The Tourism Ministry's approval is no longer necessary to transfer shares in a tourist resort company. The change came with the amendment to the Rules on the Transfer of Rights in Tourist Resorts.
Two articles on share transfer in the rules were repealed and gazetted on Sunday.
According to the previous rules, written permission from the Tourism Ministry is required to transfer the shares of a company that has been leased an island or land plot to build a tourist resort. However, that provision has now been repealed. The requirement to submit a form for the transfer of shares and the resolution of the Board of Directors approved by the company has also been removed.
In addition, the submission of a copy of the document registering the transfer of shares to the Tourism Ministry will no longer be required.
