Is Panama really the most business-friendly country?

coolandhot · 09-22-2007

Is it really the most business friendly country in Latin America? I suppose I can't think of another Latin American country that is more business friendly than Panama off the top of my head.

lee · 09-24-2007

Quote:

Originally Posted by coolandhot

Is it really the most business friendly country in Latin America? I suppose I can't think of another Latin American country that is more business friendly than Panama off the top of my head.

Yes I do think so.... because:

1. It has the US Dollar as national currency!
2. A good infrastructure.
3. About 200 different banks to choose from (maybe more).
4. High standard of living at relative low cost.
5. Most hotels and apartments have high speed internet.
6. It's friendly towards foreigners and not overly corrupt towards them.
7. A large EXPAT Community.
8. Many speak/understand English. Banks and shops have English speaking employees.
9. English book shops!
10. Low crime.

panman · 09-25-2007

I think the fact that it uses the US dollar helps a lot, especially for businesses from the United States.

titaniumhijau · 10-20-2007

Quote:

Originally Posted by lee

Yes I do think so.... because:

1. It has the US Dollar as national currency!
2. A good infrastructure.
3. About 200 different banks to choose from (maybe more).
4. High standard of living at relative low cost.
5. Most hotels and apartments have high speed internet.
6. It's friendly towards foreigners and not overly corrupt towards them.
7. A large EXPAT Community.
8. Many speak/understand English. Banks and shops have English speaking employees.
9. English book shops!
10. Low crime.

Erk. Thanks lee for that list. I need to think again if i need to bring my son here. Good or not its also depend on our money. I think i need to think again our budget.

themark · 10-20-2007

200 different banks? That's a lot! How many banks are there in other countries?

Charlez · 12-07-2007

Yeah the use of the USD is one of the most attractive aspects followed by the low cost of living.

Countries that don't use the USD tend to be seem less business friendly. Also the low crime rate is another good factor since what good is it to have a lot of money if your at risk of being robbed/killed? Which is why various other countries that offer a low cost of living are unattractive since their crime rates are much higher.

Monkey · 12-29-2007

Quote:

Originally Posted by lee

Yes I do think so.... because:

1. It has the US Dollar as national currency!
2. A good infrastructure.
3. About 200 different banks to choose from (maybe more).
4. High standard of living at relative low cost.
5. Most hotels and apartments have high speed internet.
6. It's friendly towards foreigners and not overly corrupt towards them.
7. A large EXPAT Community.
8. Many speak/understand English. Banks and shops have English speaking employees.
9. English book shops!
10. Low crime.

Thanks for posting some of what Panama is like, I'm going to go to Panama sometime in the future for business related issues and i can't speak Spanish although now that you've mentioned that the majority of them can speak English it makes me abit happier ;P.

nuaeman · 12-30-2007

What kind of business is more suitable and well known over there? How's the buying power over there and also piracy and stuff.

zhinghur · 12-30-2007

Quote:

Originally Posted by lee

Yes I do think so.... because:

1. It has the US Dollar as national currency!
2. A good infrastructure.
3. About 200 different banks to choose from (maybe more).
4. High standard of living at relative low cost.
5. Most hotels and apartments have high speed internet.
6. It's friendly towards foreigners and not overly corrupt towards them.
7. A large EXPAT Community.
8. Many speak/understand English. Banks and shops have English speaking employees.
9. English book shops!
10. Low crime.

Are you sure there are 200 different banks in Panama ??
Not overly corrupt but corrupted to a huge extent such that we can bribe the cops??

MRWOOHOO · 12-30-2007

Actually I think allot of banks merged so it actually maybe only 100 now. As far as bribing police outright, it is pretty common practice in many countries and pretty standard throughout Latin America. Once again the police here are pretty friendly towards the tourists, no problem.

nuaeman · 01-06-2008

I guess some business which deal with illegal things like pirated software or such can take this opportunity to bribe but I find that's not gonna be good for other businesses which are doing the legal way.

MichaelJamesPorter · 03-19-2008

I do business with Panama and other 3rd world countries (although I do not classify Panama as a 3rd world country) with my European company. The fact that Panama's legal tender is the Dollar provides great financial stability and saves everyone a lot of hassle for making contracts, paying any 3rd Party and dealing with banks. It is much more difficult doing business in Costa Rica and even in some parts of Africa.