Sustainable Investment Policy Perspectives of the East African Community

Annex A. Discriminatory measures against FDI in EAC Partner States

 

BURUNDI
Sector	Policy Category	Comments	Legal authority / official source
0. Horizontal	I. Foreign equity limits (Privatised companies/assets: Between 33% and 50%)	The Committee for the Privatization of Public Enterprises (CIP) can reserve a determined percentage of securities for transfer to Burundian citizens or companies with majority Burundian capital, while setting rules and modalities for subsequent transfers to foreign investors. By the formulation of such provision, it is implied that any such rules would impose discriminatory conditions on subsequent equity sales by the privatised asset owners.	Law Relating to the Organization of the Privatization of Enterprises with Public Participation, Services and Public Works, 2012
	IV. Other restrictions (Government procurement offers preference to locally-owned firms)	Preference is granted to tender submissions from national bidders, defined as companies incorporated under Burundian law or domiciled in member states of regional economic organizations to which Burundi belongs, and owned and controlled in its majority by Burundi nationals and nationals from such states. A foreign bidder may also receive a maximum of 5% price preference if they subcontract at least 30% of the contract's total value to a national company for contracts with decentralized local authorities or their public establishment.	Law No. 1/04 of January 29, 2018 amending Law No. 1/01 of February 4, 2008 on the Public Procurement Code
	IV. Other restrictions (Land/real estate ownership not permitted but leases possible – medium-term: up to 70 years)	Access to land is subject to discriminatory restriction as foreign natural or legal persons (including any legal entity constituted in Burundi whose capital is majority owned by foreigners) are only granted freehold land for specific purposes (industrial, agro-industrial, commercial, social, cultural, scientific or residential use) subject to reciprocity. Otherwise, foreign persons may lease land on a medium-term basis up to 50 years. Foreign natural or legal persons cannot own agricultural land unless under a leasehold term.	Law N°1/13 of August 9, 2011 reviewing the Land Code of Burundi
1. Agriculture	IV. Other restrictions (Land/real estate ownership not permitted but leases possible – medium-term: up to 70 years)	Access to land is subject to discriminatory restriction as foreign natural or legal persons (including any legal entity constituted in Burundi whose capital is majority owned by foreigners) are only granted freehold land for specific purposes (industrial, agro-industrial, commercial, social, cultural, scientific or residential use) subject to reciprocity. Otherwise, foreign persons may lease land on a medium-term basis up to 50 years. Foreign natural or legal persons cannot own agricultural land unless under a leasehold term.	Law N°1/13 of August 9, 2011 reviewing the Land Code of Burundi
4. Mining & Quarrying	I. Foreign equity limits (Divestment is required: More than 50% up to 67%)	In the mining sector, at least 10% of the shares of a mining company must belong to the government and, in addition, the mining company must ensure the participation of Burundi nationals in the equity capital of the company. As reported by the IFC (2022), the government's practice is to determine in mining conventions that 39% of the capital of the licensed mining company be held by Burundi shareholders, 10% by the government of Burundi and the remaining 51% by the foreign investors (see for instance the Mining Agreement on Rare Earth Deposits Gakara).	Law N°1/21 of October 15, 2013 Providing Burundi Mining Code Decree N°100/193 of June 16, 2015 Providing Mining Regulations of Burundi Mining Agreement on Gakara Rare Earth Deposits
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	For the issuance and renewal of a small-scale mining permit, mining companies with predominantly Burundian shareholders are prioritised. Like for large-scale mining, the state is entitled to a minimum ownership stake (at least 16%) in the operating company's share capital. State ownership is not considered a restriction under the OECD FDIRRI since it applies in a non-discriminatory manner.	Law No. 1/19 of 04 August 2023 amending Law No. 1/21 of 15 October 2013 on the Burundi Mining Code
	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign investment in semi-mechanised mining is prohibited.	Law No. 1/19 of 04 August 2023 amending Law No. 1/21 of 15 October 2013 on the Burundi Mining Code
	I. Foreign equity limits (Divestment is required: More than 50% up to 67%)	Mining companies involved in large-scale mining and industrial quarry exploitation are subject to a minimum state participation in the share capital of the company of 16%, increased by 5% at every permit renewal, and the company must ensure the participation of Burundi nationals in the equity capital of the company too. For the purposes of the OECD FDIRRI, it is assumed that the previous government practice to allow foreign shareholders to own up to 51% of the share capital of the company is maintained under the new Mining Code, 2023 (see IFC, 2022; and the example of the Mining Agreement on Rare Earth Deposits Gakara).	Law No. 1/19 of 04 August 2023 amending Law No. 1/21 of 15 October 2013 on the Burundi Mining Code Mining Agreement on the Rare Earth Deposits of Gakar
	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	For the authorisation of a purchase and export counter/bureau of mineral substances from artisanal and semi-mechanized operations, at least twenty-five percent of the counter's share capital must be held by Burundian shareholders, with exceptions only if no Burundian shareholders are present.	Law No. 1/19 of 04 August 2023 amending Law No. 1/21 of 15 October 2013 on the Burundi Mining Code Decree No. 100/224 of November 23, 2023 relating to the modalities of application of Law No. 1/19 of August 4, 2023 relating to the Mining Code of Burundi in relation to the Artisanal Mine, the Semi-Mechanized Mine, the Artisanal Quarry and the Mechanized Career
	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign investment in companies providing transport and storage of quarry materials is prohibited.	Law No. 1/19 of 04 August 2023 amending Law No. 1/21 of 15 October 2013 on the Burundi Mining Code Decree No. 100/224 of November 23, 2023 relating to the modalities of application of Law No. 1/19 of August 4, 2023 relating to the Mining Code of Burundi in relation to the Artisanal Mine, the Semi-Mechanized Mine, the Artisanal Quarry and the Mechanized Career
18. Financial Services – Banking	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for carrying out banking activities.	Law No. 1/17 of August 22, 2017 governing Banking Activities
19. Financial Services – Insurance	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for carrying out insurance activities.	Law No. 1/06 of July 17, 2020 revising Law No. 1/02 of January 7, 2014 on the Insurance Code of Burundi
22. Real Estate Investment	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Access to land is subject to discriminatory restriction as foreign natural or legal persons (including any legal entity constituted in Burundi whose capital is majority owned by foreigners) are only granted freehold land for specific purposes (industrial, agro-industrial, commercial, social, cultural, scientific or residential use) subject to reciprocity. Otherwise, foreign persons may lease land on a medium-term basis up to 50 years. Foreign natural or legal persons cannot own agricultural land unless under a leasehold term.	Law N°1/13 Of August 9, 2011 reviewing the Land Code of Burundi
DEMOCRATIC REPUBLIC OF THE CONGO
Sector	Policy Category	Comments	Legal authority / official source
0. Horizontal	III. Restrictions on key foreign personnel (Foreign key personnel (i.e. top-level executive positions) not permitted)	Foreigners cannot hold various top-level corporate positions across industries.	Departmental Ordinance 86/001 determining the List of Jobs Prohibited to Foreigners. (JOZ, No. 7, April 1, 1987, p.36) [google translation]
	IV. Other restrictions (Discriminatory local content requirement)	Foreign investors are required to engage Congolese-owned sub-contractors unless exceptionally when local expertise is unavailable or inaccessible and subject to government approval.	Law N° 17/001 of February 08, 2017 Fixing the Rules Applicable to Subcontracting in the Private Sector [google translation]
	IV. Other restrictions (Public procurement legislation provides for a preferential treatment for majority Congolese-owned small and medium-sized enterprises.)	Public procurement legislation provides for a preferential treatment for majority Congolese-owned small and medium-sized enterprises.	Law No. 10/010 of April 27, 2010 on Public Procurement, Art. 37 [google translation]
1. Agriculture	I. Foreign equity limits (Foreign shareholding in enterprises holding a concession to exploit agricultural land is limited to 49%)	Foreign shareholding in enterprises holding a concession to exploit agricultural land is limited to 49%.	Law No. 11/022 of December 24, 2011 on Fundamental Principles relating to Agriculture [google translation]
2. Forestry and Logging	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Medium-sized artisanal forestry activities (i.e. up to 500 hectares) are reserved to majority-owned Congolese enterprises.	Ministerial Order 84/CAB/MIN/ECN-DD/CJ/00 /RBM/2016 of October 29, 2016 on the Conditions and Rules for the Exploitation of Timber [google translation]
4. Mining & Quarrying	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Foreign investment in mining and small-scale mining activities is subject to joint-venture requirements with Congolese investors.	Law N° 007/2002 of July 11, 2002 on the Mining Code, as amended [google translation] Loi n°18/001 du 09 mars 2018 modifiant et complétant la Loi n° 007/2002 du 11 juillet 2002 portant Code Minier [google translation]
6. Manufacturing – Chemical, Rubber, Plastics, Fuel Products and Other Non-Metallic Mineral Products	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Foreign investment in wholesale of pharmaceutical products and pharmaceutical manufacturing laboratories requires an association with a Congolese pharmacist.	Ministerial Order No. 1250/CAB/MIN/SP/010/CPH/OMP/2015 of September 28, 2015 amending and supplementing Ministerial Order No. 1250/CAB/MIN/S/AJ/01 of March 14, 2000 on the Conditions for Granting Authorizations to Open and Operate Pharmaceutical Establishments [google translation]
12. Distribution – Retail	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign investment in retail of pharmaceutical products is reserved to Congolese pharmacists.	Ministerial Order No. 1250/CAB/MIN/SP/010/CPH/OMP/2015 of September 28, 2015 amending and supplementing Ministerial Order No. 1250/CAB/MIN/S/AJ/01 of March 14, 2000 on the Conditions for Granting Authorizations to Open and Operate Pharmaceutical Establishments [google translation]
	II. Screening and approval (Screening policy mandates consideration of economic interests)	Foreign investment in retail trade is subject to express authorisation by the President of the Republic, except for in the following domains where it has been authorised by decree: gas stations; supermarkets, beverages, electro domestic appliances, luxury clothing and new vehicle dealerships.	Law No. 73/009 of January 5, 1973 amended by Law No. 74-014 of July 10, 1974 on Trade [google translation] DECREE No. 011/37 Laying Down Precautionary Measures for the Exercise of Small Businesses and Retail Businesses [google translation]
13. Distribution – Wholesale	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Foreign investment in wholesale of pharmaceutical products and pharmaceutical manufacturing laboratories requires an association with a Congolese pharmacist.	Ministerial Order No. 1250/CAB/MIN/SP/010/CPH/OMP/2015 of September 28, 2015 amending and supplementing Ministerial Order No. 1250/CAB/MIN/S/AJ/01 of March 14, 2000 on the Conditions for Granting Authorizations to Open and Operate Pharmaceutical Establishments [google translation]
	II. Screening and approval (Screening policy mandates consideration of economic interests)	Foreign investment in wholesale trade is subject to an express authorization of the President of the Republic.	Law No. 73/009 of January 5, 1973 amended by Law No. 74-014 of July 10, 1974 on Trade [google translation] DECREE No. 011/37 Laying Down Precautionary Measures for the Exercise of Small Businesses and Retail Businesses [google translation]
14. Transport	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Maritime transport, unless as provided for under international maritime agreements, is reserved to vessels flying the national flag, which is granted to vessels in which foreign interests are not greater than 40%.	Ordinance-Law No. 66-98 – Maritime Navigation Code [google translate]
16. Media	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign shareholding in radio and TV broadcasting companies is limited to 49%.	Act N°96- 002 of June 22, 1996 Fixing the Terms and Conditions for the Exercise of Press Freedom [google translation]
	IV. Other restrictions (Reciprocity requirement)	Foreign investment in radio and TV broadcasting is subject to a reciprocity condition.	Act N°96- 002 of June 22, 1996 Fixing the Terms and Conditions for the Exercise of Press Freedom [google translation]
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign shareholding in printed media companies is limited to 49%.	Act N°96- 002 of June 22, 1996 Fixing the Terms and Conditions for the Exercise of Press Freedom [google translation]
	III. Restrictions on key foreign personnel (Foreign key personnel (i.e. top-level executive positions) not permitted¹)	The director of publications of printed media company needs to be a Congolese national.	Act N°96- 002 of June 22, 1996 Fixing the Terms and Conditions for the Exercise of Press Freedom [google translation]
17. Telecommunications	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Foreign shareholding in telecommunication companies is limited to 69%.	Law No. 20/017 of November 25, 2020 relating to Telecommunications and Information and Communication Technologies [google translation]
18. Financial Services – Banking	IV. Other restrictions (Discriminatory local content requirement)	Statutory auditors of banking institutions in the DRC must either be Congolese nationals or legal persons established under the law of the DRC and with capital held in majority by Congolese nationals.	Law N°003/2002 of 02/02/2002 relating to the Activity and Control of Credit Institutions [google translation]
	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for investing in banking.	Law N°003/2002 of 02/02/2002 relating to the Activity and Control of Credit Institutions [google translation]
19. Financial Services – Insurance	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for undertaking insurance and reinsurance activities.	Law n°15/005 of March 17, 2015 on the Insurance Code [google translation]
21. Professional Services	IV. Other restrictions (Reciprocity requirement)	Foreign lawyers may be admitted to practice in DRC subject to a reciprocity condition. Only lawyers can constitute and hold equity interests in law firms and partnerships established in DRC.	Ordinance-Law 79-028 of September 28, 1979 on the Organization of the Bar, the Body of Judicial Defenders and the Body of State Agents [google translation]
	IV. Other restrictions (Reciprocity requirement)	Foreign participation in auditing and accounting firms in DRC is subject to a reciprocity condition.	Law N° 15/002 of February 12, 2015 on the Creation and Organization of the National Order of Experts-Comptables [google translation]
	IV. Other restrictions (Reciprocity requirement)	Foreign engineers can be admitted to the National Order of Engineers subject to a reciprocity requirement.	Law N° 18/033 of December 13, 2018 on the Creation, Organization and Operation of the National Order of Civil Engineers [google translation]
	IV. Other restrictions (Reciprocity requirement)	Architectural firms can only be formed by architects members of the National Order of Architects. Foreign architects can be admitted to the Order subject to a reciprocity condition.	Law No. 18/034 on the Creation, Organization and Functioning of the National Order of Architects [google translation]
22. Real Estate Investment	IV. Other restrictions (Reciprocity requirement)	Foreign investment in real estate services (agents and brokers) is subject to reciprocity.	Decree N° 13/032 Of June 25, 2013 Regulating the Practice of the Profession of Real Estate Expert [google translation]
	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Only Congolese nationals are entitled to perpetual land concessions. Legal entities, both foreign and Congolese-owned, are only entitled to limited-term concession modalities, such as land leases up to 25 years, renewable.	Law No. 73-021 Of July 20, 1973 on the General Property Regime, Land and Real Estate Regime and Securities Regime, as amended and supplemented by Law No. 80-008 Of July 18, 1980 [google translation]
KENYA
Sector	Policy Category	Comments	Legal authority / official source
0. Horizontal	IV. Other restrictions (Land/real estate ownership not permitted but leases possible – long-term: over 70 years)	Ownership of land by non-citizens (including a body corporate not wholly owned by one or more citizens) can only be by way of 99-year leases. There is also restriction on ownership of agricultural land by non-citizens (both freehold and leasehold tenure are prohibited).	Constitution of Kenya, 2010 Land Act No. 6 of 2012, as amended Land Control Act No. 34 of 1967, as amended
	IV. Other restrictions (Government procurement offers preference to locally-owned firms)	Public procurement legislation offer preferences for locally-owned companies. The law mandates that, subject to availability and realization of international or local standards, preference must be given to manufactured articles, materials, or supplies wholly or partially mined and produced in Kenya, or assembled in Kenya, with preference also extended to firms where Kenyans hold over fifty-one percent of shares. Such preferences apply for the procurement goods, services and works.	Public Procurement and Asset Disposal Act No 33 of 2015, as amended
1. Agriculture	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Freehold and leasehold ownership of agricultural land by non-citizens (including a body corporate not wholly owned by one or more citizens) is prohibited. For the purposes of the FDIRRI methodology, this is assumed to fully preclude investment by foreign investors in agricultural activities as foreign-owned entities cannot lease or own land for such purposes.	Land Control Act No. 34 of 1967, as amended
4. Mining & Quarrying	I. Foreign equity limits (Divestment is required: More than 67%, but below 100%)	Persons applying for a license relating to small scale mining operations should be a Kenyan citizen or a body corporate where 60% of the shares are held by Kenyan citizens. With respect to large scale mining operations, the licensee is required to list at least 20% of its equity on a local stock exchange within three years after commencement of production.	Mining Act No 12 of 2016
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Persons applying for a license relating to small scale mining operations should be a Kenyan citizen or a body corporate where 60% of the shares are held by Kenyan citizens. With respect to large scale mining operations, the licensee is required to list at least 20% of its equity on a local stock exchange within three years after commencement of production.	Mining Act No 12 of 2016
	IV. Other restrictions (Discriminatory local content requirement)	The local content requirement mandates that holders of mining licenses prioritize the use of locally made materials and products, employ local services and citizens, and favour companies owned by Kenyan citizens in all mining operations.	Mining Act No 12 of 2016
11. Construction	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	A foreign contractor, including a firm incorporated in Kenya in which 5l% of the shares are held by a non-Kenyan, is prohibited from undertaking construction works whose value is below limits set in the regulations (works classified as NCA-2 to NCA-8 in the regulation). Foreign contractors may only register and undertake works classified as NCA-1 (whose value is superior to the NCA-2 threshold). In such cases, foreign contractors are required to give an undertaking that it will subcontract or enter into a joint venture with a local person or local firm for not less than thirty percent of the value.	National Construction Authority Act No. 41 of 2011, as amended National Construction Authority Regulations, Legal Notice No. 74 of 2014, as amended
	IV. Other restrictions (Discriminatory local content requirement)	A foreign contractor, including a firm incorporated in Kenya in which 5l% of the shares are held by a non-Kenyan, is prohibited from undertaking construction works whose value is below limits set in the regulations (works classified as NCA-2 to NCA-8 in the regulation). Foreign contractors may only register and undertake works classified as NCA-1 (whose value is superior to the NCA-2 threshold). In such cases, foreign contractors are required to give an undertaking that it will subcontract or enter into a joint venture with a local person or local firm for not less than thirty percent of the value.	National Construction Authority Act No. 41 of 2011, as amended National Construction Authority Regulations, Legal Notice No. 74 of 2014, as amended
12. Distribution – Retail	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Individuals or entities cannot engage in mineral dealings without a mineral dealer's licence or permit, which is exclusively available to citizens of Kenya or to corporations where at least sixty percent of the shareholding is held by Kenyan citizens, with limited permissions for holders of specific licences.	Mining Act No 12 of 2016
13. Distribution – Wholesale	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Individuals or entities cannot engage in mineral dealings without a mineral dealer's licence or permit, which is exclusively available to citizens of Kenya or to corporations where at least sixty percent of the shareholding is held by Kenyan citizens, with limited permissions for holders of specific licences.	Mining Act No 12 of 2016
14. Transport	I. Foreign equity limits (Divestment is required: More than 67%, but below 100%)	Companies wishing to be considered for a Postal and Courier Operators license must allot a minimum of 20% of their total shares to individual Kenyan citizens at the end of three years of operation.	Communications Authority of Kenya, Procedure for Licensing Postal/Courier Operators
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	A license can only be granted to a maritime service provider (comprising local shipping lines, port/terminal operators and other auxiliary services) who is a citizen, or in case of a company, where 51% of the share capital is held directly by a Kenyan.	Merchant Shipping Act No 4 of 2009, as amended Merchant Shipping (Maritime Service Providers) Regulations, 2011
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	A foreign equity restriction in the licensing of internal and international air services prohibits the issuance of a license unless the applicant satisfies the Authority that at least fifty-one percent of the voting rights are ultimately held by the State, a citizen of Kenya, or both, and that the aircraft used meets specified registration and operational standards.	Legal Notice No. 167 - The Civil Aviation (Licensing of Air Services) Regulations, 2018
16. Media	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Up to 2023, under the National Information Communications and Technology Policy Guidelines, 2020, only companies with at least 30% substantive Kenyan ownership were licensed to provide ICT services, including telecommunications and broadcasting services (up from 20% under the 2006 policy). This equity restriction was lifted by an amendment to the Guidelines, published on 22 August 2023. (For more information, see Bowmans (2023))	Kenya Information and Communications (Broadcasting) Regulations, 2009 National ICT Policy Guidelines 2020
17. Telecommunications	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Up to 2023, under the National Information Communications and Technology Policy Guidelines, 2020, only companies with at least 30% substantive Kenyan ownership were licensed to provide ICT services, including telecommunications and broadcasting services (up from 20% under the 2006 policy). This equity restriction was lifted by an amendment to the Guidelines, published on 22 August 2023. (For more information, see Bowmans (2023))	Kenya Information and Communications (Licensing and Quality of Service) Regulations, 2010 Communications Authority of Kenya, "Licensing Procedures", Website Content National ICT Policy Guidelines 2020 Communications Authority of Kenya, Application for an Electronic Communications Service Provider Licence under the Unified Licensing Framework CA/F/LCS/TL 3.7 (February 2021) Communications Authority of Kenya, Application for a Licence as a Telecommunications Contractor, CA/F/LCS/TL 2.5 (February 2021) Communications Authority of Kenya, Application for an Electronic Communications Service Provider Licence under the Unified Licensing Framework CA/F/LCS/TL 3.7 (FEBRUARY 2021) Communications Authority of Kenya, Application for Submarine Cable Landing Rights Licence CA/F/LCS/TL 6.4 (February 2021)
19. Financial Services – Insurance	I. Foreign equity limits (Greenfield and acquisitions: More than 50% up to 67%)	One third of the paid-up capital of an insurer should be owned by citizens of the East African Community Partner States.	Insurance Act No. 1 of 1985, as amended
	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign investment in auxiliary insurance services is prohibited.	Insurance Act No. 1 of 1985, as amended
	III. Restrictions on key foreign personnel (Nationality requirements for board of directors – At least one must be national)	At least one third of the board of directors of an insurance company needs to be formed by citizens of Kenya.	Insurance Act No. 1 of 1985, as amended
	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Branches of foreign insurance companies and auxiliary companies are not permitted.	Insurance Act No. 1 of 1985, as amended
20. Financial Services – Other Financial Services	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	At least 15% of the paid up equity share capital of a derivatives exchange shall be held by a Kenyan entity.	The Capital Markets (Derivatives Markets) Regulations, 2016, Part II, Section 17(1)
	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for carrying out various financial market intermediation activities.	The Capital Markets (Online Foreign Exchange Trading) Regulations, 2017 The Capital Markets (Coffee Exchange) Regulations, 2020 The Capital Markets (Commodity Markets) Regulations, 2020 The Capital Markets (Licensing Requirements) (General) Regulations, 2002, as amended
	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for engaging in collective investment schemes activities.	Capital Markets Act No. 3 of 2000, as amended Legal Notice No. 173, The Capital Markets (Collective Investment Schemes) Regulations, 2023
	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for carrying out venture capital activities in Kenya.	The Capital Markets (Registered Venture Capital Companies) Regulations, 2007
21. Professional Services	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Only citizens of Kenya qualify for admission as advocates in the country and to hold ownership in law firms. Foreign advocates may be admitted to practise in Kenya, at the discretion of the Attorney-General, only in specified suit or matter as authorised by the Attorney-General.	Advocates Act No. 18 of 1989, as amended
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	A foreign firm may only be registered as an engineering consulting firm if the firm is incorporated in Kenya and a minimum of 51% of its shares are held by Kenyan citizens.	Engineers Act No. 43 of 2011, as amended
22. Real Estate Investment	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Ownership of land by non-citizens (including a body corporate not wholly owned by one or more citizens) can only be by way of 99-year leases.	Constitution of Kenya, 2010 Land Act No. 6 of 2012, as amended
RWANDA
Sector	Policy Category	Comments	Legal authority / official source
0. Horizontal	IV. Other restrictions (Land/real estate ownership not permitted but leases possible – long-term: over 70 years)	Foreigners, including a branch of a foreign company, may not own freehold land but may be granted emphyteutic leases and land concessions specifically for investment purposes for 99 and 49 years respectively.	Law N° 27/2021 Governing Land
4. Mining & Quarrying	I. Foreign equity limits (Greenfield and acquisitions: More than 50% up to 67%)	Foreign participation in small-scale mining operations is prohibited. Foreign shareholding in medium-scale mining activities is limited to 60%. No foreign equity restriction applies to large-scale mining activities.	Law N° 58/2018 of 13/08/2018 on Mining and Quarry Operations Regulations of the Chief Executive Officer N° 005/MINES/RMB/2019 of 18/07/2019 Determining Potential Mining Areas, Criteria for Categorisation of Mines, Modalities and Requirements for Mineral Licence Application and for Tenders Regulations of the Chief Executive Officer N° 007/MINES/RMB/2019 Of 18/07/2019 Determining Categories of Quarries, Requirements for Acquisition of Quarry Licence and Reporting Annex IV To Regulations of the Chief Executive Officer N° 004/MINES/RMB/2019 of 18/07/2019 Determining the Format and Content of a Mineral Licence and the Content of an Agreement with a Mining or Industrial Quarry Licence Holder - Content of an Agreement for Mineral or Industrial Quarry Exploitation for Medium Scale Mining with a Mining or Industrial Quarry Licence Holder Annex V to Regulations of the Chief Executive Officer N° 004/MINES/RMB/2019 Of 18/07/2019 Determining the Format and Content of a Mineral Licence and the Content of an Agreement with a Mining or Industrial Quarry Licence Holder - Content of an Agreement for Mineral or Industrial Quarry Exploitation License for Small Scale Mining with a Mining or Industrial Quarry Licence Holder
	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign participation in small-scale mining operations is prohibited. Foreign shareholding in medium-scale mining activities is limited to 60%. No foreign equity restriction applies to large-scale mining activities.	Law N° 58/2018 of 13/08/2018 on Mining and Quarry Operations Regulations of the Chief Executive Officer N° 005/MINES/RMB/2019 of 18/07/2019 Determining Potential Mining Areas, Criteria for Categorisation of Mines, Modalities and Requirements for Mineral Licence Application and for Tenders Regulations of the Chief Executive Officer N° 007/MINES/RMB/2019 Of 18/07/2019 Determining Categories of Quarries, Requirements for Acquisition of Quarry Licence and Reporting Annex IV To Regulations of the Chief Executive Officer N° 004/MINES/RMB/2019 of 18/07/2019 Determining the Format and Content of a Mineral Licence and the Content of an Agreement with a Mining or Industrial Quarry Licence Holder - Content of an Agreement for Mineral or Industrial Quarry Exploitation for Medium Scale Mining with a Mining or Industrial Quarry Licence Holder Annex V to Regulations of the Chief Executive Officer N° 004/MINES/RMB/2019 Of 18/07/2019 Determining the Format and Content of a Mineral Licence and the Content of an Agreement with a Mining or Industrial Quarry Licence Holder - Content of an Agreement for Mineral or Industrial Quarry Exploitation License for Small Scale Mining with a Mining or Industrial Quarry Licence Holder
14. Transport	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Air transport companies are required to have at least 51% of their voting rights held by citizens or residents of the East African Community for domestic air service licensing, and by citizens and/or residents of Rwanda for international air service licensing, as per the regulations governing aviation services in Rwanda.	Rwanda Civil Aviation Regulations (Part 37: Licensing of Air Services), 2019, as amended
16. Media	IV. Other restrictions (Discriminatory local content requirement)	Until 2021, at least fifty percent of all content provided by radio broadcasters and free-to-air TV licensees must be produced by Rwandan citizens or legal entities majority-owned by Rwandan citizens, with an additional five percent sourced from independent local producers. Since 2022, qualifying conditions for 'local content' are no longer associated with ownership by Rwandan citizens. Hence, these are no longer recorded as restrictions under the OECD FDI RRI.	Regulation Nº017/R/MR-ICT/ RURA/2022 Of 17/01/22 Governing Broadcasting Services in Rwanda Regulations for Broadcasting Services, 2013
	IV. Other restrictions (Discriminatory local content requirement)	Until 2021, at least fifty percent of all content provided by radio broadcasters and free-to-air TV licensees must be produced by Rwandan citizens or legal entities majority-owned by Rwandan citizens, with an additional five percent sourced from independent local producers. Since 2022, qualifying conditions for 'local content' are no longer associated with ownership by Rwandan citizens. Hence, these are no longer recorded as restrictions under the OECD FDI RRI.	Regulation Nº017/R/MR-ICT/ RURA/2022 Of 17/01/22 Governing Broadcasting Services in Rwanda Regulations for Broadcasting Services, 2013
17. Telecommunications	IV. Other restrictions (Discriminatory local content requirement)	Network infrastructure service provider licenses may be granted to any investor, but the licensee must give preference to material and products made in Rwanda and service agencies located in Rwanda and owned by Rwandan citizens, or Rwandan companies that are majority owned by Rwandan citizens.	Regulation No 013/R/EC-ICT/RURA/2021 Of 25/02/2021 Governing Licensing In Electronic Communication
18. Financial Services – Banking	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for commercial banks and payment services providers.	Regulation 2310-13 of 2018 of the National Bank of Rwanda on Licensing Conditions for Banks Regulation N° 74/2023 of 18/09/2023 Governing Payment Services Providers
	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for commercial banks and payment services providers.	Regulation 2310-13 of 2018 of the National Bank of Rwanda on Licensing Conditions for Banks Regulation N° 74/2023 of 18/09/2023 Governing Payment Services Providers
19. Financial Services – Insurance	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	An insurance company and insurance intermediaries must be an entity registered in accordance with Rwandan Laws.	Law 30 of 2021 governing the Organisation of Insurance Business Regulation 2310-14 of 2018 f the National Bank of Rwanda on Licensing Conditions for Insurers and Reinsurers Regulation Nº 4230 of 2019 on Licensing Requirements and Other Conditions for Insurance Intermediaries
20. Financial Services – Other Financial Services	IV. Other restrictions (Reciprocity requirement)	Reciprocity is required for foreign investors to obtain authorisation from the central bank (i.e. National Bank of Rwanda) to establish and carry out the activity of securities depositors in Rwanda.	Regulation No 8 of 2010 of the National Bank of Rwanda on the Licensing Requirements Participants in the Central Securities Depository and the Protective Measures of Securities Law 26 of 2010 governing the Holding and Circulation of Securities
21. Professional Services	IV. Other restrictions (Reciprocity requirement)	Access to the legal profession in Rwanda is typically restricted to Rwandan citizens, but qualified lawyers from other countries may be permitted entry if there is reciprocity or under an international convention.	Law No 83 of 2013 establishing the Bar Association in Rwanda and Determining its Organization and Functioning
	IV. Other restrictions (Reciprocity requirement)	Foreign architects and engineers, as well as foreign architecture and engineering firms may obtain authorisation to practice and provide engineering and architectural services in Rwanda subject to reciprocity.	Law No. 26 of 2012 governing the Professions of Architecture and Engineering and Establishing the Institute of Architects and the Institute of Engineers in Rwanda
	IV. Other restrictions (Reciprocity requirement)	Foreign architects and engineers, as well as foreign architecture and engineering firms may obtain authorisation to practice and provide engineering and architectural services in Rwanda subject to reciprocity.	Law No. 26 of 2012 governing the Professions of Architecture and Engineering and Establishing the Institute of Architects and the Institute of Engineers in Rwanda
22. Real Estate Investment	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for foreign ownership of land not for business purposes.	Law N° 27/2021 governing Land
TANZANIA
Sector	Policy Category	Comments	Legal authority / official source
1. Agriculture	IV. Other restrictions (Discriminatory minimum capital requirement)	Foreign investment in a few coffee-related processing activities is subject to a discriminatory minimum capital requirement.	Tanzania Coffee Industry Regulations, 2013 (G. N. No. 385 of 2013)
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign shareholding is limited to 49% in the business of selling meat from authorised hunted animals ("game meat").	The Wildlife Conservation (Game Meat Selling) Regulations, 2020
0. Horizontal	IV. Other restrictions (Access to local finance)	Only foreign investors meeting a minimum investment threshold (higher than required from domestic investors) can be entitled to credit from domestic sources. New Investment Act adopted on December 2022 reduced the minimum investment capital for locally owned businesses from USD 100 000 to USD 50 000.	Tanzania Investment Act, 2022, Sections 2 and 31 [google translation] Tanzania Investment Act, 1997
	IV. Other restrictions (Restrictions on (post tax) profit/capital repatriation (e.g. prior approval, quantitative or time limits))	Only foreign investors meeting a minimum investment threshold (higher than required from domestic investors) have access to unconditional after-tax profit and capital repatriation. The new Investment Act adopted on December 2022 reduced the minimum investment capital for locally owned businesses from USD 100 000 to USD 50 000.	Tanzania Investment Act, 2022, Sections 2 and 28 [google translation] Tanzania Investment Act, 1997
	IV. Other restrictions (Restrictions on (post tax) profit/capital repatriation (e.g. prior approval, quantitative or time limits))	Only foreign investors meeting a minimum investment threshold (higher than required from domestic investors) have access to unconditional profit and capital repatriation.	Tanzania Investment Act, 1997
	IV. Other restrictions (Access to local finance)	Only foreign investors meeting a minimum investment threshold (higher than required from domestic investors) can be entitled to credit from domestic sources.	Tanzania Investment Act, 1997
	IV. Other restrictions (Government procurement offers preference)	Government procurement legislation gives preference to firms majority-owned by Tanzanian citizens in respect of contracts for public works and consultancy services, and to joint venture between foreign and local firms for all procurement, including of goods, under international and national competitive tendering.	Public Procurement Act (Chapter 410) of 2011, last amended in 2022
3. Fishing and Aquaculture	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Only Tanzanian vessels may be engaged in fishing activities in Tanzania's territorial water and in its Exclusive Economic Zone, unless exceptionally authorised by the Minister; registration of a Tanzanian fishing vessel is reserved to Tanzanian nationals, individuals or corporations owning ships hired out on bareboat charters to nationals of Tanzania, and individuals or corporations in bona fide joint venture shipping enterprise relationships with nationals of Tanzania.	Fisheries Act, 2003 Deep Sea Fisheries Management and Development Act, 2020 Merchant Shipping (Registration of Ships and Licensing of Vessels) Regulations, 2005
	IV. Other restrictions (Access to local finance)	Foreign-owned investors are not entitled to receive investment incentives available to citizen-owned companies conducting fishing activities in the Exclusive Economic Zone.	Deep Sea Fisheries Management and Development Act, 2020
4. Mining & Quarrying	IV. Other restrictions (Discriminatory local content requirement)	Investors in Oil & Gas activities are required to source goods and services from Tanzanian-owned firms.	The Petroleum Act, 2015
	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign investment in companies holding a "primary mining licence" (i.e. small-scale mining) is prohibited.	Mining Act (Chapter 123), 2010, as amended
	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign investment in mining of gemstones is prohibited.	Mining Act (Chapter 123), 2010, as amended
	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Foreign investment in mining activities is subject to partnership with indigenous Tanzanian companies.	The Mining (Local Content) Regulations, 2018
	IV. Other restrictions (Discriminatory local content requirement)	Mineral right holders shall give preference to goods and services produced or rendered by Tanzanian citizens and or local companies fully or partly owned by Tanzanian citizens.	Mining Act (Chapter 123), 2010, as amended
6. Manufacturing – Chemical, Rubber, Plastics, Fuel Products and Other Non-Metallic Mineral Products	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Foreign investment in midstream and downstream Oil & Gas activities is subject to partnership with Tanzanian-owned local companies holding not less than 25% of the interests in the business.	The Petroleum Act, 2015
11. Construction	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign (majority-owned) construction companies can only be temporarily registered for the purpose of carrying out specific construction contracts.	Contractors Registration Act of 1997, as amended Contractors Registration Bylaws, 1999, as amended
12. Distribution – Retail	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Only Tanzanian nationals can own pharmacy retail outlets in rural and peri-urban zones.	Pharmacy (Accredited Drugs Dispensing Outlets) (Standards and Ethics for Dispensation of Medicines) Regulations, 2019
14. Transport	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Foreign investment in dry ports is allowed subject to partnership with Tanzanian nationals holding at least 10% interest in the business.	The Tanzanian Shipping Agencies (Dry Port) Regulations, G. N. No 341 of 2018
	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Only Tanzanian ships may be engaged in local trade (passenger and cargo cabotage); registration of a Tanzanian ship is reserved to Tanzanian nationals, individuals or corporations owning ships hired out on bareboat charters to nationals of Tanzania, and individuals or corporations in bona fide joint venture shipping enterprise relationships with nationals of Tanzania.	Merchant Shipping Act, 2003 Merchant Shipping (Registration of Ships and Licensing of Vessels) Regulations, 2005
	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Only Tanzanian ships may be engaged in local trade (passenger and cargo cabotage); registration of a Tanzanian ship is reserved to Tanzanian nationals, individuals or corporations owning ships hired out on bareboat charters to nationals of Tanzania, and individuals or corporations in bona fide joint venture shipping enterprise relationships with nationals of Tanzania.	Merchant Shipping Act, 2003 Merchant Shipping (Registration of Ships and Licensing of Vessels) Regulations, 2005
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign shareholding in private shipping agencies is limited to 40%.	Tanzania Shipping Agencies Act 2017
	I. Foreign equity limits (Greenfield and acquisitions: More than 67%, but below 100%)	Foreign investment in port terminal operations and in some miscellaneous port services is allowed subject to partnership with Tanzanian nationals holding at least 10% of the share capital in the port operating company or 25% in the port services company.	Tanzania Shipping Agencies (Port Terminal Operators) Regulations, 2020 Miscellaneous Ports Services Regulations - 2018 GN NO. 343
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign shareholding in a shipping agent company is limited to 40%.	Tanzania Shipping Agencies (Shipping Agents) Regulations, 2018
	IV. Other restrictions (Discriminatory local content requirement)	The authorised capital required to start a shipping agency business is USD 10 000 for a company wholly owned by a Tanzanian citizen and USD 100 000 for a company owned jointly by a Tanzanian citizen and foreigner. In the case of an inland waterways port, the authorised capital required to start is USD 2000 for a company wholly owned by a Tanzanian citizen and USD 25 000 for a company owned jointly by a Tanzanian citizen and foreigner	Tanzania Shipping Agencies (Shipping Agents) Regulations, 2018
15. Accommodation, Food Services, Arts, Entertainment and Recreation	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign investment in travel agency, tour operators, car rental and mountain climbing and trekking tour operators is prohibited.	The Tourism Act, 2008 Tourism Agents (Registration and Licensing) Regulations, 2015
16. Media	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign shareholding in companies holding a content services licence (i.e. radio and TV broadcasting license) is limited to 49%.	The Electronic and Postal Communications (Licensing) Regulations, 2018, last amended in 2022
	IV. Other restrictions (Discriminatory local content requirement)	Radio and TV broadcasting companies face local content obligations which discriminate against locally established foreign-owned audiovisual producers.	The Electronic and Postal Communications (Radio and Television Broadcasting Content) Regulations, 2018, last amended in 2022
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign shareholding in printed media companies is limited to 49%, and any change to the shareholding structure of a foreign-owned media company requires the approval of the Director of Information Services Department.	The Media Services Regulations, 2017
	II. Screening and approval¹ (Screening policy mandates consideration of economic interests)	Foreign shareholding in printed media companies is limited to 49%, and any change to the shareholding structure of a foreign-owned media company requires the approval of the Director of Information Services Department.	The Media Services Regulations, 2017
18. Financial Services – Banking	IV. Other restrictions (Establishment of branches not allowed/local incorporation required (financial services and real estate investment only))	Local incorporation is required for undertaking banking activities. Foreign bank branches are not allowed.	The Banking and Financial Institutions (Licensing) Regulations, 2014
19. Financial Services – Insurance	I. Foreign equity limits (Greenfield and acquisitions: More than 50% up to 67%)	Foreign shareholding in insurance companies is limited to 67%	The Insurance Act, 2009
	III. Restrictions on key foreign personnel (Nationality requirements for board of directors – At least one must be national)	At least one third of the members of the board of an insurance company must be citizens of Tanzania.	The Insurance Act, 2009
20. Financial Services – Other Financial Services	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation required for establishing and managing collective investment schemes in Tanzania.	Capital Markets and Securities Act, Chapter 79 R.E. 2002, as amended
	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for undertaking financial leasing, microfinance, mortgage financing activities.	The Banking and Financial Institutions (Financial Leasing) Regulations, 2011 The Microfinance (Non-Deposit Taking Microfinance Service Providers) Regulations, 2019 The Banking and Financial Institutions (Mortgage Finance) Regulations, 2015
21. Professional Services	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign shareholding in accounting and auditing firms is limited to 49%.	The Accountants and Auditors (Practising) By-Laws, 2017 The Accountants and Auditors (Registration) By-Laws, 2017, last amended in 2021
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign participation in engineering companies is limited to minority shareholding.	Engineers Registration Act, 1997, as amended
	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign participation in architectural service companies is limited to minority shareholding.	Architects and Quantity Surveyors (Registration) Act, 2010
22. Real Estate Investment	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign majority investment in land and real estate units are prohibited unless for the purposes of carrying out commercial activities in Tanzania.	Land Act (Chapter 113), 2001
SOUTH SOUDAN
Sector	Policy Category	Comments	Legal authority / official source
0. Horizontal	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Foreign investors may not own small businesses as these are reserved for South Sudanese nationals only.	Companies Act, 2012
	I. Foreign equity limits (Equity restrictions applies as follows, but foreign investors investment through branches allowed: More than 67%, but below 100%)	Pursuant to the South Sudan Companies Act of 2012, foreign investors are only allowed 69% maximum ownership in all medium and large sized companies. However, foreign companies are allowed to establish a branch in South Sudan which is not subject to local shareholder requirements.	Companies Act, 2012
	IV. Other restrictions (Land/real estate ownership not permitted but leases possible – long-term: over 70 years)	Generally, a foreign investor may not own land, but may lease land for a period of up to 99 years, renewable. However, in the case of agricultural and forestry land, a foreign investor may only lease such lands for up to 30 and 60 years, respectively. These can be renewed upon mutual consent by the parties.	Land Act of 2009, Investment Promotion Act, 2009, Second Schedule, Section 3
	IV. Other restrictions (Government procurement offers preference to locally-owned firms)	A preferential margin of up to 15%, or any other preference, may be accorded to "national providers" (i.e. entities majority owned by South Sudanese persons) or domestically produced suppliers in public procurement proceedings, if authorised or required by regulations enacted under the Public Procurement and Disposal of Assets Act.	Public Procurement and Disposal of Assets Act, 2018
1. Agriculture	IV. Other restrictions (Land/real estate ownership not permitted but leases possible – short-term: less than 30 years)	Generally, a foreign investor may not own land, but may lease land for a period of up to 99 years, renewable. However, in the case of agricultural and forestry land, a foreign investor may only lease such lands for up to 30 and 60 years, respectively. These can be renewed upon mutual consent by the parties.	Land Act of 2009, Investment Promotion Act, 2009, Second Schedule, Section 3
2. Forestry and Logging	IV. Other restrictions (Land/real estate ownership not permitted but leases possible – medium-term: up to 70 years)	Generally, a foreign investor may not own land, but may lease land for a period of up to 99 years, renewable. However, in the case of agricultural and forestry land, a foreign investor may only lease such lands for up to 30 and 60 years, respectively. These can be renewed upon mutual consent by the parties.	Land Act of 2009, Investment Promotion Act, 2009, Second Schedule, Section 3
4. Mining & Quarrying	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Only South Sudanese citizens and companies fully owned by South Sudanese citizens may be granted small-scale and artisanal mining licenses.	Mining Act, 2012
	IV. Other restrictions (Discriminatory local content requirement)	A mining licence title holder shall give employment preference to South Sudanese nationals and preference to competent South Sudanese contractors. The Mining Act does not, however, provide a definition of "South Sudanese contractors". For the purposes of the OECD FDIRRI, this is assumed to be consistent with the concept of 'national provider' enshrined in the Public Procurement and Disposal of Assets Act of 2018, which defines it as "Provider or Contractor registered in South Sudan and owns majority shares by South Sudanese".	Mining Act, 2012
12. Distribution – Retail	II. Screening and approval¹ (Screening policy mandates consideration of economic interests)	The national investor shall be given priority in retail commerce business.	Investment Promotion Act, 2009
14. Transport	II. Screening and approval¹ (Screening policy mandates consideration of economic interests)	The national investor shall be given priority in cars hire and taxi operations.	Investment Promotion Act, 2009
19. Financial Services – Insurance	IV. Other restrictions (Establishment of branches not allowed/local incorporation required (financial services and real estate investment only))	Insurers must be locally incorporated.	Insurance Bill, 2010
21. Professional Services	IV. Other restrictions (Discriminatory local content requirement)	No foreign contractor, institution or firm shall conduct business in South Sudan whether individually or in partnership without engaging the participation of a registered South Sudanese contractor who shall be retained as a senior technical counterpart. Additionally, no contracting firm shall recruit foreign nationals to perform more than 40% of all the professional engineering tasks of the contract project. Moreover, any foreign consultant or consultancy firm wishing to provide engineering consultancy services shall have participation of a person or firm that is duly registered in the national registry.	Engineering Council Act, 2012
	IV. Other restrictions (Discriminatory local content requirement)	No foreign contractor, institution or firm shall conduct business in South Sudan whether individually or in partnership without engaging the participation of a registered South Sudanese contractor who shall be retained as a senior technical counterpart. Additionally, no contracting firm shall recruit foreign nationals to perform more than 40% of all the professional engineering tasks of the contract project. Moreover, any foreign consultant or consultancy firm wishing to provide engineering consultancy services shall have participation of a person or firm that is duly registered in the national registry.	Engineering Council Act, 2012
22. Real Estate Investment	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Generally, a foreign investor may not own land, but may lease land for a period of up to 99 years, renewable.	Land Act of 2009, Investment Promotion Act, 2009, Second Schedule, Section 3
UGANDA
Sector	Policy Category	Comments	Legal authority / official source
0. Horizontal	IV. Other restrictions (Discriminatory minimum capital requirement)	Foreign Investors require a minimum of USD 250 000 for their investment project to qualify for an Investment License. For domestic investors the minimum requirement is USD 50 000.	Investment Code Act, 2019 Uganda Investment Authority, Checklist of requirements for an investment license, 2019
	IV. Other (Land/real estate ownership not permitted but leases possible – long-term: over 70 years)	Foreign investors (including majority foreign-owned companies established in Uganda) are not entitled to own freehold land in Uganda as domestic investors are, but may lease land for a period of up to 99 years.	Land Act, Cap. 227, 1998, as amended
	IV. Other restrictions (Government procurement offers preference to locally-owned firms)	Government procurement legislation offers preference to majority Ugandan-owned firms in relation to works and services.	Public Procurement and Disposal of Public Assets Act, 2003, as amended
3. Fishing and Aquaculture	I. Foreign equity limits (Government procurement offers preference to locally-owned firms)	Until 2023, only citizens were authorised to carry out fishing activities in Uganda. For the purposes of the OECD FDIRRI, it is assumed, by extension, that only companies owned by Ugandan citizens were eligible for fishing licenses. In 2023, the Fisheries and Aquaculture Act of 2022 entered into force and repealed the previous Fish Act. The new Act does not contain any provision explicitly prohibiting or restricting fishing activities by non-citizens. Hence, assuming no foreign ownership restrictions applies anymore.	Fisheries and Aquaculture Act 2022 Inland Water Transport, 2021 Fish Act, 1970, as amended Business Licences (Miscellaneous Repeals) Act, 2015 Fish (Fishing) Rules, 2010
4. Mining & Quarrying	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Until 2022, small-scale mining activities were reserved to Ugandan citizens and body corporates in which citizens of Uganda held at least 51% of the beneficial ownership of such a body. Since the enter into force of the new Mining and Minerals Act of 2022, artisanal and small-scale mining licences are reserved to Ugandan citizens and companies wholly owned by Ugandan citizens.	Mining and Minerals Act, 2022 Mining Act, 2003
	IV. Other restrictions (Government procurement offers preference to locally-owned firms)	The legislation mandates that every licensee, contractor, and subcontractor prioritize goods and services produced and available in Uganda, requiring a minimum participation of forty-eight percent by Ugandan companies in joint ventures for goods and services not locally available, and allocating at least ten percent of the total evaluation score for national content, emphasizing employment, local goods and services utilization, and technology transfer during bid evaluation	Petroleum (Exploration, Development and Production) Act, 2013
	IV. Other restrictions (Discriminatory local content requirement)	Mining companies are required to give preference to goods produced in Uganda and services provided by Ugandan citizens and/or companies owned by Ugandan citizens.	Mining and Minerals Act, 2022 Mining Act, 2003
12. Distribution – Retail	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Pursuant to the Trade Licensing Act of 1969, non-citizens (including companies’ majority foreign-owned companies established in Uganda) are prohibited from engaging in trading activities outside any city, municipality or town; as well as in specified goods and urban areas which have not been declared a 'general business area'.	Trade (Licensing) Act, 1969, as amended
13. Distribution – Wholesale	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Pursuant to the Trade Licensing Act of 1969, non-citizens (including companies majority foreign-owned companies established in Uganda) are prohibited from engaging in trading activities outside any city, municipality or town; as well as in specified goods and urban areas which have not been declared a 'general business area'.	Trade (Licensing) Act, 1969, as amended
16. Media	IV. Other restrictions (Discriminatory local content requirement)	Local content rules give preference to content produced by Ugandan citizens and companies owned by them.	Uganda Communications (Content) Regulations, 2019
17. Telecommunications	I. Foreign equity limits (Divestment is required: More than 67%, but below 100%)	Telecommunication companies, existing and new, must list 20% of their stake on local securities exchange to renew or obtain a national telecom operator license.	Uganda Communications Act, 2013 Uganda Communications Commission (2023), "Description of Telecom Licenses and Authorisations"
18. Financial Services – Banking	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for obtaining a licence to undertake financial institution businesses, which includes the activities of commercial banks, merchant banks, mortgage banks, post office savings banks, credit institutions, building societies, acceptance houses, discount houses, finance houses and any institution which by regulations is classified as a financial institution by the Central Bank.	Financial Institutions Act, 2004, as amended Financial Institutions (Licensing) Regulations, 2005
20. Financial Services – Other Financial Services	IV. Other restrictions (Establishment of branches not allowed/local incorporation required)	Local incorporation is required for obtaining a licence to undertake financial institution businesses, which includes the activities of commercial banks, merchant banks, mortgage banks, post office savings banks, credit institutions, building societies, acceptance houses, discount houses, finance houses and any institution which by regulations is classified as a financial institution by the Central Bank.	Financial Institutions Act, 2004, as amended Financial Institutions (Licensing) Regulations, 2005
21. Professional Services	I. Foreign equity limits (Greenfield and acquisitions: No foreign equity allowed)	Only qualified Ugandan citizens may register, practice and be partners of law firms in the country.	Advocates Act, 1970, as amended
22. Real Estate Investment	I. Foreign equity limits (Greenfield and acquisitions: Between 33% and 50%)	Foreign investors (including majority foreign-owned companies established in Uganda) are not entitled to own freehold land in Uganda as domestic investors are but may lease land for a period of up to 99 years.	Land Act, Cap. 227, 1998, as amended