, products and services offered in the colon free zone, republic of panama.
It is located on the caribbean coast, near the atlantic entrance to the panama canal, in the province of colon, within the city of colon though outside its municipal jurisdiction and operates as an autonomous entity of panama. The colon free trade zone in panama offers monetary, fiscal and corporate. Panama colon free trade zone benefits and requirements. If you want to be near all the action, and stay in a topnotch hotel, check out the melia panama canal, 3 miles 5 kilometers away.
However, that figure obscures actual trade with panama, as the economy is highly concentrated in service sector accounting for roughly 80 percent of its economic activity. Colon free zone created a special office for ipr enforcement in 1998. When it comes to finding hotels near colon free zone, an orbitz specialist can help you find the right property for you. Panama reorganizes free trade zone in colon and regulates.
Business panama colon free zone and other free zones. The bulk of the trade flowing through the colon free. Information on colon city and the colon free zone a the city of colon colon is the second largest city in the republic of panama. Colon free zone, panamapacific and city of knowledge. On 6 april 2016, through publication in official gazette no. Chat live or call 18004543743 any time for help booking your hotels near colon free zone. Beginning in 1994 with a staff of three, the company has grown to more than twentyfive employees. The 80% of these stores sell their products wholesale container load, bulk or by the dozen, the other 20% of stores will sell consumer products individually. Panama free zone company formation fees without travel 1. Capital panama has more than fifteen years in the merchandise transportation business.
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