meas to by the ioe" includes eny profession, ‘trade, occupation, “enenefactune, Industry or undertaking carried on for gein; dest dmeans carrying on an economic activity, abjects ofvan' ontexprise and includes! ee x Be Be e Jingo, share’ transfer or shate ‘or otherwise dealing with | eal and-personal,"as an agen’) ‘oprésentative or trusteo and” ployée, agent ox other representa Pend" nai ‘agent or other representative for oliciting ox procuring business sigh agont: or “representative ‘is’ dent: in Kiribati; “and ) maintaining an:offics, agency or branch in Kiritati, and-shall specifically not include: @ ‘ fropers 7 . id dnd development ‘prSauots negotiated; arranged sd:by or fhzough ‘the Government of mpiise (shallfnot'bo “regarded. se iby rousoniotely thet*its)pice which is completed within a ‘ot, being one of a Huber of ies, i a cnt ppiiee! neané: ie Sneed oe: fm tho odse’of an entoxprice that is a coxpozation, an enterprise: " (4) / in which 30%'or more of the voting shares or : ‘tthe corporation is held or controlled “by Pexéons who are not local persons; and: 4 ch 30f- of the value of nimber of the faze beneficially owed by persons who a persons; or ou Smershie 3 of which is held by persons who are not local persons; reign éiterprisé of nore, than es eae intany company-registered in SS aneans @ citizen of Kiribati; is mshall be responsible to the Minister in powers and the performance of ite functions (3) the Uinistry shall provide the Commission with secretarial "and amid ptzativerservices, 5(4) Tho “Conmigsion shall comprise the following members ox officio: (2), The Seonstany for Trade, Industry and Labour ‘b) The fools for Natural Resource. Development roh don. may} fin tes —— of the eltemate who shall, in the “in the place of that member for a who shal] be eligible to vote in gq meaber of the Commisaion ‘to. ner | eer “40 be Deputy Chaizman who shall, “in the sea om mavallability of the Chaimen, exorcise all ‘the fuotions of the Chajaman, {a)itis Consitssion may cp-opt.e temporary meabex to the Commission who shell advise the Commission on pexticvlar . ae toe forforeien Anvestment but who shall not be Cemitiseion, shall: be convened on 2 the Giaiamen and shall be held on euch dewee 2 less. than one in every, t90 2direot:(3) -Every question before a meeting of the Commission shall be decided ty a majority of the valid votes of the mmbers prosent : (4),.Subject to the provisions of tlds Act and of any regilae tions tiadé unter this’ Act the Comission may ‘regulate ite procedure in such’mamner as it thinks fit. 7. - the" Commiasion chaits (fa) receive consider ant assess all applications by , foreign enterprises for foreign investment in Kiribati; (>) approve those applications for foréign investment ‘» in 'Kiribati which the Commission is empowered to approve; (0) xecommena to Cabinet, for approval or otherwise, those applications for foreign investmont which the Commission is not empowered to approve; 2 (a) provide for the registration of foreign investment; (e) supervise and monitor the performance of any condi- tion 6r obligation imposdd by the Comission ox ty Cabinet asa part of any approval granted to a foreign entexprise pursuant to this dot; {f£) preparé such reports on and plans for the development . and dixection of foreign investment as. the Commission nay.from time to tine consider necessary or appropriate (g) advise Cabinet on all aspects of foreign’ investment and on planning requirerents for such foreign investments (nh) promote the possibility and advantages of foreign investment in Kiribati es widely as possible; (i). actively assist any foreign enterprise to establi and maintain investment in Kiribati; (3) cooperate with local Covernnent councils in Kiribati over the siting and licensing of foreign enterprises; (x) consult with interested departments of Goverment and local. government comoils over particular application for foreign investment by which they nay beeffooted; (L), itvite''ts atteha'its meeting the pivsident who shall {8 have the right to vote in such necting or in his absones, tHe vice presidest of a local goverment , edmai if such loval governmett council is to be, dixectly affected by or concerned ér interested in a! foreign investment for which application for approval has been made by a foreign enterprise to the Commission.“ppplications “for Foreign investment. -5- 8.000) Bedbpt ‘with the;ayproval of the Commission or of Cabinet no foneign‘entorprice’not lawfully carrying on business ot ‘dot -shall commence om carry on business 9(1) Av application for approval for e foreign investment shall be made to the Commission, (2). 4a application for approval for a foreign investment chall’be in writing and shall specify: (a) the nature of the proposed investment; (b) ‘tho capital stracture of the proposed investment together with the source and form of such capital; (c) wheze the enterprise is proposed to be @ corporate body, the shareholding and shaxeholders of that corporate body, the names and addresses of the . dixectors or proposed directors and the name and address of the secretary or proposed seoretary; (a). the principal office of the enterprise and where that is outside Kiribati the place of business oF proposed place of business in Kiribati; (e) the likelihood of leased land, where necessary, eing available to the entexpriee for the purposes of the enterprise; £) the persona to be employed by the entezprise and » ye 2 wnether they axe local pexsons or nots (g) where persona other than local possons are to be employed by the enterprise, details of the visa and work pemit requirements of those persons; (h) the provisions for training of local persons in the entexprises (4) thé nature and source of ran materials ox resources to be used ox exploited in Kiribatd; (§) what plant, equiment, machinexy or rar material it Tequixed to de imported to Kiribati and to what extent, if any, the entezprise is to contribute to exports or foreign exchange earings from Kiripebi; ed (ec). such fuxther or other infomation as the Commission may in any particular case require. . (3). Ga, receipt of an application for foreign investment the coagission shall forthwith forward a copy thereof to the Minister.ay 40(1)-In “considering any application by a foreign enterprise \of applications .to ‘carry‘on,business the:Conmission diall, in addition to eny Goo dnvestnent. othen‘matiers,..take‘into-acoount the extent to which the ees proposed Unvestnent isto: (a) -provide employment for local persons; (») “expand exports from and reduce importa into Kiribati; (c) require large capital contributions in cases where ‘the local contribution can be made in the fom of a resource to be exploited; (a) utilise foreign teckuoclogy and management skills with consequent transfer of such skilis to lecal persons; i (e) provide access to foreign markets; (£) affect the local natural and social envizonment; 4a): ‘ tthé-extent: to which the proposed investment is to detrimentally affect local businesses. (2) Before approving or recommending for approval as the case may be;. any epplication fox foreign investment the Commission nay require the foreign entexprise to furnish it with such reports and feasibility studies including any enviromental or social impact reports as the Commission mey consider ncoeesazy for the proper consideration of the application. “Approval of 41(4) Im any case where the Commission is ampowered to approve foreign invest-V an application for foreign investment the Commission may approve the application subject to such conditions as it thinke “fit. : nent. — (2) In any case whore the Commission is not ‘empowered’ to approve an application for foreign investment the Commiseion _ shall récommend to Cabinet either the approval or otherwise of the epplication’ it shall further recomnond to Cabinet sui tems tobe attached to the approval as the Commission nay think Fite 0 mn (3): ‘Upon xeceipt of a recomendation from the Commission mi for the approval or otherwise of an application for forelgn investment Cabinet may - G2) approve the application subject to such conditions ‘as it shall think fit} or (4) decline the application; oz 4ii) renit the application to the Commission with a request for further or other infomationy; and a . further recommendation.Powér ‘of Commis~ Bion: to approve applications for foxeign investment. @, Comigeion or Cabinet under subsections -a- In’ partiotiler and withowt Limiting the powors of the ( 41), (2) ana (3) of ‘hig ection the Comiesion or the Cabinet may in granting _spprdval "to" any'foreiga investnent pursuant to this section: (a) (») the ‘Issue of licences ‘by the Commission. 413. © aeclare.that any company registered in Kiribati ¢ pursuant to tho approval be @ Pioneer Company pursuant. to, section 10 of the Income Tax Ordinances direct the xeniscion or refund in whole or in part of ay custome duty payable or paid on any goode imported or exported or to be imported or exported in furtherance of the business being cazriod on by, the foreign enterprise SUBJECT HOWBVER to sush conditions as the Commission or Cabinet ney think fit, pursuant to section 8 of the Customs Ordinance; aeclaxe that the business cazried on or to be carried op ty the foreign enterprise is a protected industzy pursuant to section 3 of the protected Industries Ordinance; aiviee the Principal Immigration Officer of the ‘Vise and work pemit requirencnts of such persons other thin local perdoris as may require entry: Gnto Kiribati by reason of the approval grented for foreign investment. Commission may approve applications for foreign qhere the total capitel inpith to the foreign investment is less than $250,000; and don tthe Minister has not dizected the Comis in writing within 2 days of rooeipt ty the - Minister of a copy of the application for forei@ “nvesinent pursuant to section 9(3):of thie dot, ° Ghat’ ‘the decision to approve or decline the application is to be taken by Cabinot. Vere + (a) en application for foreig: investment has been approved oither by the, Comission ox Cabinet; end (b) a licence is requixed to bea isaued and obtained by a foreign enterprise in respect of that approved application fox foreign investments and (0) @ local government council is authorised by law $0 issue that Licence, : . for the’ avoidance of doubt in such a case and only in réspect of such approved application for foreign investment theRegister of foreign invest= ment... 28 Commission shall be the Licensing authority instesd of a local, governnent ‘éouncil which is authozised by law to issue that licence ani'may subject to such conditions ee the Coamission may inpose upon the payment by the fordign enters prise of the preséilbéa £60 issue in the presoribed fom a licence authorising ‘that foreign enterprise to commence . and carry on the’ océupation ‘trade business or industry for which approval has been given. 14(1) The Compiesion shall maintain a register of foreign investments. (2) “No foreign investment shall be permitted in Kiribati safter the commencement of this Act, mless that foreign investment is registered pursuant to this Act. (3) For the purpose of this section where a foreign entéxprise was lanfully cacrying on tusiness in Kiribati at the dato of commencement of this Act the foreign enter ise shall be deemed to have complied with section 3 of this Act if, within 3 nontha of the date of commencenent of this dct, that foreign investment is registered pursuant to this Act. (4) For the purpose of registration, a foreign enterprise shal fumish to the Commission the following infomation: (a) the date-the entezprise commenced or proposes to commence business; (bv) its existing activities; (c). where the foreign enterprise is a Corporation (i) the nominal value of its authorised issued and paid up shares; ) ‘the nanes and addresses of its Directors and Seonetarys (d) where the foreign enterprise is not a Corporation: (i). the capital, of the enterprises (11) the names of those pexeons beneficially entitled to an interest in that capital and * any profits frou the enterprise; (e) the financial year of the enterprise and the date of ennual balance; (£) the address in Kiribati of the entexprise for service of notices; : (g) in the case of any entexprise not camying on business ‘at the date of commencement of this Act a copy of the approval of the Coumisaion or the Gabinet granted for the foreign investment pursuant to this Act;~9e (h)_ the prescribed fee if any. 45(1) A foreign entéxprise shall in every yoar within 60 days after the-entof- its financial year in such yoar as notified to thé Gonmiseion paxeuant to‘ section 14 of this Act, file with thé Comission-e! copy of/its mnuel profit and loss account and balance’ shéet forthe foreign investment for which approval has ‘been grant: (2) Failuze on the part of a foreign entoxprise to suppl; copies of its anmual.accounts es required by subsection ty of this section shal constitute o failure to comply with the tems and conditions'of approval for the purposes of section 16 of ‘this ot. Jeans of Certi- 16, On receipt of the infomation sot out in section 14 and _Sicate ef zegis- on the Comission boing satisfied as to its commeetupns the ‘tration, Conmission shall subject to the payment of a proscribed . fee issue to the foreign enterprise a certificate of zegistra- tion in the preseribed fomn of the foreign investment for which approval has been granted. Caneslation. 47. ‘he Commission may cancel the registration of a foreign “of registration investment where + (a) 2 foreign entezpmise has failed to comply with ony tems or conditions of approval granted for foreign investment under this Act and; (8) a notice requiring the foreign entexprise to comply with.eny such tems and conditions within 2 poriod of three months from the date of such notioe has been served on the foreign enterprise at tts address for service of notices; end (c) the’ foreign eriterprise has failed to comply with such notice within the said’period of three months ands (a) the Comission has not waived compliance with any such tems or conditions, or} (e) the fomeign investment has ceased and 1+ appears Yo the Commission that the foreign investment is unlikely to be resumed., Omens to camry 18(1) No person or foreign enterprise shall carry oF continue on unmegistezea to cay on business in Kiribatiwithout a valid certificate dnvestuent of registration iesued yndex section 16 of this Act. < (2) Any person who or.foxeign entexprise which contravenes the provisions of subsection (4) of this section commits an offence and shall be 1able on conviction to a fine of | 310, 000-10~ (3) Whore a foreign enterprise is a corporation and such foreign enterprise Commits an offence under this section an officer, dircotor or agent of the foreign enterprise who Gizeoted, ‘authorised assented to, acquiesced in, or participated ue] © “im, the Commission of the offenoe is 2 party to and conmits 2S". the offence end is Liatile on conviction to the punishnent ; provided.for the offence under this section. (4) In addition to any fine imposed pursuant to subsection (2) of this scotion the Court nay omer the forfeiture of ail om any of the assets of a person or foreign enterprise in Kiribeti to the Republic. Registration 49. ‘Wothing in this Act shall be deemed to naive the of Foreign roquizenent for an extemal company, as provided for by section 440(1) of the Companies Ordinance, to comply with the require- berprises. Gap. 108 nents of the Conpanics Orlinace. Guiantee to 20(1) No property of any description of any Zoxeign entexprise Foreign celating £0 an investment registered pursuant to this sot Hntexprisos. chal be compulsorily taken possession of, and no interest in on right oven property of any description shall be acquized excep! in accofdance with the provisions of seotion 6 of the Gonstitution of Kiribati, (2) subject to the lews of Kiribati eny. foreign enterprise shall, in respect of any investment vegistezed pursuant to this Act, be entitled to: (a) xexit earings and capital overseas; (b) reait overseas such amounts nocossary to mect «payments of principal, intezest and sexvice Charges and sinilar Liabilities on foreign loans and other foreign financial obligations; (¢) xanit overseas compensetion received in accordance . with subsection (1) of this section. 24. The Minister acting in accordance with the advice of the Regulations, Gebinet, may make Regulations; - (a) preseribing forms to be used for the purpose of giving effeot to the provisions of this Lots (b) prescribing fees to be charged on an application Dunsuant 40 this Jot or fo% any other matter or Ghing to be done ‘under this Act; (c) for any other matter or thing which may be required to be done under this Act.‘This pristeddimprossion has boo carefully examined by mo with ‘the Till ¢hich=passed the Mancaba ni Neungatabu on 29th 985, andl aa found tyme to be @ tmie and cozrectly Ha BOD. Clark to the Meneaba ni Maungateba Published by exhibition - (a). at the Public Offigg of the Beretitenti Joh day of Seplember 1985. (series to the Cabinet (») at the Maneaba ni Maungatabu thie foth day of Goplemtbst 1983. clerk to the Maneaba. ni. Haungataba,-12- Reasons for Act 4. Th is well recognised that Kiribsti has Limited resources for development and linited means of generating foreign oxchange ceamings, Yoreign investment is an essential part of the develop~ ment of the countzy's natural resources. Ty making Kiribati an attractive place for foreign investment the countzy will attract not only tho capital to develop natural resources bub also capitel for commercial puzposes. 2, To be attractive to foreign investors Kiribsti must offer: (4) _ 4 stable Government (iz). Consistency in’ decision making (iti) ‘Clear guidelines upon which a foreign investor can plan (iv) “4 simple, cohesive and prompt process for consideration and approval of investwent proposals (v) Incentives. . 3; Ab present potential. foreign investors are hampered and often Goterred in their efforte to invest in Kixibatd because of an ‘appratent lack of co-ordination both between Government Ministries and botwoon central -and.local Coverment.- If foreign investment is to be promoted then, not only must Govemment: develop a procedure for dealing’ efficiently with applications, it must also, actively aseict foreign'investors to establish themselves in the country, 4., Thé parpose-of the Act therefore is to provide a clear out, sinple and,consistent means‘ to deal with foreign investmont ‘propdsels.\ The Act also “puxposely endeavours to move the responsibility’for'decision-making (at least’ for investments ‘up to $250,000) from the political arena to the public service, toa Comission that will function within the broad guidelines laid down in the Act but subject also to the overriding direction of Cabinet, in appropriate oases. . ~ <*8chene of; the sot (4) The ‘Commission: . Clause 4 The Act establishes a Foreign Investment Comission to replace the present foreign investment advisory committee.-B- £ the Coimission has been kept to a relatively suall number of five people, They axe representatives of the Ministries most involved with Resign investnent proposals and include the Senior State Advooste to gpoure the assistance of .logal and comercial expertise to the Connission, _ Recause ofthe rélatively snell mumber of menbexs of the Comission gaol! nenber will have ‘particular zesponsibility for ensuring that ell matters Shot must be dealt with within his own Ministry are in fact dealt with 90 HEE he ie in e position at the appropriate tine to advise the Commission on the particular-matters for which he is responsible. (ii) "Power of the Commissions Clauses 7 and 42-85 the Act provides for the Commission to approve applications with a capital input of up to $250,000 unless Gsbinet decides in 2 particular owe that it chould make the final decision, The stzength of the Act is In fhe simple and straightiryerd nechenim it provides for doling with end anproving applications. 4 consistent approach will develop if the Comicsion fe pemitted es much scope-as possible to approve appropriate applications. (443) Dealing with Aplications: Clause 9 the Commission is responsible Zor setting up its om procedures, Tt 4s onviseged that the Ministry of Trade, Industry and Latour will Zowondinate dealing with applications. Tt will be responsible for obtaining {he usual infomation fron the Applicant, obtaining status and police reports etc, The zopresentatives of the various mintstaies will deal, within thelz Minietries, with the particular matteze relevant to that department, for exemple land requirenents, tax and customs incentives. Those matters tox ali be dealt with simaltancously to avoid lengthy delays in the processing of ‘applications. (iv) Matters to be taken into account: Clause 10 ‘Ac‘can be seen from the Act there are certain matters to which the Countasion sust have regard when dealing with applications, These are policy nattens which have been identified, as being decirable features for foreien investment. They exe matters whidh will promote the development and use of tmiural resources and assist Kiribati towards greater self reliance. (v)... . Incentives: Clause 11(4) The Commission or Cabinet has power to grant tax and customs incentives under the Act. This provision will requixe some amdnement to tho Tnoone Tax Ordinance and the Customs Ordinance.. The purpose here is to, enatile the question of incentives to foreign investment to be dealt with within the one oganieation instead of the ‘investor having t make individual applications to each Ministry. The representatives of the Ministries involved, who are on the Commission, will be responsible for dealing with those particular matters within thelr respective departments so they are i a position $o advise the Comission on whether incentives should or should’ not be granted,(vi) ” Registration: Gleuse 14 ‘The Lot ‘provides for & register of foreign investments with a requizenont fox anual rotums. to be filed. This will enable the Commission ¢o contzal.and monitor ‘the progress and development of foreign investment in.Kiribati, (vii) Tocal Goverment zequivenents: Clause 13 Ae in the case of the granting of incentives it is desirable ‘that, having been approved by ‘the Comission or Cabinet, a foreign investment does ihot collapse because of difficulties with local authorities, If an investment is in the national interest it must ‘be allowed to’ go ahead as promptly and as smoothly as possible, Accordingly. the’ Comission is‘empowered to grant. appropriate Licenoss to a foreign enterprise but only in respect of a foreign investaent which has been approved ty tho Comission or Cabinet as the case may be. Michael N. Takabwebue ‘Tho Attomey Generel LEGAL REPORT I hereby certify that in my opinion none of tho provisions of tho above Act conflict with the Constitution and that the Beretitenti may properly assent to the Act. Michael N, Takebwebwe ‘The Abtorney Censral 5 March 1985‘TS ROPUSLIC OF KIRTEAIT (0. 6 of 1989) 5 assent, No Ms later Boxutitents ifogo Cap. 338 4di_ACD 00 JJORID THE FOARTCN TIVaSMERN? ken 7985 AND FOR CONWEOTED PURPOSES Conmencenents 1989. ADH by the Haneabe ni Laungatabu end assented to by the Toretitentt, Short tithe 4. This Jot may bs cited as the Foxoien Investment (Amendment) ct 1989, Interpretation 2, In thi ict unless tho context otherwise requires - “Commission” hes the nenning assigned to it under the principal Act "Voreign onterpriset has tho meaning assigned to it undor the principal Acts Cap. 33a "principal let” meane tho Yorsign Investment Act 1985. Jnends section 3. Section 5 of the principal Act is hereby amended - 5 of the principal . het (a) im subsection (1) vy the addition of the following ~ "(£) Whe Secretary for Foreign Affairs"; (b) by the insertion immediately after subsection 3 of the following new subsection ~ "Zi, In the ebeence of the Chaizman om Deputy - Ghaimen et any mocting of the Comission, the members of the Comission present et such necting may clect ons of their nutber to proside at such mooting™,imends section 6 of the principal Bob A new subsection (2) to section 12 4. the repeal of thet socticn 2nd the substitution of the 2 Seotion 6(1) of veo prinaipal Act is hereby ananded by following ~ “Meetings of 6(1). Heetings of the Conmfasion shall the Commission ‘be convened on the instructions of the Choiman ox on the requisition in writing of not less tim 3 monboxs of the Commission and shall bo held on such dates end at such times, being not less than once every month, as the isi mn ox sich 3 7o may direct, Section 12 of the principal Act is horety anended ~ (a) by tho renumbering of "Section 12" as "Section 12(1)"5 and (p) by the insertion imediately after the remmbored section 12(1) of « new subsection (2) as follows - °{2) “hore tho approval of an application for foreign investnont-unier this section necessarily involves tho fixing of a fee to be paid by a forcign onterpriae, the Conniasion may fix such fee," This printed impression has boon carefully exenined by me with the Bill which passed the Feneaba ni Maungataba on 18th December, 1989 and ia found by mo to bo n true end correctly printed copy of tho seid Bill, Published by exhibition - (a) at the Public Cffico of the Deretitenti this ABS day of Becewesin, 1) (>) at the aneaba ni 2 Tamer Re Loevotrgg oo 6 cabinet / i tin toss fin cay of Sanveey, 14H 2 {ask > bs Eeneaba ni 7 Wenngataba.FORRIGN INVaSTIENT (AMGNDMENT) ACT 1989 EXPLANATORY ABORANOE This short act seeks te anend the Foreign Investment Act { 1985 (Gap 334) by - | (a) inoweasing the menbership of the Foreign Investment i Commission to include the Secretary for Foreign Affairs; (b) onporiering the mombozs of the Commission present at any mosting of the Commission to elect one of their number i to preside at such mosting in the ovont thet neither the Cheiman nox Deputy Chaizman of the Commission is prosent at such meetings (c) providing that apart from the Cheizmen, 3 members of the Commission may, in writing, requisition that a meeting nf the Commission should be held; (8) enjoining the Commigsion to bold a meoting at least once every month instead of once every two months as in the existing legislation; a : (©) cmpowering the ission to fix a fee cx fees where the approval of an application for foreign investment necessarily involves the Fixing of = feo or foos to be paid by a foreign onterprise ox foreign enterprises, 2, The proposed anenduonts are contained in clauses 3, 4 and 5 of the et. 3. The proposed amendments are considered desirable in order to enhaneo tho effectiveness end/ox efficiency of the Commission. The aneninonts will also help to improve end epood up the procedures for the processing and ayprovel by the Commission of applications fox foreign investment in Kinibeti, Michael N, ekebwobye tomey General ‘LEGAL REPORP I hereby certify that in my opinion none of the provisions of the dove Act conflict with the Constitution and that the Berebitenti ney properly assent t the Act. Michael WN, Pakebwetwe ‘The Attomey General 18th Decenber, 1989,“ye qe REPUBLIC OF KERIBATI (No. 9 of 1992) T assent, ‘ventd a ie 1992 sy scr TO AMEND THE FOREN TIVES ACE 19093 AND FOR CONNCETED PURPOSES Commencement: 1992 1 ‘MADE by the Maneaba ni Maungatabu and assented to by the Beretitenti+ i Short title 1, This Act may pe cited as the Foreign Investment (Amendmen)t Act 1992. Interpretation 2, In this Act, unless the context otherwise requires ~ the words or expressions nearrying on business" s “enterprise”, yestuent™ and “Local person" have nggreign enterprise”, “foretsn in Shem under the principal the meanings respectively assigned to Act. fuondnent: of Section 2 of principal Act 3, Section 2 of the principal Act is hereby amended ~ (a) by deleting the definition of “foreign enterprise” and cypstituting the folloving definition ~ noveiga enteprise” means ~ (aq) in the case of at enterprise that is ¢ corporation, an enterprise ~ (4) da which any of the vorIRS shares of power of the‘This printed impression has been carefully examined by me with the Bill wich passed the Maneaba ni Maungatabu on 21st day of December, 1992 and it is found by me to be a true and correctly printed copy of the said Bill. boues { Sleik to the Vaneaba ni Maungatabu Published by exhibition — (a) at the Public Office of the Beretitenti this Zest day of december 1992. Sera we ine (>) at the Maneeba mi Maungatabu this 4% day of Ogert) 1992. \ Clerk to the Maneaba ni MaungetabuPublished by exhibition ae ov . 108. titenti this llth day of August 1986. B REIHER for Secretary to the Cabinet Legal Notice No. 20 Short title ‘and commence ment date. Interpretation Applications for foreign Sovestuent approval. Issue of Licence by tthe Comat selon. Application for regist~ ration of foreign - nvestaent. HAficate or registra tion. Fees. 20 REPUBLIC OF KIRIBATI _ FOREIGN INVESTMENT ACT 1985 (No. 3 of 1985) FOREIGN INVESTMENT REGULATIONS 1986 tn exercise of the powers conferred by section 21, of "the Foreign Investment Act 1985 the Minister, acting in acco- xdance with the advice of Cabinet, hereby makes the foll- owing Regulations. 1, These Regulations may be cites es the Forei Investment Regulations, 1986. These regulations shall ceye’into force w.e.£, 1st September, 1986. 2. In these Regulations - "Act" means the Foreign Investment Act 1985; “Commission means the Foreign Investment Commiasion established by section 4 of the Act; ‘winister" means the Minister in charge of the deparcpent cer gency of the Government for the time being res” ponsible for dealing with foreign investment in Ki- ribati. 3. The form set out in Schedule 1 to these Regulations Spall be the form prescribed for an application under se~ ction 9 of the Act. 4. A Licence issued by the Commission pursuant f° sec tion 13 af the Act shall be in the form prescribed in Schedule 2 to these Regulations. 5. The form set out in Schedule 3 to these Regulations hall be in the form prescribed for an ‘application for fegistration of foreign investment pursuant to section 14 of the Act. 6. A certificate of registration issued by Fhe Commi- scion pursuant to section 16 of the Act shal? be in the form prescribed under Schedule 4 to these Regulations. 7, The fees specified in colum ? of Schedule 5 to these Regulations shall be payable in respect of the app- sees ee or any matter or thing set out in colum 1 of the Schedule in relation to these fees.