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Untitled Document
REGUGLATIONS ON THE REGISTRATION OF FOREIGN-INVESTED ENTERPRISES

Adopted by Decision No. 29 of the Cabinet on March 21, 1999

Article 1. These regulations are intended to provide for a regime governing the registration of foreign-invested enterprises incorporated within the territory of the DPRK, as well as to protect their legitimate rights and interests.
Article 2. The registration of foreign-invested enterprises (hereinafter called business registration) shall include that of the joint venture enterprises, both equity and contractual, and of the wholly foreign-owned enterprises.
The resident representative office of a foreign enterprise (hereinafter called the resident representative office) shall also be registered subject to these regulations.
Article 3. The business registration shall be undertaken either by a provincial people’s committee or by the people’s committee of such a special economic zone as the Rason economic and trade zone (hereinafter called the business registrar).
Article 4. Lawful activities of the foreign-invested enterprises that have been registered with the business registrar shall be protected by law.
The foreign-invested enterprises that have not been registered with the business registrar shall be prohibited from carrying out any business activity.
Article 5. Foreign-invested enterprises shall abide by the laws and regulations of the DPRK relating to business registration.
Article 6. The central trade guidance organ shall monitor and direct in a unified manner all the matters related with business registration.
Article 7. A foreign-invested enterprise shall complete business registration within 30 days of the approval of incorporation (a resident representative office within 20 days of the approval of its opening).
Article 8. For the purpose of registration of a foreign-invested enterprise, an application shall be tendered to the business registrar.
The application for business registration shall contain relevant details and be accompanied by the certificate of approval of incorporation, memorandum of association, certificate of investment or guarantee for investment (or a guarantee by the head office against any liabilities incurred by the branch of a foreign bank), the imprint of the common seal, etc.
Article 9. The business registrar shall review and confirm whether to approve or reject the business registration of a foreign-invested enterprise within 10 days from the receipt of the application.
Article 10. For the purpose of business registration, entries shall be made in the register book.
Such a book shall contain such particulars as the name and address of an enterprise, the manager of the enterprise in question, the type of business, registered capital, scope of business activities, term of operation, number of staff of a resident representative office and so on.
Article 11. The business registrar shall undertake to issue a certificate of business registration within 7 days of any such registration having been made.
The certificate of business registration shall specify such details as the date of registration, registration number, name of the enterprise, number of staff of a resident representative office, address, scope of business activities, term of operation and so on.
Article 12. The certificate of business registration is a legal instrument certifying the status of a business entity as a corporate body of the DPRK.
The content of the certificate of business registration shall not be changed at one’s will.
Article 13. In case the certificate of business registration has been lost, due notification shall be made thereof to the business registrar within 10 days. Where the certificate of registration lost is not found within 30 days, the business concerned shall have it reissued.
Article 14. The business registrar shall inform the relevant organ of the registration of a foreign-invested enterprise within 20 days of any such registration having been made.
Article 15. Where the content of registration is altered or an enterprise is dissolved, the registration shall be changed or cancelled, as appropriate.
Article 16. When business registration has been completed, a prescribed commission shall be paid.
Commission shall be fixed by the central financial organ (the Zone financial organ in the Rason economic and trade zone).
Article 17. The business registrar shall ensure strict supervision and control so that any deviation may not be observed in relation with business registration.
Article 18. If a foreign-invested enterprise contravenes any of these regulations, administrative penalties including confiscation of illegal gains, fine, suspension of operation and seizure of the certificate of business registration shall be imposed to the extent of breach, and penal responsibility shall be imposed in case of a severe breach.
Article 19. Where grievance is harbored in relation to business registration, an appeal may be filed.
Any such appeal shall be settled within 30 days from the receipt of such a case.


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