The following is the process for applying to the IFC for a review of the Registrar’s refusal to register a foreign investment or the Registrar’s cancellation of an investor’s certificate of registration.
Please note that the following is a general description of the process (es) and should not be relied on as legal advice. Please contact InvestSolomons for more information or the Attorney General’s Chambers for further legal advice.
If a foreign investor has their application for registration refused or certificate of registration cancelled by the Registrar of Foreign Investment, that investor may do the following:
- Apply to the IFC for a review of the Registrar’s decision within one month of receiving a notice refusing to register an investment activity.
- The application for review must be done by filling out the relevant form and with the payment of a prescribed fee.
- The IFC, within two (2) months of receiving such an application, shall review and make a determination on the matter.
After a determination is made, the IFC will inform the applicant of its decision through a written notice to either:
- Affirm the Registrar’s decision or;
- Revoke the Registrar’s decision and replace that decision with another decision that the Registrar may make in accordance with the Foreign Investment Act.
- The IFC shall also specify the reasons for its decision, whichever it may be.
- If the IFC substitutes another decision for the decision appealed, the substituted decision has effect, and shall be complied with, as if it were the decision made by the Registrar.
- The Registrar or foreign investor may appeal against any of the IFC’s decisions to the High Court on an error of law.