Maritime Legal Services in Panama

The largest merchant marine fleet in the world (by dimensions and tonnage) flies the Panamanian flag. Huge shipping companies, as well as yacht and pleasure ship owners, choose Panama for registration due to the multiple ship registry advantages it offers. Through Mossack Fonseca, you can access ship registration and other legal services related to Panama’s maritime industry.

Find out below why Panama should be your first choice for ship registration and other maritime industry services.

Panama and its Maritime Tradition

The Republic of Panama has a great maritime tradition. Aside from the Panama Canal, which celebrated 100 years of operation in August 2014, an open registry system was adopted in early 1917. This transformed Panama into the state with the largest merchant marine fleet worldwide, both for dimensions and tonnage. Moreover, Panama has a modern maritime port cargo network, mainly at the extremities of the interoceanic waterways, providing important cargo transshipment services to and from South America and the east coast of the United States of America.

Ship Registry in Panama

Panama’s Ship Registry is one of the oldest open registry systems in the world. It was established in 1917, only three years after the inauguration of the Panama Canal. This structure permits the registration of any merchant, fishing or pleasure vessel under the Panamanian flag, without having to pay any minimum fee for Panamanian ship ownership, or fulfill any national operating requirements, other than those which must be met for ship registry, that is: guarantee compliance with appropriate seaworthiness standards, legal security relating to the ship’s title of ownership, facility to transfer ownership, and guarantee ship credits.

The Panama Ship Registry is a worldwide leader that satisfies the requirements listed above and more. A Panama ship ownership title grants full legal security and its ship mortgage offers exceptional stability for a creditor’s guarantee as regards the ship’s credits. The solidity of the title and speediness with which the creditor can process its credit and ship mortgage are crucial factors that have led the most prestigious banks and insurance companies in the world to have maximum trust in the Panamanian ship registration system.

Another advantage of the Panamanian registry system is the large network of consular offices maintained by the Republic of Panama around the world. Panama has over 120 consulates, including 70 devoted exclusively to the merchant marine, in cities and maritime centers of great importance worldwide. Panama’s consulates, particularly those located in cities engaged in the maritime and port industry, are well prepared to handle provisional ship registration requests in an effective and speedy manner.

In addition, the Panama Maritime Authority offers incentives both to ships that are already registered and to new registrations. Discounts are offered for customer loyalty, good practices, new registrations, fleets, and new construction, among others.

The Panamanian registration system is fast and easy. Provisional registration can be done with copies of documents and it takes only one business day. This provisional registration is valid for six months. During this period, a permanent ship registration must be made. This speedy provisional registration permits the shipping company to register and operate ships immediately, while permanent registration formalities are processed.

Maritime Services Offered by Mossack Fonseca

To meet your maritime legal service’s needs, our firm has an experienced team of lawyers specialized in the requirements, challenges, and procedures of the maritime industry.

Our main services in this sector include:

•          Ship and yacht registration

•          Assistance in the purchase-sale of ships and yachts

•          Change of ownership

•          Change of dimensions

•          Obtaining special licenses and permits to navigate in Panamanian waters

•          Renewal of patents and payment of taxes for ships

•          Legal opinions

•          Maritime litigation

•          Escrow service

•          Assistance in drafting contracts

•          Obtaining technical certificates

•          Registration and cancellation of ship mortgages

•          Other related services

If you have any questions or need further information, please do not hesitate to contact your local Mossack Fonseca Office, or email us at IWillson@mossfon.com or Akourany@mossfon.com

IGC & Associates, Inc.:Our Blog

Bridging the Gap- Engaging Generational Differences

So what is all this generational talk all about? Slackers, Tech Savvy, lazy, “pay their dues!”, text / IM, fear of change, respectful, job-hoppers, Social Media, lack of loyalty …sound familiar? Today, in most companies, your workforce demographics may include workers from all generations: Traditionalists, Baby Boomers, Generation X, and Millennials. We work with organizations and individuals who are working to increase their awareness and overcome the challenges they face with variety of generations in today’s workforce.

Who are these Traditionalists? Baby Boomers? Generation X? Millennials? To meet the demands of the competition in today’s job market, companies need to rise to the challenge of creating an atmosphere and business strategy that values differences, is open to new ideas, and ready to embrace customers’ and employees’ rising expectations. Additionally, organizations need to focus on how to enhance their training, development, and investment in today’s workforce, particularly in this competitive environment.

We focus on how to breakdown the stereotypes, myths, and realities of our workforce. Particular attention on how these generations deal with and adapt to change. Leaders and team members need to explore from within themselves how to appropriately educate and influence their thinking around generational differences. Subsequently, challenge their focus on their behaviors to rise to the challenge of creating a workforce that is inclusive, open to new ideas, and ready to embrace today’s expectations. Additionally, committing to improving teamwork, driving increased business results, and influencing your organization on how to begin to understand these differences.

Each generation has a unique personality and behavior style. The day of a “one-size-fits-all” training, leadership style, or retention strategies no longer fits with today’s workforce expectations. In order to remain competitive, companies are faced with updating their recruiting/hiring practices, compensation / benefits packages, and life/work balance opportunities. We are dedicated to helping businesses understand their generational differences and drive improved performance among individuals and teams. We partner with businesses to prepare them for the changes and transitions within today’s workforce.

With the recent changes in our economy, down sizing, and well known companies/businesses disappearing, it becomes even more imperative to understand how to connect and engage with all generations. The younger generations are entering key decision-making and leadership roles. How prepared are they to lead and connect with the older generations? 5-7 years ago, the trend was to educate the Baby Boomers and Traditionalists on how to lead and connect with the Gen Xers. Today, all four generations are co-existing in the workplace. It is essential emerging leaders in the younger generations understand how Baby Boomers and Traditionalists like to be lead, informed, and developed. Sending emails and text messages will not be the only answer. We can help!

Asaba Group Holdings: Victor Edozien In NASDAQ Closing Bell Event on Behalf of Successful United States Middle Market Companies

NEW YORK, NY - Victor Edozien, CEO of SET Enterprises Inc, a portfolio company of Asaba Group Holdings, rang the NASDAQ closing bell today, a rare honor for and first for any of the Asaba Group Holding companies.

Kenneth Beck, the Chief Executive Officer of CEO Connection had requested Edozien and few other Mid-Market CEOs, who are all members of CEO Connection, to participate in this honorable event to highlight the importance of mid-market companies like SET Enterprises to the U.S. economy with respect to innovation, employment growth and wealth creation. SET Enterprises has been innovative and growing and is a significant value added manufacturer in the automotive industry. CEO Connection is highlighting the importance of the middle market and its role as a major contributor to economic growth. Middle markets are companies with $100 million to $3 billion in revenue and they invited Edozien to showcase the growth of the Asaba Group Holdings’ steady expansion in the last few years and its target to be at $1 billion in revenue within the decade.

About Victor Edozien

Victor Edozien is the Founder and Managing Partner of The Asaba Group, Inc. - a strategy consulting/private equity holding company. A veteran of the US Army, Edozien has over 15 years of experience in strategy development & planning, revenue growth, acquisitions and business improvement.

In addition, he has been in principal investing since 2004 primarily in manufacturing and consumer goods sectors. He currently leads two portfolio automotive businesses: AG Manufacturing (www.agmanufacturing.com) and SET Enterprises, Inc. (www.setenterprises.com) which has manufacturing locations in Michigan, Illinois, Indiana, and Alabama. He is an Executive Director at Cintron World Inc. (www.cintronworld.com) a premium branded beverage manufacturer. His three portfolio companies have combined annual revenues of approximately $500 million annually. Edozien’s holds a BS in Electrical Engineering, BA Geology with Mathematics, MS in Engineering, and a MBA in Finance & Operations Management. He is currently a Wharton Fellow at The Wharton School at the University of Pennsylvania and is a member of the Young Presidents’ Organization (YPO), the Entrepreneurs’ Organization (EO), and CEO Connection.

About CEO Connection

Designed to facilitate peer relationships, CEO Connection is the only membership organization in the world focused exclusively on mid-market CEOs. It connects thousands of mid-market CEOs with each other and to people, information and resources to which they would otherwise not have access. Members are C-level executives with responsibility for all or significant portions of their respective company. It represents a wide variety of businesses across a broad geographic spectrum. The average size of the companies members run is $1.8 billion in annual revenue and 7,600 employees. Inspired by C-level Wharton executives, CEO Connection began in 2005 and has evolved into a dynamic community with wide-ranging benefits uniquely designed to help the mid-market CEO and champion the mid-market perspective. It is all about CEOs helping CEOs

About NASDAQ OMX Group

NASDAW OMZ is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, NASDAQ OMX enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. NASDAQ OMX is home to more than 3,300 listed companies with a market value of over $8 trillion.