The Foreign Investment Act of 1990 provides for equal treatment of foreign investors and Namibian firms. The Act refers to the possibility of fair compensation in the event of expropriation, international arbitration of disputes between investors and the government, the right to remit profits and access to foreign exchange (foreign investors that qualify for the Certificate of Status Investment have preferential access to these privileges).
Acquisition of Holdings
Foreigners can acquire interests in a domestic company through purchase of its shares and assets. They need to acquire at least 10% of shares in a domestic company to be eligible for the Certificate of Status Investment.
Obligation to Declare
The Namibia Investment Centre (NIC) is a one-stop state institution that screens all potential foreign investmtent. There is not a formal review process, the NIC ensures that potential investors and their business presentations are credible, and the investment presents a potential economic benefit to the country. Nevertheless, the NIC's decisions are not final; all decisions are forwarded to the Ministry of Industrialisation, Trade and SME Development, which has the final word.
There are no specific authorisations to seek; however, foreigners can obtain the Certificate of Status Investment, which gives preferential access to foreign exchange in order to repay foreign debt, royalty, remit branch profits and dividends as well as proceeds of sale of enterprise. The Certificate also allows foreign investors to resort to international arbitration in the event of dispute with the government, as well as payment of just compensation without undue delay and in freely convertible currency. Foreign investors must meet the following conditions to obtain the Certificate: - The investment should be at least NAD 2 million - Foreign investment in a Namibian firm should amount at least to 10% of its share capital - Foreign investment should contribute to Namibia's development objectives - Foreign investment should contribute to the Namibian economy in terms of employment opportunities, provision of training for Namibians, use of raw materials and locally produced goods - Investment should create a potential for earning foreign exchange - Investment should have a positive impact on the environment
Foreigners seeking to invest in the Namibia Stock Exchange need to trade through an authorised Namibian brokerage firm which is a member of the exchange.
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