Regional or Headquarters offices are corporations which from
Panama carry out operations or services to their main offices or
subsidiaries in other countries. "SEM" corporations may
operate as a foreign company registered in Panama or as a
Panamanian company wholly owned by the "mother"
multinational company.
Act No. 41, a SEM Corporation is defined as: "That
multinational company that operates from Panama offering the
services described in this Act to its headquarters, subsidiaries,
affiliates or associated companies, or set its headquarters in
Panama, hereinafter Business Group. The Headquarter will always be
part of a multinational company with international, regional or
important operations in their origin country".
