the approval or refusal of the establishment of an enterprise, within 80 days from the day of receipt of the application.
Article 9. A foreign-investor shall, within 30 days of the approval, register the enterprise at the Rason City People’s Committee.
The date of registration shall mark the date of the establishment of the enterprise.
A wholly foreign-owned enterprise shall, within 20 days of its registration, complete its tax registration at the financial organ in the area of its location.
Article 10. With the approval of the Cabinet, a wholly foreign-owned enterprise may establish branches, representative offices, agencies and subsidiaries in the DPRK or other countries and conduct joint operations with companies in other countries.
Article 11. A foreign investor may entrust any construction required for the establishment of the enterprise to a construction enterprise in the DPRK.
Article 12. A foreign investor shall make an investment within the period stated in the approved application for the establishment of his enterprise.
If investment within the fixed period is impossible due to unavoidable circumstances, it may be extended, with the approval of the organs concerned.
Article 13. Where a foreign investor fails to make an investment within the fixed period for no good reason, the central trade guidance organ may abrogate the approval of the application.
Chapter 3. Business Activities of Wholly Foreign-Owned Enterprises
Article 14. A wholly foreign-owned enterprise shall conduct business activities in accordance with the memorandum of enterprise endorsed.
If the wholly foreign-owned enterprise wishes to increase or change categories of business, it shall obtain an approval from the organ that has approved its establishment.
Article 15. A wholly foreign-owned enterprise shall submit its production import and export plans to the Rason City People’s Committee with which it has been registered.
Article 16. A wholly foreign-owned enterprise may obtain in the DPRK or from abroad, the materials it needs in its business activities, and either export its products or sell them in the DPRK.
Article 17. A wholly foreign-owned enterprise shall, in principle, purchase raw and other materials and equipment from the DPRK and sell its products to the DPRK through the foreign trade agencies of the DPRK.
Article 18. A wholly foreign-owned enterprise shall open an account at the Foreign Trade Bank of the DPRK.
A wholly foreign-owned enterprise may, on agreement with the DPRK foreign exchange control organ, open an account at other banks in the DPRK
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