Following the recent amendment, two clauses of the Regulation have been removed, making the transfer of shares easier as the parties involved are no longer required to inform the Ministry of Tourism, or obtain any approvals before hand.
The Ministry of Tourism has on 12 February 2023 amended the Grant of Right Regulation (Regulation no: 2010/R-14), which requires companies with lease rights of resort islands to obtain approval from the Ministry of Tourism when there are any changes to the share holding of the company.
Under Clause 5 of the said Regulation, which was initially published on 09 December 2010, companies are required to obtain approval of the Ministry of Tourism by submitting a specified form, and a Board Resolution is also required to be submitted for any changes in share holding structure of a company.
Further, under Clause 6 of the Regulation, the company is also required to submit the registered changes, within seven days of registration of the company ownership in the relevant government Ministry (in this case, the Ministry of Economic Development).
Following the recent amendment, these two clauses of the Regulation have been removed, making the transfer of shares easier as the parties involved are no longer required to inform the Ministry of Tourism, or obtain any approvals before hand.
