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