Amendments to the Private Investment Law

Law 10/21 of 22 April 2021, which amended the Private Investment Law (Law 10/18 of 26 June) marks the return of the "contractual system" in the area of private investment, which is based on a negotiation of the conditions to implement the project, and the incentives and facilities to be granted regarding the private investment contract. The contractual system integrates the "prior declaration system", and the "special system" and is applicable to projects in any sector. Other key changes include: - Investors who present the Private Investment Registration Certificate are now exempt from obtaining provisional licences and other authorisations from public administration bodies. Silence is consent is established in cases where the issuance of opinions, approvals, authorisations, or the undertaking of other acts or formalities is indispensable. - The transfer of dividends abroad is no longer subject to the condition of the full implementation of the private investment project. Recourse to internal credit by external investors is also no longer subject to the condition of implementation of the investment project. - Finally, the new law provides that projects involving activities outside the scope of the Private Investment Law can be regularised with a simple registration with the competent authority. However, they will not benefit from tax incentives.

• Type:

  • Entry and establishment (Approval and admission)
  • Treatment and operation (Capital transfer and FOREX)
  • Promotion and facilitation (Investment facilitation , Investment incentives)

• Industry:

  • Not industry specific

• Sources:

  • Lexologogy, Amendments to the Private Investment Law , https://www.lexology.com/library/detail.aspx?g=5f805696-c23e-4d84-87a4-7af2858c8fa6&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2021-05-11&utm_term=, 03 May 2021