Add You - Business

Setting Business Goals - Overcoming the Fear of Failure
Everyone starts to consider goals for the future when the year comes to an end. You may be in a position where you have been considering starting up your own business, or you may have a business but are ready to take it to the next level, but for one reason or another have been putting off the steps necessary to ‘go there’. You have to set goals to make it reality, however. Often fear is what holds us back from setting goals. What if you fail? Or what if you succeed?? You want it but it scares you terribly!Less than three percent of all Americans have written down goals. Eight out of 10 businesses fail within the first 3 years because a surprising number begin their businesses without creating any plans.They say that if you don’t plan out your journey, you can’t get there. If you envision your business going somewhere, how do you know where ‘there’ is without that plan written down? Another saying is ‘Failure to plan is a plan for failure’. But if you never set up your plan, you can’t fail, right? However, then you will look back at your life, 20-40 years from now and find yourself saying, ‘I wish I had…’ Life is too short to allow yourself to limit your possibilities.I believe that we all really can achieve anything that we believe is possible. We do need to plan for those dreams, however, and be realistic. Just thinking about them will not make them reality, and just opening the doors and saying we’re in business will not make our dreams a success. We create our own reality, whether that’s success or failure, based on the research and work we are willing to put into making those goals happen. What do YOU want to achieve?Let’s consider some tips to help you create and achieve your goals and create the business of your dreams:Share your goals with others When I

visors when the company does business abroad from Panama with prior approval by the Ministry of Labor.

You must obtain a work permit from the Ministry of Labor for every foreign worker.

Panama’s Labor Laws The Labor Code of 1971 deals with Labor Relations including the rights and duties of employers and employees. "Subordination" is the key concept of the law. Any relationship where one person is subordinate to another falls within the law. It makes no difference whether the relationship is or is not described as "employment".

There are certain basic employee rights which must be followed:

1. Written Employment Contract

2. Minimum Wage

3. Maximum Hours

4. Paid Vacation Time

5. Firing Employees

Employee Contracts You must have your employees sign a written employment contract called an Inscripcion Contratos con trabajadores. You must file two copies of the contract with the Ministerio de Trabajo y Desarrollo Laboral. Employers can easily terminate the employee during the first two years. After that, employees have greater protection under the law. The law lists "just causes" for dismissal. Unlawful dismissals can result in minimal compensation payments. Both parties can contract for "fixed terms". Minimum wage levels vary according to the employee's seniority.

Vacations: There are 11 public holidays per year. In addition, employees are entitled to a 30 day vacation every year. 13th Month: The law also requires a 30 day paid bonus every year which is known as "the 13th month". This bonus is estimated at one-salary day for every 11 days of work. The 13 month bonus is paid in 3 equal installments: April 15th, August 15th, and December 15th every year.

Unions Unions are allowed in Panama. Unions can collectively negotiate on behalf of the employees. Strikes are lawful under defined circumstances after a majority vote of the member employees. Conciliation is mandatory before a strike can occur. However, only around 11% of the private sector employees are unionized.

Leasing Office or Business Premises Panama's laws regarding leasing comm

EU Protects Own Shoe Industry Against Asian Exporters
In a bid to protect its own shoe-making and leather industries, the European Union proposed anti-dumping policies and duties against Asian shoes. The EU stated its intent last Tuesday as Asian exporters like India, Vietnam, and China flood European markets with cheaper but quality shoes. The EU felt that the low cost of Asian shoe exports threaten fair trade in the markets of Europe. If the EU succeeds in its bid, Asian exporters are likely to face an increase on tariff and exportation fees.It was reported that the governments of EU-member countries would conduct a month-long debate about the proposed extra charge on Asian exporters. If approved, these extra charges may amount to an increase of 16.5% on Chinese shoes and ten percent for Vietnamese exports. The proposed increase is projected to affect 11 percent of every footwear pair purchased in EU's markets. The proposed increase will affect every kind of footwear exports from children's footwear to custom-designed shoes. The EU, in its proposal, pegged the duration of the tariff amendment for five years.The EU officials stated that the extra duties and dues could increase the average cost of Chinese and other Asian shoes by euro1.40 or roughly almost two dollars in retail. If the Asian exporters and their EU partners decided to let the public shoulder the added costs, Asian shoe prices may cost euro36.4 or $46. The Asian shoe industry, particularly those of China, India, and Vietnam, are likely to suffer much as their main market -- children's footwear -- are absorbed into the policy.The EU, for its part, defended its call to absorb kiddie shoes in the program. According to EU officials, the Asian shoe exporters and importers trick the system and the customs by labeling the smaller sizes of ladies' footwear as kiddie shoes. This had damaged the EU shoe

Hundreds of foreigners residing here are starting up new businesses in Panama every year. Panama offers many opportunities for business entrepreneurs. You can start a bar, restaurant, retail shop, hotel, bed & breakfast, provide tour-guides or professional services. Maybe you are thinking about opening a new business full time? Or, you are retired and thinking of passing the time by engaging in a part-time business. Whichever you do, Panamanian laws must be understood and complied with. That's why the following information will be useful for every reader who is thinking about starting a business in Panama.

LEGAL BUSINESS STRUCTURE Your first consideration is to decide what type of business structure to use.

There are 3 normal business entities here in Panama: Sole Proprietor where you and your spouse & family operate a business as sole owners. Partnership where you team up with one or more persons in running the business. Corporation where you register with the government as a company issuing stocks, having a Board of Directors and corporate officers. While a sole proprietorship can be an oral agreement between close family members, the other two entities need the assistance of a Panamanian lawyer. That's because legal documents need to be prepared forming a Partnership or Corporation. If they are wrongly prepared, they will be legally null and void causing a business legal nightmare for its members.

Let's examine the different legal structures here in Panama:

Corporation (Sociedad Anonima) Corporations are formed under the Law No. 32 of 1927 and the Commercial Code (Decree-Law No. 5 of 1997, Article 5). A Panamanian corporation is formed by two persons (called Subscribers) or Nominees (who act on behalf of absent foreigners) who execute legal documents called the Articles of Incorporation. Those documents are filed with the Panama Public Registry office. After the corporation is formed, only one shareholder will be required. Corporate shares are issued which can be of various classes, can have par value or not, may be officially registered, or can be discreet Bearer shares. The corporation must have a resident Registered Agent (Panamanian lawyer). There must be at least three Directors whose names must be in the Articles of Incorporation. Any changes of Directors must also be filed with the Public Registry. Unless the Articles are changed or the corporation merges or dissolves there will be no other filing requirements.

Foreign Corporation If you already have a corporation in another country, it can do business in Panama by filing the following documents at the Public Registry Office:
1. A notarized Spanish translation of the Articles of Incorporation;
2. Board of Directors minutes authorizing the Panamanian registration;
3. Copies of the most recent financial statements;
4. A certificate from a Panamanian Consul confirming that the company is organized according to the laws of its place of incorporation;
5. Notification of the transfer of capital to the Panamanian operation.

General Partnership General Partnerships are permitted in Panama. As with most countries, the partners will have unlimited civil liability. That means every partner can be sued even if only one of them commits an error in the course of business.

Limited Partnership Limited Partnerships (called Sociedad de Responsibilidad) are also permitted in Panama. They are governed by the Commercial Code and Law No. 24 of 1966. There may be from 2 to 20 partners with no restrictions as to their nationalities or domicile. Their Capital must be at least $2,000 up to $500,000. The names of the partners must be registered with the Public Registry Office including the amount of Capital each contributed. Each partner's civil liability for the Partnership's debts is limited to the amount subscribed to but unpaid. If the Partnership appoints an independent administrator, his/her name must also be registered. No meetings are required if the Partnership has 5 members or less. Otherwise, a meeting must be held at least once a year. There are no requirements for annual returns or filing of any accountings.

An alternative to a Sole Proprietorship is to create an Individual Limited Proprietorship (Empressa Individual de Responsibilidad Limitada). This is set up in the same manner as a Limited Partnership except having only one member. The individual transfers his/her assets to the business. Business civil liability is limited to the amount of the committed assets.

Civil Partnership A Civil Partnership (Sociedad Civil) is allowed by the Commercial Code and Law No. 24 of 1966. The liability of the partners is unlimited. This type of partnership is often selected by professionals such as lawyers and accountants.

Commandite Company The Commandite Company (Sociedad en Commandita) is a hybrid partnership and corporation also governed by the Commercial Code and Law No. 24 of 1966. At least one partner must have unlimited liability, while the liability of the limited partners is limited to the amount of capital subscribed. This type of legal structure is seldom used in Panama.

GOVERNMENT PERMITS & LICENSES Once you have either formed a Panamanian Corporation, or a Partnership, or are acting as a Sole Proprietor, you will need to register your business with the government before opening for business.

The 6 steps provided below are the requirements for registering your business with the national and local governments:

1. Income Tax Registry This is called "Registro Fiscal" with the Panamanian government. The Panamanian government has a website explaining what is necessary to register in Spanish. Go to the govt. website at: www.dgi.gob.pa This is the government Revenue (Tax) Service where your company receives its income tax id number called the Direccion General de Ingresos. You will need to keep records of income and expenses and file an annual income tax (or corporate tax) return and pay any taxes owed.

2. Commercial License Another Panama government website will give you information regarding getting a commercial license in Spanish at: www.mici.gob.pa This Ministry is called the MINISTERIO de COMERCIO e INDUSTRIAS, translated as the Ministry of Commerce & Industry. This is otherwise known as your Business License. Every business in Panama is required to have one.

3. Municipal Taxes After getting your Panamanian government licenses, you need to register with your local municipality in order to pay your municipal taxes.

4. Social Security Number Then you must go to the Registro Patronal de la Caja de Seguro Social (CSS) to get a Social Security number for your business and for yourself.

5. Sanitary Permit If your business deals with food or beverages, you will need to get Permisos Sanitarios with the Ministerio de Salud. That translates as a Health Certificate from the Ministry of Health for permission to operate a sanitary business. Every employee (including owners & management) who prepare or serve food or beverages (or are in the vicinity of food or beverage preparation or service) must obtain two different Permits. One requires a medical & dental examination at a public hospital. The other is issued after attending a two day health & safety course.

6. Fumigation Certificate Every business which is open to the public must be fumigated. You will need to hire a private fumigation company every four months to fumigate against ants, roaches, and other bugs. You must then present a receipt from the fumigation company and obtain a Fumigation Certificate from your local municipality. This must be publicly displayed at your business entrance.

Hiring Employees Now that you have obtained all of the required government permits and licenses, you are now ready to hire employees. For those of you thinking of hiring your expat buddies, Panama limits a company's work force to a maximum of 10% foreigners (non-Panamanian). Panamanian laws require that 90% of a company's employees be Panamanian citizens, or married to a Panamanian, or foreign persons residing here for at least 10 years.

But, there are exceptions:

1. Required technical or specialized staff unavailable in Panama increases your quota to 15% foreigners. You can also petition the Ministry of Labor for a higher quota.

2. Companies having less than 10 employees can employ 1 foreigner.

3. Companies can employ foreign Managers and Supervisors when the company does business abroad from Panama with prior approval by the Ministry of Labor.

You must obtain a work permit from the Ministry of Labor for every foreign worker.

There are certain basic employee rights which must be followed:

1. Written Employment Contract

2. Minimum Wage

3. Maximum Hours

4. Paid Vacation Time

5. Firing Employees

Leasing Office or Business Premises Panama's laws regarding leasing comm

Bar Code Printers
Barcode Printers come in various types, including general-purpose laser and inkjet printers. Then there are printers that support multiple symbologies. They are called Thermal bar code label printers. General-purpose laser and inkjet printers cannot directly print barcodes. That is because these basic printers do not support bar code symbologies and are therefore upgraded to do so. They need to be programmed to support bar coding, which may entail addition of more features and fonts.Barcode printers employ two major printing methods, namely Direct Thermal and Thermal Transfer. Both methods basically involve the same technique to print bar codes with difference in the use of ribbon. They make use of a print-head that applies heat to a surface that is pre-marked. Heated ribbon is used to produce long-lasting images in Thermal Transfer printing, while Direct Thermal does not use ribbon and instead prints the image directly on the label. In Thermal Transfer printing, a large number of materials may be used. This generally helps in creating durable images over a long period of time. Direct Thermal, on the other hand, helps in making put-away labels, receipts and other such small variety.Ideally, barcode printers can print on labels that are specifically designed for the purpose. However, the printers are also capable of printing on fabrics like polyester. We have printers etching away prints on headbands and even synthetic materials. Quite contrary to popular perception, barcodes are not only black. Barcode printers can print in various colors, but black is generally preferred because a light color may end up with insufficient contrast between the bars resulting in unreadable barcodes.Nowadays, several security features are available to ensure that there is no counterfeit coding by the printers. The latest ther

s. The corporation must have a resident Registered Agent (Panamanian lawyer). There must be at least three Directors whose names must be in the Articles of Incorporation. Any changes of Directors must also be filed with the Public Registry. Unless the Articles are changed or the corporation merges or dissolves there will be no other filing requirements.

The 6 steps provided below are the requirements for registering your business with the national and local governments:

3. Municipal Taxes After getting your Panamanian government licenses, you need to register with your local municipality in order to pay your municipal taxes.

4. Social Security Number Then you must go to the Registro Patronal de la Caja de Seguro Social (CSS) to get a Social Security number for your business and for yourself.

But, there are exceptions:

1. Required technical or specialized staff unavailable in Panama increases your quota to 15% foreigners. You can also petition the Ministry of Labor for a higher quota.

2. Companies having less than 10 employees can employ 1 foreigner.

3. Companies can employ foreign Managers and Supervisors when the company does business abroad from Panama with prior approval by the Ministry of Labor.

You must obtain a work permit from the Ministry of Labor for every foreign worker.

There are certain basic employee rights which must be followed:

1. Written Employment Contract

2. Minimum Wage

3. Maximum Hours

4. Paid Vacation Time

5. Firing Employees

Leasing Office or Business Premises Panama's laws regarding leasing comm

Workshop Scripts: Developing the Art of Public Speaking
A discussion recently about conducting successful workshops led me to believe that very few people have the answers. It is ironic that the very people who are supposed to have all the answers, people conducting workshops, don’t really know how to capture and captivate an audience. It’s a shame that most people are being attracted to the more alluring and energetic voice, one that may not necessarily have the correct answer.We’ve seen them on television and businesses hire them as motivational speakers, because that’s really all they do. They transfer their high energy to you and make you want to jump out of your seat and go get something done. But what it is that you want to do, you don’t even know yet. You don’t have the answer to that one. You’re just a ball of energy ready to explode and make things happen, but you don’t have a cause.We’ve seen the other too. We’ve seen the guy who knows what you need to do and how to do it. He’s the hired training officer for your company who reads through all of the directives and puts them into a language that you and your fellow workers can understand. He’s the guy who can help you get further ahead in life and really succeed at what you do, but you fall asleep in his training sessions because he never learned how to deliver his information with as much as enthusiasm as the expert public speaker who comes at a high price.Workshops don’t need to be dog and pony shows where you literally have to do a somersault to keep your audience interested in what you are saying. But, you do need to lighten up a bit and care about your delivery. It’s not difficult at all and you don’t need a few years in college or even a college course to improve your public speaking skills. All you need are a few tips to remember. I’ve written several other articles about conducting

idual Limited Proprietorship (Empressa Individual de Responsibilidad Limitada). This is set up in the same manner as a Limited Partnership except having only one member. The individual transfers his/her assets to the business. Business civil liability is limited to the amount of the committed assets.

The 6 steps provided below are the requirements for registering your business with the national and local governments:

3. Municipal Taxes After getting your Panamanian government licenses, you need to register with your local municipality in order to pay your municipal taxes.

4. Social Security Number Then you must go to the Registro Patronal de la Caja de Seguro Social (CSS) to get a Social Security number for your business and for yourself.

But, there are exceptions:

1. Required technical or specialized staff unavailable in Panama increases your quota to 15% foreigners. You can also petition the Ministry of Labor for a higher quota.

2. Companies having less than 10 employees can employ 1 foreigner.

3. Companies can employ foreign Managers and Supervisors when the company does business abroad from Panama with prior approval by the Ministry of Labor.

You must obtain a work permit from the Ministry of Labor for every foreign worker.

There are certain basic employee rights which must be followed:

1. Written Employment Contract

2. Minimum Wage

3. Maximum Hours

4. Paid Vacation Time

5. Firing Employees

Leasing Office or Business Premises Panama's laws regarding leasing comm

Street Signs
Streets signs' refers to signs put up on street sides for indicating street names, road signs, traffic signs, parking prohibitions, directions, maps, and other information. Street signs are put up on elevated spots so that they are clearly visible. Individuals also require street signs to put up personal advertisements or name and address of their house for easy location by the mail delivery personnel. However, putting up personal signs requires permission from the government authority prior to its installation.They are available in various materials such as metal, wood, aluminum and other such materials. Traditionally, materials such as wood was used to make sign boards for street signs. These days, street signs are made out of metals. There are engineer-grade reflective street signs and signboards made of .08-inch thick aluminum, which are fairly popular. These signs usually do not rust, and normally have an average life span of 7 years or more. They are ordered by the State and Federal D.O.T. specifications and are very commonly used by cities nationwide. It is important to use the specific hardware designed especially for flat street name signs.There are non-reflective street signs, which prove to be more economical but are effective only during daytime. They are sprayed with polyester powder, which is coated with paint and then are parched on. These signs are resistant to rust. The text is lettered with high performance vinyl. These signs are considered the best options where reflectivity is not required. They can be easily installed on round, square or "U" channel posts. Street signs also require special brackets that are easily found in hardware stores.Many websites provide individuals information relating to the different street signs. Individuals as well as businesses can opt to buy these signs as

anama is required to have one.

3. Municipal Taxes After getting your Panamanian government licenses, you need to register with your local municipality in order to pay your municipal taxes.

4. Social Security Number Then you must go to the Registro Patronal de la Caja de Seguro Social (CSS) to get a Social Security number for your business and for yourself.

But, there are exceptions:

1. Required technical or specialized staff unavailable in Panama increases your quota to 15% foreigners. You can also petition the Ministry of Labor for a higher quota.

2. Companies having less than 10 employees can employ 1 foreigner.

3. Companies can employ foreign Managers and Supervisors when the company does business abroad from Panama with prior approval by the Ministry of Labor.

You must obtain a work permit from the Ministry of Labor for every foreign worker.

There are certain basic employee rights which must be followed:

1. Written Employment Contract

2. Minimum Wage

3. Maximum Hours

4. Paid Vacation Time

5. Firing Employees

Leasing Office or Business Premises Panama's laws regarding leasing comm

7 SBA Loan Myths
Most small business owners have considered financing at some point in the life of their business. You may have considered expansion, buying new equipment, more inventories, purchasing real estate, or just looking for a new capital infusion. But the confusion surrounding SBA loans may perplex or frustrate even the most astute entrepreneur. Conflicting information from your trusted advisors or the internet may not help to bring you closer to separating fact from fiction.There are many myths surrounding SBA loans. Some of these myths are substantial and strong enough to discourage a small business owner from expanding, getting out from under onerous debt, or even staying in business. Understanding how an SBA loan works and how to successfully get one for your business is a matter of separating the facts from the myths. You may recognize yourself in some of the following misconceptions of SBA loans. You will finish this article more informed and in possession of the facts. The facts regarding SBA loans can help you to be a better, more successful small business owner.The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA recognizes that small business is critical to America’s economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and priva

visors when the company does business abroad from Panama with prior approval by the Ministry of Labor.

You must obtain a work permit from the Ministry of Labor for every foreign worker.

There are certain basic employee rights which must be followed:

1. Written Employment Contract

2. Minimum Wage

3. Maximum Hours

4. Paid Vacation Time

5. Firing Employees

Leasing Office or Business Premises Panama's laws regarding leasing commercial space is similar to most English speaking countries.

1. It needs to be in Writing.

2. It needs to properly describe the location of the pre-mises.

3. It needs to address the amount and frequency of the lease payments, length of the lease period, whether there is a Security and/or Damage deposit, who pays for gas, water, electricity, and repairs. It will also contain provisions for late rent payments, tenant property damage, and renewal of the lease term.

4. It must be signed by the property owners (or legally authorized representatives) and the tenants.

5. All signatures must be Notarized before a Notary Public.

There are many more terms and conditions which should be included in a standard commercial lease which is why you should consult with a Panamanian attorney before signing one prepared by your landlord.

Business Bank Account Even if you are a sole proprietor, you should never co-mingle your personal funds with business monies. That is why you'll need to open a bank account for your business. Partnerships and Corporations definitely need to open separate Business or Corporate Bank Accounts.

When you open an account for a corporation, partnership, or a business most banks require the following information and documentation:

1. Most banks require a personal interview, while some banks may allow a telephone interview.

2. A clear copy of the account's Signatory and each corporate Director's Passport (must include the photo & personal information page, and Panama entry stamp page).

3. A clear copy of a second photo id (such as a driver's license or national id card).

4. Two bank references for each Director and account Signatory. These references must entail the satisfactory conduct of the account holder and that the banking relationship had been ongoing for a minimum of 2 years. It would be helpful if the references also confirm the person's residential address. Many Panamanian banks require the references be specifically addressed to that bank's branch. Some banks may accept only one bank reference letter (especially if you have done all of your banking with only one bank).

5. Two professional references for each Director and account Signatory. These references may be written by one's accountant, lawyer, stock broker, insurance broker, real estate broker, or employer. They should be written on their company letterhead. These must include the duration and nature of their business relationship with the applicant. Only an Original letter will be accepted.

6. Proof of Address: You must provide a copy of a utility bill (phone, water, electricity, cable TV, or Internet service) which contains your name and address.

7. A "Company Profile" letter must be submitted which briefly describes the type of business the account holder will engage in. This will include the location of the business, the products or services you are selling, the nature and expected volume of business, the origin of the funds to be deposited, an estimate of the monthly or annual amount of funds to be deposited, and the reason for opening a bank account in Panama.

It will help if your Panamanian lawyer accompanies you to the bank in order to make sure the process goes smoothly.

Once all of these documents have been received, they will be forwarded to the bank's Compliance Officer who reviews the entire application to insure no money laundering will occur. This process will go smoother and may have less required documents if you first go to the Panamanian bank where you already have a personal account as they already know you.

Taxes Now that you are licensed, moved into your commercial space, hired employees and have a bank account; you need to worry about taxes.

Conclusion There are many legal documents, government applications, contracts, and laws one must comply with in order to start a business in Panama. That is why you should consult with a Panamanian lawyer who is knowledgeable with Panama's Business, Labor, Tax, and Real Estate laws before going into business.

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We have all heard the old adage, “Never Assume,” but we do it anyway. We assume the paycheck will come on the expected day. We assume others will do their job or do what they say. We are always assuming. What “Never assume” really means is that we need to be aware of our assumptions and often, test them. This is of great importance to any organization that considers itself a learning organization.

Dynamic digital signage has evolved significantly since its inception and it is helpful to understand how this has happened. Basically, digital signage consists of visual content being delivered by a network of displays that is controlled and managed from a central location.

What the employee and the employer really want from each other? Communication is the key to obtaining the top employees and explaining right from the start what the real expectations are of them.

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