The foreign component of the invested capital

16. The foreign capital, which enters into establishment of the project, shall consist of the following :-

(a) the value of machinery, equipment, instruments, materials, spare parts, chassis, pre-fabricated buildings, means of conveyance and handling, which are imported from abroad, for the purposes of the project, and approved by the Competent Minister, and imported, from the capital of the investment project;

(b) such services, as may be rendered, to the project, in the establishment stage, such as feasibility studies, technical studies and otherwise of services, and such intellectual rights, as may be used in the project, such as patents and otherwise; provided that the same shall be paid in foreign exchange, acceptable to the Bank of Sudan and charged, against the capital of the project, or loans .

Foreign capital evaluated

17.(1) Components of the foreign capital shall be evaluated, as has been set out in regulation 16, by a committee, to be constituted by the Minister, from the bodies having connection . Evaluation shall include examination and auditing all the necessary documents, presented by the investor, and viewing the units; provided that the committee shall submit the report thereof, to the Minister, within a maximum period of sixty days, of the date of presenting the application.

(2) There shall be delivered, to the investor, a copy of the report of the committee, to express his opinion. Where he does not object thereto, within fifteen days, the report shall be valid, after approval thereof, by the Minister.

(3) Where the investor objects, his opinion shall be submitted, to the same committee, to study it. Where they accept the same, evaluation shall be repeated, in the light thereof. Where they do not accept it, the Minister shall form, within a maximum period of fifteen days, another committee, for re-evaluation, and submit the report thereof, within a maximum period of fifteen days, of the date of formation of the same, and the decision thereof, in this respect, shall be final.

(4) The investor shall bear payment of all the evaluation costs.

Foreign capital registered

18.(1) The foreign capital in the project shall be registered with the Bank of Sudan, and a certificate to this effect, from the Bank of Sudan, shall be delivered to the investor. For the purposes of such registration, the investor shall present the following documents :-

(a) a copy of the legal deed for the establishment of the project;

(b) in case of entry of the capital in cash, a copy of the form specified therefor shall be presented, approved by one of the commercial banks, through which any part of the foreign capital has been transmitted, into local exchange;

(c) in case of import, from the account of investment, opened with one of the commercial banks, accredited by the Bank of Sudan, the certificate of customs value shall be presented;

(d) in case of entry of the capital in kind, a copy of the bills of lading and the original of the customs value certificate, and a copy of the report of evaluation, set out in regulation 17;

(e) in case of withdrawal of part of the capital, to pay for services, rendered to the project, in the establishment stage, a copy of the necessary bills and documents, together with a certificate, from a certified auditor.

(2) For the purposes of registration of funding, with the Bank of Sudan, the investor shall present the following documents :-

(a) the form, prepared therefor, approved by the commercial bank, through which part of the value of funding has been transmitted, into local exchange, or meeting the import of the needs of the project;

(b) in case of funding in kind, a copy of the customs value certificate, and the report of the evaluation, set out in regulation 17, shall be presented;

(c) in case of use of part of the funding, for payment of services rendered, to the project, in the establishment stage, a copy of the necessary bills and documents shall be presented, together with a certificate, from a certified auditor.

Foreign funding

19. The foreign funding of a project shall consist of the following:-

(a) the foreign funds transmitted, into free foreign exchange, acceptable to the Bank of Sudan;

(b) the loans in kind, to import the needs of the project, upon the approval of the Minister.

The project accounts in foreign exchange

20. Accounts, in foreign exchange, may be opened for the project, in the banks accredited to the Bank of Sudan , the resources of which shall consist of the capital, and loans paid in foreign exchange, and used to respond to the needs of the project from abroad.

Profits and funding obligations transmitted

in foreign exchange

21.(1) The investor shall present the application for transmission of the profits, to the commercial bank, with which he deals; provided that it shall be accompanied by the following documents :-

(a) the budget and the final accounts, pertaining to the period concerned, being audited and approved by a certified auditor in the Sudan, and sealed by the Taxation Chambers; provided that such accounts shall show the net profits due to the investor, capable of transmission in foreign exchange;

(b) a copy of the certificate of registration of the foreign capital;

(c) a certificate of clearance, from the Taxation Chambers;

(d) in case of companies, a copy of the decision of the general assembly approving the budget, the final accounts and the decision of distribution of profits, and the date of the same.

(2) The investor shall present the application for transmission of the funding obligations due, to the commercial bank, with which he deals; provided that it shall be accompanied by the following documents :-

(a) a copy of the loan agreement, approved by the Bank of Sudan;

(b) a certificate of the registration of the loan, with the Bank of Sudan;

(c) a certificate of clearance, from the Taxation Chambers.

Re-export of the invested capital

22.(1) The foreign capital invested in the project shall be re- exported abroad, upon an application, presented by the investor, and approved by the Minister, in case of disposal of the project totally, or partially, or in case of its final liquidation.

(2) In case of partial liquidation of the project, after approval of the Minister, the investor shall attach, to the application, the following documents :-

(a) such documents, as may prove the disposal transferring ownership, authenticated by a competent court, or advocate;

(b) a certificate, from the competent bodies, that the investor has paid all his taxes obligations, and any other entitlements upon the investor;

(c) a copy of the certificate of registration of the foreign capital with the Bank of Sudan.

(3) In case of final liquidation of the project, there shall be attached to the application, the following documents :-

(a) the budget of liquidating the project, approved by a certified auditor in the Sudan;

(b) a certificate, from the liquidator, in proof of payment , by the project, of all its obligations legally due, and the net share of the investor capable of transmission;

(c) consent of the partners and subscribers, in case of partnerships, or companies, to liquidation, authenticated by an advocate, and approved by the Commercial Registrar General, at the Ministry of Justice, or the decision of the Competent court for liquidation .

(4) In case of foreign capital imported in kind, the investor, after approval of the Minister, may re-export the same, in the same form it has originally been imported.

Foreign workmen and experts employed

23.(1) The project may employ foreign workmen and experts, with respect to such required experiences, as may not be available in the Sudan, in accordance with the laws in force in this respect.

(2) The Ministry shall notify the Bank of Sudan of the transmission of the savings of foreign employees, as the Bank of Sudan regulations may specify, after presenting all the documents necessary therefor.

 

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