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Chapter 13 Investment in Fisheries

Chapter 13 Investment in Fisheries. Investment in Fisheries. Act No 34/1991 on Investment by Non-residents in Business Enterprises. Act on Fishing Rights within the Icelandic Territorial Waters No 22/1998.

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Chapter 13 Investment in Fisheries

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  1. Chapter 13 Investment in Fisheries

  2. Investment in Fisheries • Act No 34/1991 on Investment by Non-residents in Business Enterprises. • Act on Fishing Rights within the Icelandic Territorial Waters No 22/1998. • Iceland has a premanent excemption regarding foreign investment and foreign ownership in fisheries under the EEA Agreement.

  3. Foreign Direct Investment • Foreign Direct Investment in companies conducting fishing operations and fish processing is prohibited. • Article 4 of Act No 34/1991 • Article 1 of Act 22/1998

  4. Restrictions • Only the following may conduct fishing operations within the Icelandic fisheries jurisdiction or own or run enterprises engaged in fish processing: • Icelandic citizens and other Icelandic persons. • Icelandic legal persons which are wholly owned by Icelandic persons • Icelandic legal persons which fulfill certain conditions.

  5. Icelandic citizens and other Icelandic persons. • Icelandic person • The State Treasury and local governments as well as institutions, enterprises and funds in Iceland which are wholly under their ownership, • Icelandic citizens resident in Iceland • Legal persons domiciled in Iceland which are wholly owned by: • Icelandic public institutions, • Icelandic citizens resident in Iceland or • other legal persons domiciled in Iceland and which are wholly owned by Icelandic citizens resident in Iceland.

  6. Icelandic legal persons which are wholly owned by Icelandic persons • Icelandic legal person • legal person domiciled in Iceland irrespective of the form of legal identity or ownership of the enterprise. • A legal person is regarded as being domiciled in Iceland if: • it is registered as domiciled in Iceland, • its articles of association state its domicile in Iceland or • if its effective management board is in Iceland.

  7. Icelandic legal persons which: • Are controlled by Icelandic entities; • Are not under more than 25% ownership of foreign residents calculated on the basis of share capital or initial capital. However, if the share of an Icelandic legal person in a legal person conducting fishing operations in the Icelandic fisheries jurisdiction or fish processing in Iceland is not above 5%, the share of the foreign resident may be up to 33%; • Are in other respects under the ownership of Icelandic citizens or Icelandic legal persons controlled by Icelandic persons.

  8. Cont.... • Icelandic legal person controlled by an Icelandic person or persons • An Icelandic legal person which is under the majority ownership of an Icelandic person, as through • majority of share capital or majority of initial capital, • which holds the majority vote or • has effective control of the said legal person

  9. Mynd • Setja inn mynd sem skýrir ákvæðið

  10. Fish processing - Investment • Freezing, salting, drying or any other processing which protects fish and other marine products from decay, including the production of fish-oil and fish-meal. • Foreign direct investment prohibited. • Smoking, pickling, canning and retail packaging or further processing designed to render products more suitable for distribution, consumption, or cooking. • Foreign direct investment allowed.

  11. Issues that requires specific attention in the negotiations • Foreign investment and ownership in the fisheries sector.

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