23 Mar 2021, 05:34

PARLIAMENT LOSENS BUSINESS RESTRICTIONS TO OPEN UP COUNTRY'S ECONOMY TO MORE FOREIGN INVESTORS


Hampton City, Mar 23 2021 | An amendment in Parliament to open up the economy had now garnered Royal Assent. Some key restrictions such as a requirement of local ownership and foreign employment limits have been loosened to allow 100% foreign ownership as long as the owner had not left the country for a year and allowing more foreign employment on selected sectors. The bill received huge support from the Labour Party and Trade Union Party while a strong opposition from the NUP and Conservative Party came but did not succeed. The amendment now allows for foreigners living in the country for more than a year to start their own business without restrictions. However, the amendment did not change the required score for the IELTS exam that must be achieved to be qualified to start a business in the country and also apply for a business visa.