CHAPTER THREE: OPERATION OF BUSINESS ENTITIES WITH FOREIGN INVESTMENT

Article 11. Approval Procedure for Foreign Investment

1. A Central Administrative Organization in charge of foreign investment issues shall have the authority to grant permission to make investments that will be implemented in the forms specified in this Law on the basis of an investors application.

The application shall contain the following:

1) name. address and nationality of each investor,

2)  types and amount of investments to be made,

3) legal organizational form of the proposed business entity with foreign investment,

4) areas of proposed investment and the type of activities to be undertaken,

5) Proposed stages and duration of the investment,

6) a certificate of a business name.

2. Each application shall be considered and decided on by the Central Administrative Organization in charge of foreign investment issues within 5 business days following the date of its receipt of the application.

3. Upon granting the permission to invest, the Central Administrative Organization in charge of foreign investment issues shall issue a certificate to the investor

4. Within 7 days following any alteration or amendment of the Memorandum or Articles of incorporation of a business entity with foreign investment, investors shall give notice to the Central Administrative Organization in charge of foreign investment, issues.