1
Purposes of Act.
The purposes of this Act are:—
(a) to promote and facilitate investment in the country by citizens and foreign investors; and
(b) to provide for the grant of a certificate to a foreign enterprise; and
(c) to define the activities open to a foreign investor; and
(d) to provide for a register of foreign investment opportunities; and
(e) to promote investments which will materially benefit the country and its people and which—
(i) contribute to economic growth; or
(ii) create employment; or
(iii) utilize domestic resources and, in particular, renewable resources; or
(iv) assist in skills acquisition; or
(v) increase the volume and value of exports; or
(vi) develop remote areas of the country; or
(vii) facilitate increased ownership of investment by citizens; or
(viii) promote import replacement; or
(ix) are likely to effect any combination of the aims specified in Subparagraphs (i) to (viii); and
(ea) to monitor the impact of investment and the activities of enterprises; and
(f) to establish the Investment Promotion Authority to assist the State in achieving the purposes specified in this Section.
2
Compliance with Constitutional requirements.
(1) For the purposes of Section 29 of the Organic Law on Provincial Government, it is declared that this law relates to a matter of national interest.
(2) This Act, to the extent that it regulates or restricts a right or freedom referred to in Subdivision III.3.C. of the Constitution, namely:—
(a) the right to freedom from arbitrary search and entry conferred by Section 44 of the Constitution; and
(b) the right to freedom of employment conferred by Section 48 of the Constitution; and
(c) the right to privacy conferred by Section 49 of the Constitution,
is a law that is made for the purpose of giving effect to the public interest in public welfare.
3
Interpretation.
(1) In this Act, unless the contrary intention appears—
"activity" means—
(a) an activity set out in the publication entitled International Standard Industrial Classification of All Economic Activities (ISIC) published by the Department of Economic and Social Affairs, Statistical Office of the United Nations, as amended from time to time; or
(b) any activity reserved for a citizen or national enterprise under Section 27,
and includes all other antecedent and incidental business activities which are reasonably required to be conducted by an enterprise in carrying on business in that activity in respect of which it is certified to carry on business;
"Authority" means the Investment Promotion Authority established under Section 5;
"Board" means the Board established under Section 8;
"carrying on business" includes—
(a) making application for any permit, licence, lease or authority issued for commercial purposes by the State or by a State body; or
(b) administering, renting, managing or otherwise dealing with property as an owner, agent, legal personal representative or trustee whether by a servant or agent or otherwise; or
(c) maintaining an agent, employee or officer for the purpose of soliciting or procuring or entering into orders, arrangements, agreements or contracts (whether conditional or not) whether or not the agent, employee or officer is continuously resident in the country; or
(d) maintaining an office, agency or branch (however described) whether or not the office, agency or branch is also used for one of those purposes by another enterprise; or
(e) undertaking a building, construction or assembly project or an activity numbered 8324 and 8329 in the ISIC that will not be completed within 6 months; or
(f) a combination of Paragraphs (a) to (e),
but an enterprise shall not be regarded as carrying on business by reason only that it—
(g) is or becomes a party to an action or suit or any administrative or arbitration proceeding; or
(h) effects settlement of an action, suit or proceeding or of a claim or dispute; or
(i) holds meetings of its directors or shareholders or carries on other activities concerning its internal affairs; or
(j) maintains a bank account; or
(k) effects a sale through an independent contractor; or
(l) by an advertisement, solicits or procures an order that becomes a binding contract only if the order is accepted outside the country; or
(m) creates evidence of a debt or creates a charge on property; or
(n) secures or collects any of its debts or enforces its rights in regard to any securities relating to any such debts; or
(o) conducts an...
