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Laws and regulations for promotion of Foreign Investment
Purpose of Foreign Investment Promotion Act (Article 1 of the said Act)
- Contribution to the sound development of the national economy through attraction of foreign direct investment (FDI) by providing support
Characteristics of Foreign Investment Promotion Act
- Overhauling the system by centering it on foreign investors and fostering the environment conducive to local administrative units’ attraction of foreign investment
Relations between the Foreign Investment Promotion Act and other laws
- “Foreign investment” only concerns the FDI satisfying the requirements of “foreign capital” under the Foreign Investment Promotion Act and other relevant laws and regulations.
- Matters concerning foreign exchange and transactions should follow what is stipulated by the Foreign Exchange Transactions Act, unless otherwise stipulated in the Foreign Investment Promotion Act (Foreign Investment Promotion Act, Article 30, Paragraph 1).
- A foreigner-invested business is a domestic corporation established under domestic laws. Although it enjoys some privileges under the Foreign Investment Promotion Act, it is subject to individual laws and the requirements related to authorizations and approvals, as wholly domestic corporations are.
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