Section Code: 0024 - 0030
Board of Investments
INVESTMENT PROMOTION ACT
Chapter 3: Rights and Benefits
Subject to the law on immigration, only in so far as it is not otherwise provided herein, the Board shall have the power to grant permission to foreign nationals for entry into the Kingdom for the purpose of studying investment opportunities or performing any other act benefiting investment for such period of time to stay in the Kingdom as the Board may deem appropriate.
An application for permission shall be in accordance with the rules, procedure and forms prescribed by the Board. In granting permission, the Board may stipulate such conditions as deemed appropriate.
Subject to the law on immigration, only in so far as it is not otherwise provided herein, a promoted person shall be grant permission to bring into the Kingdom foreign nationals who are
- skilled workers,
- spouses and dependents of persons in (1) and (2) in such numbers and for such periods of time as the Board may deem appropriate even in excess of such quotas or period of time permitted to stay in the Kingdom as prescribed by the law on immigration.
Section 26. Work Permits
Subject to the law on working of foreign nationals, only in so far as it is not otherwise provided herein, foreign nationals who are granted permission under section 24 and foreign nationals who are skilled workers or experts and who are permitted to stay in the Kingdom under section 25, shall be granted a work permit for a specific position approved by the Board for the period of permitted stay in the Kingdom.
Section 27. Company Owning Land
A promoted person shall be permitted to own land in order to carry on the promoted activity to such an extent as the Board deems appropriate, even in excess of the permissible limit under other laws.
In the case where the promoted person who is a foreign national under the Land Code dissolves his promoted activity or transfers it to another person, he shall dispose of the land he has been permitted to own within one year of the date of dissolution or transfer, or the Director General of the Land Department shall have the power to dispose of it under the Land Code.
Section 28. Exemption on Import Duties
The promoted person shall be granted exemption from payment of import duties on machinery as be approved by the Board, providing that such machinery comparable in quality is not being produced or assembled within the Kingdom in sufficient quantity to be acquired for use in such activity.
Section 29. Reduction of Duties or Taxes
When the Board is of the opinion that in granting promotion to any activity or applicant, it would be in appropriate to grant benefits under section 28, the Board may grant a reduction of only one-half of the rate of import duties or not granting the exemption of import duties and/or business taxes on the machinery to such activity or applicant and the ones that follow.
Section 30. Reduction of Duties on Essential Materials
In the case where there are suitable grounds, the Board may grant a promoted person a reduction of import duties not exceeding ninety percent of the normal rates imposed on raw or essential materials which are imported into the Kingdom for the purpose of producing, mixing, or assembling in the promoted activity, each time for a period not more than one year from the date prescribed by the Board, provided that such raw or essential materials comparable in quality are not being produced or originated within the Kingdom in sufficient quantity to be acquired for use in such activity.
The foregoing shall be in accordance with such kinds, quantities, periods of time, conditions and procedure as shall be prescribed by the Board.