Professional conference organiser (PCO) Congrex Panama City, one of 18 regional offices affected by the collapse of Congrex Holding, completed the management buy-out on 26 November and is currently in the process of finalising a few legalities with the contract.
All six member of staff at Congrex Panama City will retain their jobs. The office will continue to use the Congrex brand name in the coming weeks while it plans a re-brand.
Rob Harrison, former chief executive of Congrex UK, who completed a management buy-out of the UK office last month, is president of the board of directors and is one of the shareholders of the company. Harrison has been involved with the Latin American region operation since 1991.
Congrex Panama's managing director said: "The country is a natural hub in The Americas. Panama's fiscal situation allows the dollar as legal currency to enable business to run with a lesser risk and, on top of all this, Panama enables international organisations to sit in Panama with taxation benefits to run their operations including no VAT, no corporate tax and immigration advantages for the staff.
"Also, it is possible for international organisations to open bank accounts, keeping a transparent offshore status. It has great infrastructure and connectivity that eases logistics and communication.
"We have a lot of events coming up in 2014 and we are currently bidding for the World Economic Forum – Latin America 2014 to be held in Panama City in April 2014."