Folio Administrators has launched their new operations in Panama City, Panama, further diversifying its business, this time into Latin America.
With breakneck economic growth, a $5.25-billion expansion of its famous canal and a capital city skyline unlike any in Central America (see image below), Panama has made a quick transformation to an outstanding economic performer that is the envy of its regional peers. Panama has replaced Chile as Latin America’s leading recipient of foreign direct investment (FDI) as a percent of its GDP, according to a Latin Business Chronicle analysis of new data from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and GDP data from the International Monetary Fund (IMF).
“We felt that Panama was an excellent choice to expand our business. It gives us more direct / easy access to the markets of South and Central America as well as a very well educated population. So far we have a dozen highly qualified and experienced staff working in the new office. We are now extremely well placed to expand rapidly as new business requires. Our existing and future clients will certainly benefit from this multi-lingual office”, Managing Director Daniel Cann says.
“Panama is traditionally a business orientated jurisdiction. It is politically stable, growing at a rapid rate, has excellent communications with the rest of the Continent, English is widely spoken and it is a safe and stable business environment. Since we opened at the end of 2010 it has exceeded all our expectations” he continues.
“Although, we believe, we are the first to commence this type of back-office operation from Panama, we are convinced many will follow in due course. The country uses the US Dollar and has the same time zone as New York in Winter and Chicago in Summer. The combination of private and public investment in Panama is creating an environment for growth, expected to be another 7.5% in 2011. It is also a very nice place to reside and has a high standard of living”.
Folio’s Panama office compliments its head office in the BVI and its joint-venture in Malta.
