Registrar of Foreign Investment says LSL is not a Registered Entity

“Therefore, as a non-registered foreign investor, the incorporation of LSL in Company Haus Registry and their carrying out of any business activity including selling of land, is deemed illegal by virtue of section 11, sections 12(2) &12(3) and section 15 of FI Act 2005,” the stamen said.

The Registrar of Foreign Investment is mandated under the Foreign Investment Act 2005 as amended in 2009; to register foreign natural persons with valid passport identification from their country of origin or valid foreign registered entity from the foreigners’ country of origin to carry out business activity or activities in Solomons Islands.

The statement further clarified that as part of the approval condition, foreign investors must incorporate their company, stating the foreign owners, business activity (ies) and trading or operating name exactly as contained in their approved foreign investment certificate.

Any amendments to existing foreign investment certificate’s ownership, valid and appropriate consent to the transfers, proof of transaction, tax clearances, and related mandatory operational licenses must be provided to the Registrar of Foreign Investment.

ENDS///

GCU statement