by Audrey-Anastasia Alleyne

Created on: July 25, 2009   Last Updated: July 26, 2009

As a Spanish speaking country, Panama is looked on as an ideal country from which to conduct international business, due to its unique banking and monetary system. Panama uses the US dollar as its official currency. Panama also offers other advantages including unrestricted movement of capital. What is their business etiquette like?

North American gestures are understood in Panama, but it is still important to be aware of business etiquette in this Central American country. Generally, a handshake is the most common form of greeting in many countries, and so it is in Panama. Shake hands when meeting and when leaving. Direct eye contact is also expected. Panamanians tend to be quite formal in their business dealings, and you should always maintain a level of professionalism. More women are taking up managerial positions but it is still relatively rare. If you are a woman, you should emphasize the fact that you are representing your company. Dress attire for both men and women is conservative for business.

Business in Panama is usually done after a relationship has been established. You should spend time forming a friendship, before initiating business discussions. You should schedule appointments a few weeks in advance of your trip, by direct contact. First names are not used to address colleagues. Always wait until you are invited, before moving to a first name basis. Colleagues should be addressed by their professional or academic titles together with the surname, for example "Doctor" (for a medical doctor or someone with a Ph.D.) If a person does not have a title, then use Senor, Senora or Senorita with the surname. You have an excellent opportunity during initial meetings to establish a rapport and form relationships. This is because at initial meetings, Panamanians spend the time indulging in conversation unrelated to business.

Business cards are usually exchanged during initial introductions. You should try to have one side of your card translated in Spanish, and include any academic qualifications on your card. You should also try to have presentations translated into Spanish. In Panama, meetings are generally structured and they start on time. Business can be discussed in an office or over a meal.

Driving is not recommended. Having a driver for your transportation is considered better and more convenient. Good conversation topics in Panama are: family, hobbies, basketball and baseball. Refrain from discussing the former Canal Zone, race problems and politics. Follow these tips, and you should be able to relate culturally.

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