I am a foreign investor and am here to invest in a business corporation. Do I need any special permits or authorization?
No, due to Article 60 of the Migration Act which sets forth: “Regardless of their residence status, foreigners acting on their own behalf or by means of their attorney-in-fact or proxy, and without requiring permission from the Institute to do so, may acquire fixed-yield and variable-yield securities and realize bank deposits, as well as acquire urban real property and in rem rights over same, with those restrictions as set forth in Article 27 of the Constitution as well as other applicable provisions”.
Nevertheless, we recommend you verify that the bylaws of the corporation in which you wish to invest do indeed have a foreigner admission clause. Otherwise (Foreigner Exclusion Clause), the bylaws should be amended, providing the corresponding notice to the Ministry of Foreign Affairs, thirty business days subsequent to such amendment.
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