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WT/TPR/S/322/Rev.1 â¢ Cabo Verde - 24 may frequently be in public ownership (State or municipal land). In such cases, the authorities will normally propose a long-term lease (25 to 50 years) rather than an outright sale of the plot.41 2.36. Having clarified the use of land, the back office proceeds to solicit detailed opinions of public authorities about the project (e.g. financial, environmental, or legal considerations). CVI (or ADEI) decides on the basis of the opinions received whether the project should go ahead or be shelved. 42 If the green light is given, the back office agency will collect the necessary registration certificates, licences or permits issued by public bodies and compile them in a dossier to be handed over to the investor.43 CVI also provides investment registration certificates to the investors.44 2.37. When Cabo Verde acceded to the WTO in 2008, the principal elements of the legal framework affecting investment were Law No. 89/IV/93 and Regulatory Decree No. 1/94 (conditions and procedures for foreign investment), Decree-Law No. 108/89 (the "Industrial Statute"), Law No. 99/IV/93 ("Franc Enterprises"), Law No. 92/IV/93 providing incentives for exports or re-exports of goods and services, and the Tourism Utility Law (Law No. 55/VI/2005 of 10 January 2005).45 As some WTO Members had found that certain aspects of Cabo Verde's investment regime could be challenged according to the WTO Agreement on Subsidies and Countervailing Measures, Cabo Verde had been requested to provide a plan for the elimination of such WTO-incompatible provisions and programmes.46 It was agreed that Cabo Verde's legislation should be in full conformity with the Agreement on Subsidies and Countervailing Measures by 1 January 2010, and that any incentives constituting a prohibited subsidy under the Agreement, but granted to firms or individuals prior to WTO accession, would be withdrawn no later than 1 January 2015.47 2.38. The "Industrial Statute" (Decree-Law No. 108/89) was revoked in 2010.48 Cabo Verde introduced a new investment law in 2012, establishing a general framework of rights and guarantees for investments contributing to the socio-economic development of the country.49 Article 3 provides a positive list of objectives that should guide investments, e.g. job creation, reduced socio-economic disparities, increased and diversified exports, improved balance-of-payments, innovation, and transfer of technology. The law itself does not ban investment in specific sectors, but acknowledges that the activity must be permitted by law (Article 11).50 The law applies to domestic and foreign investors alike. Thus, no particular sector or activity is reserved for domestic investors, and limitations on ownership are not prescribed. However, the law exempts from its scope "projects which, given their nature or size, may merit special treatment and support from the State, including through the signing of an Establishment Agreement" (Article 5.2). 41 The issue of ownership versus leasing could be a negotiating matter. Should the investor prefer ownership, no general provision in Cabo Verde's legislation would preclude such a transaction. 42 It is only at this stage that the investor would make payments for the registration of a company and necessary operating permits or licences. 43 A business requires a licence from the municipal authority for its operations. The municipal licence system was computerized in 2010, and Cabo Verde also eliminated a requirement that the premises be inspected by the municipal authorities prior to the commencement of operations. The licence as such is issued free of charge, but investors are charged for the costs of any inspections deemed necessary. 44 CVI will charge investors for its work on investment applications, but the fees do not cover the true costs. Most of Cabo Verde's financing is covered by the State budget, or by the World Bank for specific cooperation projects. The fee structure is currently under revision, but the intention is for the fees to remain nominal and well below cost. 45 Decree-Law No. 66/97, which had outlined incentives for investment in the financial sector, was repealed by Decree-Law No. 12/2005 of 7 February 2005. 46 Cabo Verde submitted an action plan in 2005 (WTO document WT/ACC/CPV/22, 20 July 2005) and subsequently a more detailed explanation and revised timetable in 2007 (WTO document WT/ACC/CPV/29, 19 October 2007). 47 WTO document WT/ACC/CPV/30, 6 December 2007, paragraph 163. 48 Legislative Decree No. 13/2010, regulated by Regulatory Decree No. 3/2011 of 24 January 2011. 49 Law No. 13/VIII/2012 of 11 July 2012. The Law entered into force on 1 January 2013. The foreign investment legislation (Law No. 89/IV/93 and Regulatory decree No. 1/94) was simultaneously repealed. The investment law was amended in 2013 (Decree-Law No. 34/2013 of 24 September 2013) to expedite the registration of foreign investment (with BCV). The amendment ensures that the process with the central bank is undertaken electronically by CVI the day after it has issued the Investment Registration Certificate to the investor. 50 This principle is also affirmed in Law No. 49/VII/2009 of 30 December 2009, which sets out the general regime of entry into economic activities. The Law stipulates that no economic activity is closed to private investment.