New Law on Investment Promotion.docx

New Law on Investment Promotion.docx

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NewLawonInvestmentPromotion

LAOPEOPLE’SDEMOCRATICREPUBLIC

PEACEINDEPENDENCEDEMOCRACYUNITYPROSPERITY

________________

NationalAssemblyNo.02/NA

VientianeCapital,July08,2009

LAWONINVESTMENTPROMOTION

PARTI

GeneralProvisions

Article1:

Purposes

TheLawonInvestmentPromotiondefinesprinciples,regulationsandmeasuresregardingthepromotion,regulationofdomesticandforeigninvestmentinordertofacilitateinvestment,protectbytheGovernmenttherightsandbenefitsofinvestors,ofthestateandpeopleaimingatenhancingrightsandbenefitsoftheinvestmentforcontinuousandsustainablesocio-economicgrowthofthecountrytosignificantlycontributetopreservinganddevelopingthecountry.

Article2:

InvestmentPromotion

InvestmentpromotionistheformulationofpoliciesandcreationofenablingenvironmentandconditionsindifferentaspectsfordomesticandforeigninvestmentinordertoenabletheinvestorstoconvenientlyandquicklyconducttheirbusinessoperationsintheLaoP.D.R.

Article3:

Definitions

TermsusedinthisLawshallhavethefollowingmeanings:

1.Investmentmeansthetangibleandintangiblecapitalbroughtbyinvestorsintobusinessoperations;

2.Investormeansindividualorlegalentity,bothdomesticandforeign,whoinvestsinbusinessoperationsintheLaoP.D.R.;

3.DomesticinvestorreferstoLaocitizens,expatriates,alienswithoutnationalityandlegalentityresidingandconductingbusinessoperationsintheLaoP.D.R.;

4.ForeigninvestorreferstoforeignindividualorlegalentitywhoconductsbusinessoperationsintheLaoP.D.R.;

5.Tangiblecapitalreferstocurrency,moveablepropertyandrealestateproperty.

6.Intangiblecapitalreferstointellectualproperty,futurerevenue,rentalright,commercialrightandconcessionvalueandothers.

7.ConcessionreferstotheauthorizationgrantedbyGovernmentallowingentitiestousestate’spropertyrightsundercertainconditionsandtermsbyenteringaproperagreementinaccordancewithlawsandregulationsfordevelopmentandbusinessoperationpurposes;

8.Concessionagreementreferstoanagreementsignedbetweenastateorganizationorstate-ownedenterprise,assignedbytheGovernment,andalegalentity.

9.Directproductionmeansreferstomachinery,trucksandothermeansthataredirectlyutilizedforinvestmentactivitiesasdefinedbytheGovernment;

10.Directinvestmentreferstoinvestororaninvestorgroupthatbringscapitalintobusinessoperationthatmakesthemtheownerandthemanageroftheenterpriseandhasrighttomanageorexpandtheconcernedenterprise;

11.Indirectinvestmentreferstothepurchasebyinvestorsofcompany’sshares,sharesfromstockmarketincludingtheinvestmentinwarrant,securitiesandothervaluabledocuments.Inthiscase,theinvestorhasnodirectinvolvementinthemanagementoftheconcernedenterprise.

12.Valuabledocumentsrefertodocumentsthatcanbevaluedintermsofmoneyandcanbesold,exchangedorguaranteedsuchaslandtitle,commonsecuritiesbonds,debenture.

13.Specialeconomiczonereferstoanareadefinedbygovernmenttocomprehensivelydevelopandtransformanareaintoanattractingareafordomesticandforeigninvestorswithinanarealargerthanonehectareandhavinganincentivepolicyandanautonomouseconomic-financialsystem.Itrepresentsasmall-scalesocio-administrativeunitbuthasasustainablesecurityandenvironmentalprotectionsystem

14.SpecificeconomiczonereferstoanareadefinedbytheGovernmentasanindustrialzoneforexport,touristiccity,dutyfreezone,informationandtechnologycenter,crossbordertrade,etc.

15.IndustrialzonereferstotheareadefinedbytheGovernmentasindustrialzone,industrialprocessingzoneandservicezonetobecomeindustrialcomplexbydevelopingappropriateinfrastructuretomeetinvestmentdemands.Theareaofsuchazonewillnotbeaslargeasspecialeconomiczone.

16.ExportprocessingzonereferstotheareadefinedbytheGovernmentasaninvestmentzoneforproduction,productprocessingandservicesforexport.

17.TouristcityreferstotheareadefinedbytheGovernmentasatouristdevelopmentzonethatislinkedtothepreservationofnaturalresourcesandenvironment,thepromotionofuntappedlocalandnationalpotentialsinordertoattracttouristsandtograduallydevelopamoderntourismindustry.

18.DutyfreezonereferstotheareadefinedbytheGovernmentasatradeinvestmentzone,tradeexchangebetweendomesticandforeigntradewithadutyfreepolicyappliedtothatzone.

19.InformationandTechnologydevelopmentzonereferstoanareadefinedbytheGovernmentasazoneforeducationandresearchinvestment,forthedevelopmentanduseofhightechnologyinordertoproduceandcommercializetechnologyproducts,tofacilitateandacceleratetheprovisionofintegratedinformationservicestothesociety.

20.CrossborderareareferstotheareadefinedbytheGovernmenttopromotethecrossbordertradeandexchangesofgoods

21.UrbanizedareareferstoanareadefinedbytheGovernmenttoauthorizetheinvestmentinrealestateanddeveloparesidentialzoneforforeigninvestorsorordinarycitizens

22.Majorcityreferstoadevelopedcityasamoderncitywithsolidinfrastructure,civilizedsocialcultureandjustice,enhancedcivilizationandnation’sculturethatarelinkedtohistoricaltracesofthecity

Article4:

Governmentpoliciesoninvestmentpromotion

TheGovernmentpromotestheinvestmentinalleconomicsectors,bothdomesticandforeign,byformulatingpoliciestocreateenablingenvironmentandfacilitation,includingprovidingguideline,providingnecessaryinformation,formulatingstate’spoliciesondutiesandtax,labor,therightsonlandutilization,theuseofone-stop-servicesaswellasawareness,theprotectionofproperty,right,legitimateinterestsoftheinvestorsinconformitywiththelaw.

TheGovernmentpromotestheinvestmentinallsectors,businessoperationsandareasthroughoutthecountryexceptareasandbusinessoperationswhicharedetrimentaltonationalsecurity,thenaturalenvironment,atpresentandinlong-term,publichealthandthenationalfineculture.

Article5:

Principlesofinvestmentpromotion

Theinvestmentpromotionshallfollowthefollowingprinciples:

1.Beinginlinewiththepolicy,strategy,socio-economicdevelopmentplan,sectoraldevelopmentplan,areasandtheperiodicsocio-economicgrowth,theimprovementofthelivingconditionsofpeopleinconformitywithlawsandregulations;

2.FirmlyembracingtheenhancementofcentralizedanduniformedState’smanagementthroughoutthecountry

3.Ensuringthattheinvestorscanreceiveconvenient,rapid,transparentandfairservicesandequalitybeforethelawbyprovidingone-stop-services.

4.Formulatingpromotionpoliciestoattractandsseekforinvestment;

5.Acknowledging,ensuringbytheGovernmenttheprotectionofinvestor’sproperty,rights,benefitsandothersinaccordancewiththelaws;

6.Ensuringtheprotectionanddevelopmentofenvironment,thesecurityofthesocietyandintheinvestmentareas;

Article6:

ScopeofLawapplication

ThisLawappliestoindividualsorlegalentitiesrelatingtoalltypesofinvestmentinordertocarryoutproductionandconductbusinessoperationsaimingatcreatingaddedvalue,exceptforfamily-basedbusinessandsmalltraders.

Article7:

Internationalcooperation

TheStatepromotesforeign,regionalandinternationalcooperationininvestmentpromotionthroughsharedlessons,information,technologyandexperiencesinpromotingandmanagingtheinvestment,marketing,trade,sourcesofcapital,regionalandinternationalintegration.

PARTII

Investmentforms

Article8:

Investmentforms

Investorsmaydirectlyorindirectlyinvestunderthefollowingforms:

1.Awhollydomesticorforeign-ownedinvestment

2.Ajointventurebetweendomesticandforeigninvestors

3.Abusinesscooperationinvestmentbycontract;

Article9:

Awhollydomesticorforeign-ownedinvestment

Awhollydomesticorforeign-ownedinvestmentisawhollyinvestmentofdomesticorforeigninvestorsthatcanbeonlyoneormoreintheenterpriseorprojectintheLaoPDR.

Article10:

Ajointventurebetweendomesticandforeigninvestors

Ajointventurebetweendomesticandforeigninvestorsisajointinvestmentbetweendomesticandforeigninvestorswhoconductbusinessoperations,hassharetheirpropertyownedandhaveestablishedanewlegalentityunderthelawoftheLaoP.D.R.

Theorganizationandactivities,management,rightsandobligationsofinvestorsofthejointventurearesetforthinajointventureagreementandintheregulationsofthenewlyestablishedlegalentity.

Withregardtoforeigninvestorsinajointventuretheyshallcontributeatleasttenpercent（10%）ofthetotalcapital.

Article11:

Businessinvestmentbycontract

AbusinessinvestmentbycontractisabusinessarrangementbetweendomesticandforeignlegalentitiesdefinedintheagreementwithoutestablishinganewlegalentityorbranchofficeintheLaoPDR.

Thedomesticlegalentityshallbedeclaredtoindustrialandcommercialsector,planningandinvestmentsectorforthepurposeofbeingmanagedaccordingtotheregulations.

Theagreementofthebusinessinvestmentbycontractshallbecertifiedbythecourt’sNotaryauthority.

Article12:

Determinationofregisteredcapital

Theregisteredcapitalofconcessionbusinessesshallnotbelessthanthirtypercent（30%）ofitstotalcapital.Asforgeneralbusinesses,theregisteredcapitalhascompliedwithEnterpriseLaw.

Theregisteredcapitalshallbepresentedintheformofasse