A residence visa is advisable to foreign investors but it must be renewed annually. To obtain a six-month visa, applicants must provide biographic information and a description of relevant work and professional experience. The process can be expedited if the person can be readily identified by a recognised foreign industrial enterprise. There is no favoured treatment of foreign investors in terms of incentives in that the same incentives are available to both domestic and foreign investors. The following are incentives provided by the Government to investors.
Cottage industries are exempt from sales tax, excise duty, and income tax.
Foreigners are not permitted to invest in this sector. There is no income tax on profits from exports. Customs, sales tax, and excise duties are reimbursed within 60 days on raw materials used in the production of export items. Manufacturing industries are exempt from income tax for five years from commencement of commercial production. No taxes, duties, or fees are to be levied on machinery, tool, and raw materials utilised.