With a view to increasing the effectiveness of the Funding Agency’s role in national development the government has issued Presidential Regulation No. 9 of 2009 to repeal and replace Presidential Decree No. 61 of 1988, which has been deemed to be no longer appropriate for purpose.
The Funding Agency includes:
1.
Funding Companies;
2.
Venture Capital Companies; and
3.
Infrastructure Funding Companies.
Each of these is further enumerated in the succeeding articles. For example, Venture Capital Companies can be involved in equity participation, quasi equity participation, and profit and revenue sharing. Generally, the funding is to be directed to initiatives such as leasing, factoring, consumer finance, credit cards, and promissory notes.
Foreign companies can participate to a maximum of 85% of the paid-up capital in any of the approved types of companies stated in this Regulation.
Where any of the provisions require further regulations these are generally to be issued by the Minister.
There is a two-year grace period for currently licensed companies to come into compliance with the provisions of this Regulation.
The Regulation has been in force since 18 March 2009.
With a view to increasing the effectiveness of the Funding Agency’s role in national development the government has issued Presidential Regulation No. 9 of 2009 to repeal and replace Presidential Decree No. 61 of 1988, which has been deemed to be no longer appropriate for purpose.
The Funding Agency includes:
1.
Funding Companies;
2.
Venture Capital Companies; and
3.
Infrastructure Funding Companies.
Each of these is further enumerated in the succeeding articles. For example, Venture Capital Companies can be involved in equity participation, quasi equity participation, and profit and revenue sharing. Generally, the funding is to be directed to initiatives such as leasing, factoring, consumer finance, credit cards, and promissory notes.
Foreign companies can participate to a maximum of 85% of the paid-up capital in any of the approved types of companies stated in this Regulation.
Where any of the provisions require further regulations these are generally to be issued by the Minister.
There is a two-year grace period for currently licensed companies to come into compliance with the provisions of this Regulation.
The Regulation has been in force since 18 March 2009.
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