Foreign Investment and Alien Control Act (FIAC) Application Procedures

Application Requirements

To submit a FIAC application, applicants must provide a complete package including:

• An affidavit stating the source of funds and confirming their lawful origin.
• Personal financial information (bank statements, assets, investments).
• A resume or curriculum vitae of the owner or part-owner.
• A financial analysis and market conditions projections for the first three years of operations.

Corporate Documents

For corporate applicants, the following documents are required:

• Articles of incorporation
• Bylaws
• Affidavit of stocks
• Certificate of Good Standing showing eligibility to operate in the Republic

Disclosure of Activities

Applicants must disclose any foreseeable activities that will be conducted under the FIAC. This information allows the Board to give full consideration to whether the enterprise may be approved.

Investigation of Authenticity

The Board has the authority to investigate the authenticity of a document at any time and reject suspected inauthentic, unoriginal, falsified, or fraudulent documents.

Incomplete Applications

If an application is found to be incomplete, the Secretary shall notify the applicant in writing within fourteen (14) business days after receipt of the application.

Abandonment of Application

The failure of the applicant to provide requested information within forty-five (45) calendar days may be deemed to be an abandonment of the application.

Circulation and Comment Period

Once a complete application has been received, the Secretary shall circulate copies of the complete application and request written comments from entities as required by 28 PNC § 108(¢). The lack of a response by an entity to which the application has been circulated shall be deemed to be a statement of non-objection to the application by that entity.