Hiring in Panama
We’ll say it before you think it: Panama’s endearing legacy are its hats and its canal. Granted, the first fashion is indeed a big part of Panamanian culture and an absolute necessity in this tropical Central American nation of 4.3 million, but the waterway that links the Atlantic and the Pacific has seriously put Panama on the map.
Thanks to being one of the most crucial shipping transit points on earth, Panama’s economy does indeed rely heavily on the Panama Canal and has done since its construction. The explosion in trading, finances and taxes has created a banking industry that surrounds merchant shipping, an industry that has gained notoriety in recent times.
Panama has developed into a tax haven, with offshore assets often registered, stored or sent through Panama. This makes investing in Panama highly popular and lucrative, and many payroll ventures in Panama are to do with finance. However, the trickle-down from finance doesn’t spread to the average Panamanian, with low overall wages, limited development and informal working practices still widespread outside the banking offices.
Why use TopSource Worldwide in Panama?
We free your teams from the burden of managing payroll across borders, working diligently to ensure a seamless process across all activities.
We’ll manage the data flow from you to every local market and will return data to you in a readable format for each of your key teams, including payroll journals if needed.
Our services combine process excellence with a human-centric approach, and our top priority is always the care and compliance of your payroll — no matter where in the world you operate.
- Leverage our experience and ensure in-country Payroll compliance.
- Reduce processing and back office time.
- Align processes, reducing complexity and risk
- A single, centrally managed payroll system that delivers a fluid and consistent service to you and your employees.
- Flexibility of service — adapting to your needs, regardless of the market.
- The option to work with other providers you already have in place, if needed.
- Global HR data management and data tracking where required.
- Global payments support for both employees and authorities.
- A dedicated team and account manager so that you always have a central point of contact
What TopSource Worldwide provides in Panama
- Simplicity – we provide one monthly consolidated invoice for the services provided inclusive of salaries, taxes, fees and employee expenses. This reduces banking costs and your finance teams time spent.
- One point of contact – a single Account manager looking after all your Payroll.
- Compliance – all funds payable to the employee are processed through payroll. You receive monthly evidence of taxation paid to the competent authorities in country.
- All services are provided by in-country experts that are professionally qualified in their respective fields.
- Electronic payslips for all employees.
- All Statutory filing completed by TopSource Worldwide.
We appreciate each situation and business is different. That is why we offer a consultative and bespoke solution to every client. We know one size does not ‘fit all’.
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