i Table of contents 929

Doing Business In... 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		7
Contributed by Philip Tully, Matheson LLP		7
ARMENIA		10
Law and Practice		10
Contributed by Concern Dialog		10
BAHAMAS		36
Law and Practice		36
Contributed by Graham Thompson		36
Trends and Developments		55
Contributed by Graham Thompson		55
BRAZIL		59
Law and Practice		59
Contributed by Azevedo Sette Advogados		59
Trends and Developments		83
Contributed by Arruda Alvim, Aragão, Lins & Sato Advogados		83
BURKINA FASO		89
Law and Practice		89
Contributed by SCP Yanogo Bobson		89
CABO VERDE		109
Law and Practice		109
Contributed by Raposo Bernardo & Associados		109
Trends and Developments		135
Contributed by Raposo Bernardo & Associados		135
CAYMAN ISLANDS		142
Law and Practice		142
Contributed by Maples Group		142
COLOMBIA		169
Law and Practice		169
Contributed by Baker McKenzie S.A.S.		169
Trends and Developments		192
Contributed by Baker McKenzie S.A.S.		192
DOMINICAN REPUBLIC		201
Law and Practice		201
Contributed by Headrick Rizik Álvarez & Fernández		201
DRC		227
Law and Practice		227
Contributed by ProximA International		227
Trends and Developments		254
Contributed by ProximA International		254
EGYPT		261
Law and Practice		261
Contributed by Soliman, Hashish & Partners		261
Trends and Developments		281
Contributed by Soliman, Hashish & Partners		281
GIBRALTAR		288
Law and Practice		288
Contributed by ISOLAS LLP		288
INDIA		316
Trends and Developments		316
Contributed by Shardul Amarchand Mangaldas & Co.		316
INDONESIA		326
Law and Practice		326
Contributed by ABNR Counsellors at Law		326
IRAQ		353
Law and Practice		353
Contributed by MENA Associates in association with AMERELLER		353
IRELAND		366
Law and Practice		366
Contributed by Matheson LLP		366
JAPAN		395
Law and Practice		395
Contributed by Anderson Mori & Tomotsune		395
Trends and Developments		421
Contributed by Oh-Ebashi LPC & Partners		421
KUWAIT		430
Law and Practice		430
Contributed by ASAR – Al Ruwayeh & Partners		430
LIBYA		453
Law and Practice		453
Contributed by Zahaf & Partners		453
MALDIVES		471
Law and Practice		471
Contributed by Premier Chambers LLP		471
MAURITIUS		499
Law and Practice		499
Contributed by Venture Law		499
NETHERLANDS		529
Law and Practice		529
Contributed by BUREN		529
NIGERIA		560
Law and Practice		560
Contributed by ǼLEX		560
OMAN		587
Law and Practice		587
Contributed by Said Al Shahry & Partners (SASLO)		587
PANAMA		612
Law and Practice		612
Contributed by BDO Panama		612
Trends and Developments		633
Contributed by BDO Panama		633
PERU		639
Law and Practice		639
Contributed by Thorne, Echeandia & Lema Abogados		639
Trends and Developments		666
Contributed by Vega, Valdivieso, Guerra & Cavero – Vega & Abogados		666
PHILIPPINES		671
Trends and Developments		671
Contributed by Cruz Marcelo & Tenefrancia		671
POLAND		679
Law and Practice		679
Contributed by Clifford Chance		679
SAUDI ARABIA		710
Law and Practice		710
Contributed by Derayah LLPC		710
SEYCHELLES		735
Law and Practice		735
Contributed by Rivard Nariman		735
Trends and Developments		752
Contributed by Rivard Nariman		752
SOUTH KOREA		756
Trends and Developments		756
Contributed by Lee & Ko		756
SRI LANKA		760
Law and Practice		760
Contributed by Varners		760
Trends and Developments		786
Contributed by Varners		786
SWITZERLAND		791
Law and Practice		791
Contributed by Walder Wyss Ltd		791
UAE		818
Law and Practice		818
Contributed by Habib Al Mulla & Partners		818
Trends and Developments		845
Contributed by Habib Al Mulla & Partners		845
UK		852
Law and Practice		852
Contributed by Taylor Wessing LLP		852
Trends and Developments		876
Contributed by Taylor Wessing LLP		876
US VIRGIN ISLANDS		882
Trends and Developments		882
Contributed by Marjorie Rawls Roberts PC		882
USA – NEW YORK		892
Trends and Developments		892
Contributed by Clifford Chance US LLP		892
VIETNAM		897
Law and Practice		897
Contributed by ACSV Legal		897
Trends and Developments		925
Contributed by ACSV Legal		925
1. Legal System		14
1.1 Legal System and Judicial Order		14
2. Restrictions on Foreign Investments		15
2.1 Approval of Foreign Investments		15
2.2 Procedure and Sanctions in the Event of Non-Compliance		15
2.3 Commitments Required From Foreign Investors		16
2.4 Right to Appeal		16
3. Corporate Vehicles		16
3.1 Most Common Forms of Legal Entity		16
3.2 Incorporation Process		17
3.3 Ongoing Reporting and Disclosure Obligations		18
3.4 Management Structures		20
3.5 Directors’, Officers’ and Shareholders’ Liability		21
4. Employment Law		22
4.1 Nature of Applicable Regulations		22
4.2 Characteristics of Employment Contracts		22
4.3 Working Time		23
4.4 Termination of Employment Contracts		23
4.5 Employee Representations		24
5. Tax Law		25
5.1 Taxes Applicable to Employees/Employers		25
5.2 Taxes Applicable to Businesses		25
5.3 Available Tax Credits/Incentives		26
5.4 Tax Consolidation		26
5.5 Thin Capitalisation Rules and Other Limitations		26
5.6 Transfer Pricing		26
5.7 Anti-Evasion Rules		27
5.8 Tariffs		28
6. Competition Law		28
6.1 Merger Control Notification		28
6.2 Merger Control Procedure		29
6.3 Cartels		29
6.4 Abuse of Dominant Position		30
7. Intellectual Property		30
7.1 Patents		30
7.2 Trade Marks		30
7.3 Industrial Design		31
7.4 Copyright		31
7.5 Others		32
8. Data Protection		33
8.1 Applicable Regulations		33
8.2 Geographical Scope		34
8.3 Role and Authority of the Data Protection Agency		34
9. Looking Forward		35
9.1 Upcoming Legal Reforms		35
1. Legal System		39
1.1 Legal System and Judicial Order		39
2. Restrictions on Foreign Investments		39
2.1 Approval of Foreign Investments		39
2.2 Procedure and Sanctions in the Event of Non-Compliance		40
2.3 Commitments Required From Foreign Investors		41
2.4 Right to Appeal		42
3. Corporate Vehicles		42
3.1 Most Common Forms of Legal Entity		42
3.2 Incorporation Process		43
3.3 Ongoing Reporting and Disclosure Obligations		43
3.4 Management Structures		44
3.5 Directors’, Officers’ and Shareholders’ Liability		44
4. Employment Law		45
4.1 Nature of Applicable Regulations		45
4.2 Characteristics of Employment Contracts		45
4.3 Working Time		46
4.4 Termination of Employment Contracts		47
4.5 Employee Representations		47
5. Tax Law		48
5.1 Taxes Applicable to Employees/Employers		48
5.2 Taxes Applicable to Businesses		48
5.3 Available Tax Credits/Incentives		49
5.4 Tax Consolidation		50
5.5 Thin Capitalisation Rules and Other Limitations		50
5.6 Transfer Pricing		50
5.7 Anti-Evasion Rules		50
5.8 Tariffs		50
6. Competition Law		50
6.1 Merger Control Notification		50
6.2 Merger Control Procedure		50
6.3 Cartels		50
6.4 Abuse of Dominant Position		50
7. Intellectual Property		50
7.1 Patents		50
7.2 Trade Marks		51
7.3 Industrial Design		52
7.4 Copyright		52
7.5 Others		53
8. Data Protection		53
8.1 Applicable Regulations		53
8.2 Geographical Scope		53
8.3 Role and Authority of the Data Protection Agency		53
9. Looking Forward		54
9.1 Upcoming Legal Reforms		54
1. Legal System		62
1.1 Legal System and Judicial Order		62
2. Restrictions on Foreign Investments		63
2.1 Approval of Foreign Investments		63
2.2 Procedure and Sanctions in the Event of Non-Compliance		63
2.3 Commitments Required From Foreign Investors		64
2.4 Right to Appeal		65
3. Corporate Vehicles		65
3.1 Most Common Forms of Legal Entity		65
3.2 Incorporation Process		66
3.3 Ongoing Reporting and Disclosure Obligations		67
3.4 Management Structures		67
3.5 Directors’, Officers’ and Shareholders’ Liability		68
4. Employment Law		69
4.1 Nature of Applicable Regulations		69
4.2 Characteristics of Employment Contracts		69
4.3 Working Time		70
4.4 Termination of Employment Contracts		70
4.5 Employee Representations		70
5. Tax Law		71
5.1 Taxes Applicable to Employees/Employers		71
5.2 Taxes Applicable to Businesses		72
5.3 Available Tax Credits/Incentives		73
5.4 Tax Consolidation		74
5.5 Thin Capitalisation Rules and Other Limitations		74
5.6 Transfer Pricing		74
5.7 Anti-Evasion Rules		74
5.8 Tariffs		75
6. Competition Law		75
6.1 Merger Control Notification		75
6.2 Merger Control Procedure		76
6.3 Cartels		76
6.4 Abuse of Dominant Position		76
7. Intellectual Property		77
7.1 Patents		77
7.2 Trade Marks		78
7.3 Industrial Design		78
7.4 Copyright		79
7.5 Others		79
8. Data Protection		80
8.1 Applicable Regulations		80
8.2 Geographical Scope		81
8.3 Role and Authority of the Data Protection Agency		81
9. Looking Forward		82
9.1 Upcoming Legal Reforms		82
1. Legal System		93
1.1 Legal System and Judicial Order		93
2. Restrictions on Foreign Investments		93
2.1 Approval of Foreign Investments		93
2.2 Procedure and Sanctions in the Event of Non-Compliance		93
2.3 Commitments Required From Foreign Investors		94
2.4 Right to Appeal		94
3. Corporate Vehicles		94
3.1 Most Common Forms of Legal Entity		94
3.2 Incorporation Process		95
3.3 Ongoing Reporting and Disclosure Obligations		96
3.4 Management Structures		96
3.5 Directors’, Officers’ and Shareholders’ Liability		97
4. Employment Law		97
4.1 Nature of Applicable Regulations		97
4.2 Characteristics of Employment Contracts		98
4.3 Working Time		98
4.4 Termination of Employment Contracts		98
4.5 Employee Representations		99
5. Tax Law		99
5.1 Taxes Applicable to Employees/Employers		99
5.2 Taxes Applicable to Businesses		101
5.3 Available Tax Credits/Incentives		101
5.4 Tax Consolidation		102
5.5 Thin Capitalisation Rules and Other Limitations		102
5.6 Transfer Pricing		102
5.7 Anti-Evasion Rules		102
5.8 Tariffs		102
6. Competition Law		103
6.1 Merger Control Notification		103
6.2 Merger Control Procedure		103
6.3 Cartels		103
6.4 Abuse of Dominant Position		104
7. Intellectual Property		104
7.1 Patents		104
7.2 Trade Marks		105
7.3 Industrial Design		106
7.4 Copyright		107
7.5 Others		107
8. Data Protection		107
8.1 Applicable Regulations		107
8.2 Geographical Scope		107
8.3 Role and Authority of the Data Protection Agency		107
9. Looking Forward		107
9.1 Upcoming Legal Reforms		107
1. Legal System		113
1.1 Legal System and Judicial Order		113
2. Restrictions on Foreign Investments		113
2.1 Approval of Foreign Investments		113
2.2 Procedure and Sanctions in the Event of Non-Compliance		113
2.3 Commitments Required From Foreign Investors		113
2.4 Right to Appeal		113
3. Corporate Vehicles		113
3.1 Most Common Forms of Legal Entity		113
3.2 Incorporation Process		115
3.3 Ongoing Reporting and Disclosure Obligations		115
3.4 Management Structures		116
3.5 Directors’, Officers’ and Shareholders’ Liability		116
4. Employment Law		116
4.1 Nature of Applicable Regulations		116
4.2 Characteristics of Employment Contracts		117
4.3 Working Time		117
4.4 Termination of Employment Contracts		117
4.5 Employee Representations		119
5. Tax Law		119
5.1 Taxes Applicable to Employees/Employers		119
5.2 Taxes Applicable to Businesses		121
5.3 Available Tax Credits/Incentives		122
5.4 Tax Consolidation		130
5.5 Thin Capitalisation Rules and Other Limitations		130
5.6 Transfer Pricing		130
5.7 Anti-Evasion Rules		130
5.8 Tariffs		130
6. Competition Law		131
6.1 Merger Control Notification		131
6.2 Merger Control Procedure		131
6.3 Cartels		131
6.4 Abuse of Dominant Position		131
7. Intellectual Property		132
7.1 Patents		132
7.2 Trade Marks		132
7.3 Industrial Design		132
7.4 Copyright		133
7.5 Others		133
8. Data Protection		133
8.1 Applicable Regulations		133
8.2 Geographical Scope		134
8.3 Role and Authority of the Data Protection Agency		134
9. Looking Forward		134
9.1 Upcoming Legal Reforms		134
1. Legal System		145
1.1 Legal System and Judicial Order		145
2. Restrictions on Foreign Investments		145
2.1 Approval of Foreign Investments		145
2.2 Procedure and Sanctions in the Event of Non-Compliance		146
2.3 Commitments Required From Foreign Investors		147
2.4 Right to Appeal		147
3. Corporate Vehicles		147
3.1 Most Common Forms of Legal Entity		147
3.2 Incorporation Process		150
3.3 Ongoing Reporting and Disclosure Obligations		151
3.4 Management Structures		157
3.5 Directors’, Officers’ and Shareholders’ Liability		158
4. Employment Law		159
4.1 Nature of Applicable Regulations		159
4.2 Characteristics of Employment Contracts		160
4.3 Working Time		160
4.4 Termination of Employment Contracts		160
4.5 Employee Representations		161
5. Tax Law		161
5.1 Taxes Applicable to Employees/Employers		161
5.2 Taxes Applicable to Businesses		161
5.3 Available Tax Credits/Incentives		162
5.4 Tax Consolidation		162
5.5 Thin Capitalisation Rules and Other Limitations		162
5.6 Transfer Pricing		162
5.7 Anti-Evasion Rules		162
5.8 Tariffs		162
6. Competition Law		162
6.1 Merger Control Notification		162
6.2 Merger Control Procedure		163
6.3 Cartels		163
6.4 Abuse of Dominant Position		163
7. Intellectual Property		163
7.1 Patents		163
7.2 Trade Marks		164
7.3 Industrial Design		165
7.4 Copyright		166
7.5 Others		167
8. Data Protection		167
8.1 Applicable Regulations		167
8.2 Geographical Scope		167
8.3 Role and Authority of the Data Protection Agency		168
9. Looking Forward		168
9.1 Upcoming Legal Reforms		168
1. Legal System		173
1.1 Legal System and Judicial Order		173
2. Restrictions on Foreign Investments		173
2.1 Approval of Foreign Investments		173
2.2 Procedure and Sanctions in the Event of Non-Compliance		173
2.3 Commitments Required From Foreign Investors		173
2.4 Right to Appeal		173
3. Corporate Vehicles		174
3.1 Most Common Forms of Legal Entity		174
3.2 Incorporation Process		176
3.3 Ongoing Reporting and Disclosure Obligations		176
3.4 Management Structures		177
3.5 Directors’, Officers’ and Shareholders’ Liability		178
4. Employment Law		178
4.1 Nature of Applicable Regulations		178
4.2 Characteristics of Employment Contracts		178
4.3 Working Time		178
4.4 Termination of Employment Contracts		179
4.5 Employee Representations		180
5. Tax Law		181
5.1 Taxes Applicable to Employees/Employers		181
5.2 Taxes Applicable to Businesses		181
5.3 Available Tax Credits/Incentives		182
5.4 Tax Consolidation		184
5.5 Thin Capitalisation Rules and Other Limitations		184
5.6 Transfer Pricing		184
5.7 Anti-Evasion Rules		184
5.8 Tariffs		184
6. Competition Law		185
6.1 Merger Control Notification		185
6.2 Merger Control Procedure		185
6.3 Cartels		186
6.4 Abuse of Dominant Position		186
7. Intellectual Property		186
7.1 Patents		186
7.2 Trade Marks		187
7.3 Industrial Design		187
7.4 Copyright		187
7.5 Others		188
8. Data Protection		188
8.1 Applicable Regulations		188
8.2 Geographical Scope		188
8.3 Role and Authority of the Data Protection Agency		188
9. Looking Forward		188
9.1 Upcoming Legal Reforms		188
1. Legal System		205
1.1 Legal System and Judicial Order		205
2. Restrictions on Foreign Investments		205
2.1 Approval of Foreign Investments		205
2.2 Procedure and Sanctions in the Event of Non-Compliance		205
2.3 Commitments Required From Foreign Investors		206
2.4 Right to Appeal		206
3. Corporate Vehicles		206
3.1 Most Common Forms of Legal Entity		206
3.2 Incorporation Process		207
3.3 Ongoing Reporting and Disclosure Obligations		208
3.4 Management Structures		209
3.5 Directors’, Officers’ and Shareholders’ Liability		209
4. Employment Law		210
4.1 Nature of Applicable Regulations		210
4.2 Characteristics of Employment Contracts		211
4.3 Working Time		211
4.4 Termination of Employment Contracts		212
4.5 Employee Representations		212
5. Tax Law		213
5.1 Taxes Applicable to Employees/Employers		213
5.2 Taxes Applicable to Businesses		214
5.3 Available Tax Credits/Incentives		215
5.4 Tax Consolidation		216
5.5 Thin Capitalisation Rules and Other Limitations		217
5.6 Transfer Pricing		217
5.7 Anti-Evasion Rules		217
5.8 Tariffs		217
6. Competition Law		219
6.1 Merger Control Notification		219
6.2 Merger Control Procedure		219
6.3 Cartels		219
6.4 Abuse of Dominant Position		220
7. Intellectual Property		220
7.1 Patents		220
7.2 Trade Marks		221
7.3 Industrial Design		222
7.4 Copyright		223
7.5 Others		223
8. Data Protection		224
8.1 Applicable Regulations		224
8.2 Geographical Scope		225
8.3 Role and Authority of the Data Protection Agency		225
9. Looking Forward		226
9.1 Upcoming Legal Reforms		226
1. Legal System		231
1.1 Legal System and Judicial Order		231
2. Restrictions on Foreign Investments		231
2.1 Approval of Foreign Investments		231
2.2 Procedure and Sanctions in the Event of Non-Compliance		232
2.3 Commitments Required From Foreign Investors		232
2.4 Right to Appeal		233
3. Corporate Vehicles		233
3.1 Most Common Forms of Legal Entity		233
3.2 Incorporation Process		235
3.3 Ongoing Reporting and Disclosure Obligations		236
3.4 Management Structures		236
3.5 Directors’, Officers’ and Shareholders’ Liability		237
4. Employment Law		237
4.1 Nature of Applicable Regulations		237
4.2 Characteristics of Employment Contracts		238
4.3 Working Time		238
4.4 Termination of Employment Contracts		239
4.5 Employee Representations		240
5. Tax Law		242
5.1 Taxes Applicable to Employees/Employers		242
5.2 Taxes Applicable to Businesses		242
5.3 Available Tax Credits/Incentives		242
5.4 Tax Consolidation		243
5.5 Thin Capitalisation Rules and Other Limitations		243
5.6 Transfer Pricing		243
5.7 Anti-Evasion Rules		243
5.8 Tariffs		244
6. Competition Law		244
6.1 Merger Control Notification		244
6.2 Merger Control Procedure		246
6.3 Cartels		247
6.4 Abuse of Dominant Position		248
7. Intellectual Property		249
7.1 Patents		249
7.2 Trade Marks		249
7.3 Industrial Design		250
7.4 Copyright		250
7.5 Others		250
8. Data Protection		250
8.1 Applicable Regulations		250
8.2 Geographical Scope		251
8.3 Role and Authority of the Data Protection Agency		252
9. Looking Forward		253
9.1 Upcoming Legal Reforms		253
1. Legal System		265
1.1 Legal System and Judicial Order		265
2. Restrictions on Foreign Investments		266
2.1 Approval of Foreign Investments		266
2.2 Procedure and Sanctions in the Event of Non-Compliance		267
2.3 Commitments Required From Foreign Investors		267
2.4 Right to Appeal		267
3. Corporate Vehicles		267
3.1 Most Common Forms of Legal Entity		267
3.2 Incorporation Process		268
3.3 Ongoing Reporting and Disclosure Obligations		268
3.4 Management Structures		268
3.5 Directors’, Officers’ and Shareholders’ Liability		269
4. Employment Law		269
4.1 Nature of Applicable Regulations		269
4.2 Characteristics of Employment Contracts		269
4.3 Working Time		270
4.4 Termination of Employment Contracts		270
4.5 Employee Representations		272
5. Tax Law		273
5.1 Taxes Applicable to Employees/Employers		273
5.2 Taxes Applicable to Businesses		273
5.3 Available Tax Credits/Incentives		273
5.4 Tax Consolidation		274
5.5 Thin Capitalisation Rules and Other Limitations		274
5.6 Transfer Pricing		274
5.7 Anti-Evasion Rules		274
5.8 Tariffs		275
6. Competition Law		277
6.1 Merger Control Notification		277
6.2 Merger Control Procedure		277
6.3 Cartels		277
6.4 Abuse of Dominant Position		277
7. Intellectual Property		277
7.1 Patents		277
7.2 Trade Marks		277
7.3 Industrial Design		278
7.4 Copyright		278
7.5 Others		279
8. Data Protection		279
8.1 Applicable Regulations		279
8.2 Geographical Scope		279
8.3 Role and Authority of the Data Protection Agency		280
9. Looking Forward		280
9.1 Upcoming Legal Reforms		280
1. Legal System		292
1.1 Legal System and Judicial Order		292
2. Restrictions on Foreign Investments		294
2.1 Approval of Foreign Investments		294
2.2 Procedure and Sanctions in the Event of Non-Compliance		294
2.3 Commitments Required From Foreign Investors		295
2.4 Right to Appeal		295
3. Corporate Vehicles		295
3.1 Most Common Forms of Legal Entity		295
3.2 Incorporation Process		296
3.3 Ongoing Reporting and Disclosure Obligations		296
3.4 Management Structures		297
3.5 Directors’, Officers’ and Shareholders’ Liability		297
4. Employment Law		298
4.1 Nature of Applicable Regulations		298
4.2 Characteristics of Employment Contracts		298
4.3 Working Time		299
4.4 Termination of Employment Contracts		299
4.5 Employee Representations		301
5. Tax Law		302
5.1 Taxes Applicable to Employees/Employers		302
5.2 Taxes Applicable to Businesses		303
5.3 Available Tax Credits/Incentives		304
5.4 Tax Consolidation		305
5.5 Thin Capitalisation Rules and Other Limitations		305
5.6 Transfer Pricing		305
5.7 Anti-Evasion Rules		305
5.8 Tariffs		305
6. Competition Law		305
6.1 Merger Control Notification		305
6.2 Merger Control Procedure		306
6.3 Cartels		307
6.4 Abuse of Dominant Position		308
7. Intellectual Property		309
7.1 Patents		309
7.2 Trade Marks		310
7.3 Industrial Design		311
7.4 Copyright		312
7.5 Others		312
8. Data Protection		313
8.1 Applicable Regulations		313
8.2 Geographical Scope		313
8.3 Role and Authority of the Data Protection Agency		314
9. Looking Forward		315
9.1 Upcoming Legal Reforms		315
1. Legal System		330
1.1 Legal System and Judicial Order		330
2. Restrictions on Foreign Investments		331
2.1 Approval of Foreign Investments		331
2.2 Procedure and Sanctions in the Event of Non-Compliance		331
2.3 Commitments Required From Foreign Investors		332
2.4 Right to Appeal		332
3. Corporate Vehicles		333
3.1 Most Common Forms of Legal Entity		333
3.2 Incorporation Process		333
3.3 Ongoing Reporting and Disclosure Obligations		334
3.4 Management Structures		335
3.5 Directors’, Officers’ and Shareholders’ Liability		335
4. Employment Law		336
4.1 Nature of Applicable Regulations		336
4.2 Characteristics of Employment Contracts		336
4.3 Working Time		337
4.4 Termination of Employment Contracts		337
4.5 Employee Representations		339
5. Tax Law		339
5.1 Taxes Applicable to Employees/Employers		339
5.2 Taxes Applicable to Businesses		340
5.3 Available Tax Credits/Incentives		340
5.4 Tax Consolidation		341
5.5 Thin Capitalisation Rules and Other Limitations		341
5.6 Transfer Pricing		341
5.7 Anti-Evasion Rules		341
5.8 Tariffs		341
6. Competition Law		342
6.1 Merger Control Notification		342
6.2 Merger Control Procedure		344
6.3 Cartels		345
6.4 Abuse of Dominant Position		347
7. Intellectual Property		347
7.1 Patents		347
7.2 Trade Marks		348
7.3 Industrial Design		349
7.4 Copyright		349
7.5 Others		350
8. Data Protection		350
8.1 Applicable Regulations		350
8.2 Geographical Scope		351
8.3 Role and Authority of the Data Protection Agency		351
9. Looking Forward		352
9.1 Upcoming Legal Reforms		352
1. Legal System		356
1.1 Legal System and Judicial Order		356
2. Restrictions on Foreign Investments		356
2.1 Approval of Foreign Investments		356
2.2 Procedure and Sanctions in the Event of Non-Compliance		356
2.3 Commitments Required From Foreign Investors		356
2.4 Right to Appeal		357
3. Corporate Vehicles		357
3.1 Most Common Forms of Legal Entity		357
3.2 Incorporation Process		357
3.3 Ongoing Reporting and Disclosure Obligations		357
3.4 Management Structures		358
3.5 Directors’, Officers’ and Shareholders’ Liability		358
4. Employment Law		358
4.1 Nature of Applicable Regulations		358
4.2 Characteristics of Employment Contracts		358
4.3 Working Time		359
4.4 Termination of Employment Contracts		360
4.5 Employee Representations		361
5. Tax Law		361
5.1 Taxes Applicable to Employees/Employers		361
5.2 Taxes Applicable to Businesses		361
5.3 Available Tax Credits/Incentives		361
5.4 Tax Consolidation		362
5.5 Thin Capitalisation Rules and Other Limitations		362
5.6 Transfer Pricing		362
5.7 Anti-Evasion Rules		362
5.8 Tariffs		362
6. Competition Law		363
6.1 Merger Control Notification		363
6.2 Merger Control Procedure		363
6.3 Cartels		363
6.4 Abuse of Dominant Position		363
7. Intellectual Property		363
7.1 Patents		363
7.2 Trade Marks		364
7.3 Industrial Design		364
7.4 Copyright		364
7.5 Others		365
8. Data Protection		365
8.1 Applicable Regulations		365
8.2 Geographical Scope		365
8.3 Role and Authority of the Data Protection Agency		365
9. Looking Forward		365
9.1 Upcoming Legal Reforms		365
1. Legal System		370
1.1 Legal System and Judicial Order		370
2. Restrictions on Foreign Investments		370
2.1 Approval of Foreign Investments		370
2.2 Procedure and Sanctions in the Event of Non-Compliance		371
2.3 Commitments Required From Foreign Investors		371
2.4 Right to Appeal		371
3. Corporate Vehicles		371
3.1 Most Common Forms of Legal Entity		371
3.2 Incorporation Process		372
3.3 Ongoing Reporting and Disclosure Obligations		372
3.4 Management Structures		373
3.5 Directors’, Officers’ and Shareholders’ Liability		373
4. Employment Law		374
4.1 Nature of Applicable Regulations		374
4.2 Characteristics of Employment Contracts		374
4.3 Working Time		375
4.4 Termination of Employment Contracts		376
4.5 Employee Representations		377
5. Tax Law		377
5.1 Taxes Applicable to Employees/Employers		377
5.2 Taxes Applicable to Businesses		378
5.3 Available Tax Credits/Incentives		380
5.4 Tax Consolidation		381
5.5 Thin Capitalisation Rules and Other Limitations		381
5.6 Transfer Pricing		382
5.7 Anti-Evasion Rules		382
5.8 Tariffs		383
6. Competition Law		384
6.1 Merger Control Notification		384
6.2 Merger Control Procedure		384
6.3 Cartels		385
6.4 Abuse of Dominant Position		386
7. Intellectual Property		386
7.1 Patents		386
7.2 Trade Marks		387
7.3 Industrial Design		389
7.4 Copyright		390
7.5 Others		390
8. Data Protection		391
8.1 Applicable Regulations		391
8.2 Geographical Scope		392
8.3 Role and Authority of the Data Protection Agency		392
9. Looking Forward		393
9.1 Upcoming Legal Reforms		393
1. Legal System		399
1.1 Legal System and Judicial Order		399
2. Restrictions on Foreign Investments		399
2.1 Approval of Foreign Investments		399
2.2 Procedure and Sanctions in the Event of Non-Compliance		400
2.3 Commitments Required From Foreign Investors		400
2.4 Right to Appeal		400
3. Corporate Vehicles		400
3.1 Most Common Forms of Legal Entity		400
3.2 Incorporation Process		401
3.3 Ongoing Reporting and Disclosure Obligations		401
3.4 Management Structures		401
3.5 Directors’, Officers’ and Shareholders’ Liability		402
4. Employment Law		402
4.1 Nature of Applicable Regulations		402
4.2 Characteristics of Employment Contracts		403
4.3 Working Time		404
4.4 Termination of Employment Contracts		405
4.5 Employee Representations		406
5. Tax Law		406
5.1 Taxes Applicable to Employees/Employers		406
5.2 Taxes Applicable to Businesses		408
5.3 Available Tax Credits/Incentives		409
5.4 Tax Consolidation		409
5.5 Thin Capitalisation Rules and Other Limitations		410
5.6 Transfer Pricing		410
5.7 Anti-Evasion Rules		411
5.8 Tariffs		411
6. Competition Law		411
6.1 Merger Control Notification		411
6.2 Merger Control Procedure		412
6.3 Cartels		413
6.4 Abuse of Dominant Position		414
7. Intellectual Property		414
7.1 Patents		414
7.2 Trade Marks		415
7.3 Industrial Design		416
7.4 Copyright		417
7.5 Others		418
8. Data Protection		419
8.1 Applicable Regulations		419
8.2 Geographical Scope		420
8.3 Role and Authority of the Data Protection Agency		420
9. Looking Forward		420
9.1 Upcoming Legal Reforms		420
1. Legal System		434
1.1 Legal System and Judicial Order		434
2. Restrictions on Foreign Investments		434
2.1 Approval of Foreign Investments		434
2.2 Procedure and Sanctions in the Event of Non-Compliance		435
2.3 Commitments Required From Foreign Investors		437
2.4 Right to Appeal		437
3. Corporate Vehicles		437
3.1 Most Common Forms of Legal Entity		437
3.2 Incorporation Process		438
3.3 Ongoing Reporting and Disclosure Obligations		439
3.4 Management Structures		439
3.5 Directors’, Officers’ and Shareholders’ Liability		439
4. Employment Law		439
4.1 Nature of Applicable Regulations		439
4.2 Characteristics of Employment Contracts		440
4.3 Working Time		440
4.4 Termination of Employment Contracts		440
4.5 Employee Representations		441
5. Tax Law		442
5.1 Taxes Applicable to Employees/Employers		442
5.2 Taxes Applicable to Businesses		442
5.3 Available Tax Credits/Incentives		443
5.4 Tax Consolidation		443
5.5 Thin Capitalisation Rules and Other Limitations		443
5.6 Transfer Pricing		444
5.7 Anti-Evasion Rules		445
5.8 Tariffs		445
6. Competition Law		446
6.1 Merger Control Notification		446
6.2 Merger Control Procedure		447
6.3 Cartels		447
6.4 Abuse of Dominant Position		448
7. Intellectual Property		448
7.1 Patents		448
7.2 Trade Marks		449
7.3 Industrial Design		450
7.4 Copyright		450
7.5 Others		451
8. Data Protection		451
8.1 Applicable Regulations		451
8.2 Geographical Scope		452
8.3 Role and Authority of the Data Protection Agency		452
9. Looking Forward		452
9.1 Upcoming Legal Reforms		452
1. Legal System		457
1.1 Legal System and Judicial Order		457
2. Restrictions on Foreign Investments		457
2.1 Approval of Foreign Investments		457
2.2 Procedure and Sanctions in the Event of Non-Compliance		458
2.3 Commitments Required From Foreign Investors		458
2.4 Right to Appeal		459
3. Corporate Vehicles		459
3.1 Most Common Forms of Legal Entity		459
3.2 Incorporation Process		461
3.3 Ongoing Reporting and Disclosure Obligations		461
3.4 Management Structures		461
3.5 Directors’, Officers’ and Shareholders’ Liability		461
4. Employment Law		462
4.1 Nature of Applicable Regulations		462
4.2 Characteristics of Employment Contracts		462
4.3 Working Time		463
4.4 Termination of Employment Contracts		463
4.5 Employee Representations		464
5. Tax Law		464
5.1 Taxes Applicable to Employees/Employers		464
5.2 Taxes Applicable to Businesses		464
5.3 Available Tax Credits/Incentives		464
5.4 Tax Consolidation		464
5.5 Thin Capitalisation Rules and Other Limitations		465
5.6 Transfer Pricing		465
5.7 Anti-Evasion Rules		465
5.8 Tariffs		465
6. Competition Law		466
6.1 Merger Control Notification		466
6.2 Merger Control Procedure		466
6.3 Cartels		466
6.4 Abuse of Dominant Position		466
7. Intellectual Property		467
7.1 Patents		467
7.2 Trade Marks		467
7.3 Industrial Design		468
7.4 Copyright		468
7.5 Others		468
8. Data Protection		468
8.1 Applicable Regulations		468
8.2 Geographical Scope		469
8.3 Role and Authority of the Data Protection Agency		469
9. Looking Forward		469
9.1 Upcoming Legal Reforms		469
1. Legal System		476
1.1 Legal System and Judicial Order		476
2. Restrictions on Foreign Investments		476
2.1 Approval of Foreign Investments		476
2.2 Procedure and Sanctions in the Event of Non-Compliance		477
2.3 Commitments Required From Foreign Investors		478
2.4 Right to Appeal		478
3. Corporate Vehicles		478
3.1 Most Common Forms of Legal Entity		478
3.2 Incorporation Process		480
3.3 Ongoing Reporting and Disclosure Obligations		480
3.4 Management Structures		481
3.5 Directors’, Officers’ and Shareholders’ Liability		481
4. Employment Law		482
4.1 Nature of Applicable Regulations		482
4.2 Characteristics of Employment Contracts		483
4.3 Working Time		483
4.4 Termination of Employment Contracts		484
4.5 Employee Representations		485
5. Tax Law		486
5.1 Taxes Applicable to Employees/Employers		486
5.2 Taxes Applicable to Businesses		486
5.3 Available Tax Credits/Incentives		487
5.4 Tax Consolidation		488
5.5 Thin Capitalisation Rules and Other Limitations		488
5.6 Transfer Pricing		489
5.7 Anti-Evasion Rules		489
5.8 Tariffs		489
6. Competition Law		491
6.1 Merger Control Notification		491
6.2 Merger Control Procedure		492
6.3 Cartels		492
6.4 Abuse of Dominant Position		492
7. Intellectual Property		492
7.1 Patents		492
7.2 Trade Marks		493
7.3 Industrial Design		494
7.4 Copyright		494
7.5 Others		497
8. Data Protection		497
8.1 Applicable Regulations		497
8.2 Geographical Scope		497
8.3 Role and Authority of the Data Protection Agency		497
9. Looking Forward		498
9.1 Upcoming Legal Reforms		498
1. Legal System		503
1.1 Legal System and Judicial Order		503
2. Restrictions on Foreign Investments		504
2.1 Approval of Foreign Investments		504
2.2 Procedure and Sanctions in the Event of Non-Compliance		506
2.3 Commitments Required From Foreign Investors		506
2.4 Right to Appeal		507
3. Corporate Vehicles		507
3.1 Most Common Forms of Legal Entity		507
3.2 Incorporation Process		509
3.3 Ongoing Reporting and Disclosure Obligations		509
3.4 Management Structures		510
3.5 Directors’, Officers’ and Shareholders’ Liability		510
4. Employment Law		510
4.1 Nature of Applicable Regulations		510
4.2 Characteristics of Employment Contracts		511
4.3 Working Time		511
4.4 Termination of Employment Contracts		512
4.5 Employee Representations		513
5. Tax Law		513
5.1 Taxes Applicable to Employees/Employers		513
5.2 Taxes Applicable to Businesses		514
5.3 Available Tax Credits/Incentives		517
5.4 Tax Consolidation		517
5.5 Thin Capitalisation Rules and Other Limitations		517
5.6 Transfer Pricing		517
5.7 Anti-Evasion Rules		518
5.8 Tariffs		518
6. Competition Law		518
6.1 Merger Control Notification		518
6.2 Merger Control Procedure		519
6.3 Cartels		520
6.4 Abuse of Dominant Position		520
7. Intellectual Property		520
7.1 Patents		520
7.2 Trade Marks		521
7.3 Industrial Design		522
7.4 Copyright		522
7.5 Others		523
8. Data Protection		523
8.1 Applicable Regulations		523
8.2 Geographical Scope		525
8.3 Role and Authority of the Data Protection Agency		525
9. Looking Forward		526
9.1 Upcoming Legal Reforms		526
1. Legal System		533
1.1 Legal System and Judicial Order		533
2. Restrictions on Foreign Investments		534
2.1 Approval of Foreign Investments		534
2.2 Procedure and Sanctions in the Event of Non-Compliance		535
2.3 Commitments Required From Foreign Investors		535
2.4 Right to Appeal		535
3. Corporate Vehicles		535
3.1 Most Common Forms of Legal Entity		535
3.2 Incorporation Process		536
3.3 Ongoing Reporting and Disclosure Obligations		537
3.4 Management Structures		537
3.5 Directors’, Officers’ and Shareholders’ Liability		538
4. Employment Law		538
4.1 Nature of Applicable Regulations		538
4.2 Characteristics of Employment Contracts		538
4.3 Working Time		539
4.4 Termination of Employment Contracts		539
4.5 Employee Representations		540
5. Tax Law		541
5.1 Taxes Applicable to Employees/Employers		541
5.2 Taxes Applicable to Businesses		542
5.3 Available Tax Credits/Incentives		544
5.4 Tax Consolidation		545
5.5 Thin Capitalisation Rules and Other Limitations		546
5.6 Transfer Pricing		546
5.7 Anti-Evasion Rules		547
5.8 Tariffs		548
6. Competition Law		548
6.1 Merger Control Notification		548
6.2 Merger Control Procedure		549
6.3 Cartels		550
6.4 Abuse of Dominant Position		551
7. Intellectual Property		551
7.1 Patents		551
7.2 Trade Marks		552
7.3 Industrial Design		553
7.4 Copyright		554
7.5 Others		555
8. Data Protection		556
8.1 Applicable Regulations		556
8.2 Geographical Scope		557
8.3 Role and Authority of the Data Protection Agency		558
9. Looking Forward		559
9.1 Upcoming Legal Reforms		559
1. Legal System		565
1.1 Legal System and Judicial Order		565
2. Restrictions on Foreign Investments		565
2.1 Approval of Foreign Investments		565
2.2 Procedure and Sanctions in the Event of Non-Compliance		566
2.3 Commitments Required From Foreign Investors		567
2.4 Right to Appeal		567
3. Corporate Vehicles		567
3.1 Most Common Forms of Legal Entity		567
3.2 Incorporation Process		568
3.3 Ongoing Reporting and Disclosure Obligations		568
3.4 Management Structures		569
3.5 Directors’, Officers’ and Shareholders’ Liability		569
4. Employment Law		569
4.1 Nature of Applicable Regulations		569
4.2 Characteristics of Employment Contracts		569
4.3 Working Time		570
4.4 Termination of Employment Contracts		570
4.5 Employee Representations		571
5. Tax Law		571
5.1 Taxes Applicable to Employees/Employers		571
5.2 Taxes Applicable to Businesses		572
5.3 Available Tax Credits/Incentives		575
5.4 Tax Consolidation		576
5.5 Thin Capitalisation Rules and Other Limitations		577
5.6 Transfer Pricing		577
5.7 Anti-Evasion Rules		577
5.8 Tariffs		577
6. Competition Law		578
6.1 Merger Control Notification		578
6.2 Merger Control Procedure		579
6.3 Cartels		580
6.4 Abuse of Dominant Position		580
7. Intellectual Property		581
7.1 Patents		581
7.2 Trade Marks		582
7.3 Industrial Design		582
7.4 Copyright		583
7.5 Others		584
8. Data Protection		584
8.1 Applicable Regulations		584
8.2 Geographical Scope		585
8.3 Role and Authority of the Data Protection Agency		585
9. Looking Forward		586
9.1 Upcoming Legal Reforms		586
1. Legal System		591
1.1 Legal System and Judicial Order		591
2. Restrictions on Foreign Investments		591
2.1 Approval of Foreign Investments		591
2.2 Procedure and Sanctions in the Event of Non-Compliance		592
2.3 Commitments Required From Foreign Investors		592
2.4 Right to Appeal		593
3. Corporate Vehicles		593
3.1 Most Common Forms of Legal Entity		593
3.2 Incorporation Process		596
3.3 Ongoing Reporting and Disclosure Obligations		597
3.4 Management Structures		597
3.5 Directors’, Officers’ and Shareholders’ Liability		597
4. Employment Law		598
4.1 Nature of Applicable Regulations		598
4.2 Characteristics of Employment Contracts		599
4.3 Working Time		599
4.4 Termination of Employment Contracts		599
4.5 Employee Representations		600
5. Tax Law		600
5.1 Taxes Applicable to Employees/Employers		600
5.2 Taxes Applicable to Businesses		600
5.3 Available Tax Credits/Incentives		602
5.4 Tax Consolidation		603
5.5 Thin Capitalisation Rules and Other Limitations		603
5.6 Transfer Pricing		604
5.7 Anti-Evasion Rules		604
5.8 Tariffs		604
6. Competition Law		605
6.1 Merger Control Notification		605
6.2 Merger Control Procedure		605
6.3 Cartels		605
6.4 Abuse of Dominant Position		606
7. Intellectual Property		607
7.1 Patents		607
7.2 Trade Marks		607
7.3 Industrial Design		608
7.4 Copyright		608
7.5 Others		609
8. Data Protection		609
8.1 Applicable Regulations		609
8.2 Geographical Scope		610
8.3 Role and Authority of the Data Protection Agency		610
9. Looking Forward		611
9.1 Upcoming Legal Reforms		611
1. Legal System		616
1.1 Legal System and Judicial Order		616
2. Restrictions on Foreign Investments		616
2.1 Approval of Foreign Investments		616
2.2 Procedure and Sanctions in the Event of Non-Compliance		616
2.3 Commitments Required From Foreign Investors		616
2.4 Right to Appeal		617
3. Corporate Vehicles		617
3.1 Most Common Forms of Legal Entity		617
3.2 Incorporation Process		617
3.3 Ongoing Reporting and Disclosure Obligations		618
3.4 Management Structures		619
3.5 Directors’, Officers’ and Shareholders’ Liability		619
4. Employment Law		619
4.1 Nature of Applicable Regulations		619
4.2 Characteristics of Employment Contracts		620
4.3 Working Time		620
4.4 Termination of Employment Contracts		621
4.5 Employee Representations		622
5. Tax Law		622
5.1 Taxes Applicable to Employees/Employers		622
5.2 Taxes Applicable to Businesses		623
5.3 Available Tax Credits/Incentives		623
5.4 Tax Consolidation		626
5.5 Thin Capitalisation Rules and Other Limitations		626
5.6 Transfer Pricing		626
5.7 Anti-Evasion Rules		626
5.8 Tariffs		626
6. Competition Law		627
6.1 Merger Control Notification		627
6.2 Merger Control Procedure		627
6.3 Cartels		628
7. Intellectual Property		628
7.1 Patents		628
7.2 Trade Marks		629
7.3 Industrial Design		630
7.4 Copyright		630
8. Data Protection		630
8.1 Applicable Regulations		630
8.2 Geographical Scope		631
8.3 Role and Authority of the Data Protection Agency		632
9. Looking Forward		632
9.1 Upcoming Legal Reforms		632
1. Legal System		643
1.1 Legal System and Judicial Order		643
2. Restrictions on Foreign Investments		643
2.1 Approval of Foreign Investments		643
2.2 Procedure and Sanctions in the Event of Non-Compliance		644
2.3 Commitments Required From Foreign Investors		644
2.4 Right to Appeal		644
3. Corporate Vehicles		645
3.1 Most Common Forms of Legal Entity		645
3.2 Incorporation Process		646
3.3 Ongoing Reporting and Disclosure Obligations		646
3.4 Management Structures		646
3.5 Directors’, Officers’ and Shareholders’ Liability		646
4. Employment Law		647
4.1 Nature of Applicable Regulations		647
4.2 Characteristics of Employment Contracts		648
4.3 Working Time		648
4.4 Termination of Employment Contracts		648
4.5 Employee Representations		649
5. Tax Law		650
5.1 Taxes Applicable to Employees/Employers		650
5.2 Taxes Applicable to Businesses		651
5.3 Available Tax Credits/Incentives		652
5.4 Tax Consolidation		653
5.5 Thin Capitalisation Rules and Other Limitations		653
5.6 Transfer Pricing		654
5.7 Anti-Evasion Rules		654
5.8 Tariffs		654
6. Competition Law		655
6.1 Merger Control Notification		655
6.2 Merger Control Procedure		656
6.3 Cartels		656
6.4 Abuse of Dominant Position		657
7. Intellectual Property		657
7.1 Patents		657
7.2 Trade Marks		658
7.3 Industrial Design		661
7.4 Copyright		662
7.5 Others		663
8. Data Protection		663
8.1 Applicable Regulations		663
8.2 Geographical Scope		664
8.3 Role and Authority of the Data Protection Agency		665
9. Looking Forward		665
9.1 Upcoming Legal Reforms		665
1. Legal System		682
1.1 Legal System and Judicial Order		682
2. Restrictions on Foreign Investments		682
2.1 Approval of Foreign Investments		682
2.2 Procedure and Sanctions in the Event of Non-Compliance		684
2.3 Commitments Required From Foreign Investors		685
2.4 Right to Appeal		685
3. Corporate Vehicles		685
3.1 Most Common Forms of Legal Entity		685
3.2 Incorporation Process		689
3.3 Ongoing Reporting and Disclosure Obligations		690
3.4 Management Structures		690
3.5 Directors’, Officers’ and Shareholders’ Liability		691
4. Employment Law		692
4.1 Nature of Applicable Regulations		692
4.2 Characteristics of Employment Contracts		692
4.3 Working Time		692
4.4 Termination of Employment Contracts		693
4.5 Employee Representations		695
5. Tax Law		695
5.1 Taxes Applicable to Employees/Employers		695
5.2 Taxes Applicable to Businesses		696
5.3 Available Tax Credits/Incentives		699
5.4 Tax Consolidation		699
5.5 Thin Capitalisation Rules and Other Limitations		699
5.6 Transfer Pricing		700
5.7 Anti-Evasion Rules		700
5.8 Tariffs		701
6. Competition Law		701
6.1 Merger Control Notification		701
6.2 Merger Control Procedure		702
6.3 Cartels		703
6.4 Abuse of Dominant Position		703
7. Intellectual Property		704
7.1 Patents		704
7.2 Trade Marks		705
7.3 Industrial Design		705
7.4 Copyright		705
7.5 Others		706
8. Data Protection		707
8.1 Applicable Regulations		707
8.2 Geographical Scope		707
8.3 Role and Authority of the Data Protection Agency		707
9. Looking Forward		707
9.1 Upcoming Legal Reforms		707
1. Legal System		713
1.1 Legal System and Judicial Order		713
2. Restrictions on Foreign Investments		715
2.1 Approval of Foreign Investments		715
2.2 Procedure and Sanctions in the Event of Non-Compliance		716
2.3 Commitments Required From Foreign Investors		717
2.4 Right to Appeal		717
3. Corporate Vehicles		718
3.1 Most Common Forms of Legal Entity		718
3.2 Incorporation Process		718
3.3 Ongoing Reporting and Disclosure Obligations		719
3.4 Management Structures		719
3.5 Directors’, Officers’ and Shareholders’ Liability		719
4. Employment Law		720
4.1 Nature of Applicable Regulations		720
4.2 Characteristics of Employment Contracts		721
4.3 Working Time		721
4.4 Termination of Employment Contracts		722
4.5 Employee Representations		723
5. Tax Law		723
5.1 Taxes Applicable to Employees/Employers		723
5.2 Taxes Applicable to Businesses		724
5.3 Available Tax Credits/Incentives		724
5.4 Tax Consolidation		725
5.5 Thin Capitalisation Rules and Other Limitations		725
5.6 Transfer Pricing		725
5.7 Anti-Evasion Rules		725
5.8 Tariffs		725
6. Competition Law		726
6.1 Merger Control Notification		726
6.2 Merger Control Procedure		726
6.3 Cartels		727
6.4 Abuse of Dominant Position		728
7. Intellectual Property		729
7.1 Patents		729
7.2 Trade Marks		729
7.3 Industrial Design		730
7.4 Copyright		731
7.5 Others		732
8. Data Protection		732
8.1 Applicable Regulations		732
8.2 Geographical Scope		733
8.3 Role and Authority of the Data Protection Agency		733
9. Looking Forward		733
9.1 Upcoming Legal Reforms		733
1. Legal System		738
1.1 Legal System and Judicial Order		738
2. Restrictions on Foreign Investments		738
2.1 Approval of Foreign Investments		738
2.2 Procedure and Sanctions in the Event of Non-Compliance		739
2.3 Commitments Required From Foreign Investors		739
2.4 Right to Appeal		739
3. Corporate Vehicles		740
3.1 Most Common Forms of Legal Entity		740
3.2 Incorporation Process		740
3.3 Ongoing Reporting and Disclosure Obligations		740
3.4 Management Structures		740
3.5 Directors’, Officers’ and Shareholders’ Liability		740
4. Employment Law		741
4.1 Nature of Applicable Regulations		741
4.2 Characteristics of Employment Contracts		741
4.3 Working Time		741
4.4 Termination of Employment Contracts		741
4.5 Employee Representations		742
5. Tax Law		742
5.1 Taxes Applicable to Employees/Employers		742
5.2 Taxes Applicable to Businesses		743
5.3 Available Tax Credits/Incentives		743
5.4 Tax Consolidation		743
5.5 Thin Capitalisation Rules and Other Limitations		743
5.6 Transfer Pricing		744
5.7 Anti-Evasion Rules		744
5.8 Tariffs		745
6. Competition Law		745
6.1 Merger Control Notification		745
6.2 Merger Control Procedure		746
6.3 Cartels		746
6.4 Abuse of Dominant Position		747
7. Intellectual Property		747
7.1 Patents		747
7.2 Trade Marks		748
7.3 Industrial Design		748
7.4 Copyright		749
7.5 Others		749
8. Data Protection		750
8.1 Applicable Regulations		750
8.2 Geographical Scope		750
8.3 Role and Authority of the Data Protection Agency		750
9. Looking Forward		751
9.1 Upcoming Legal Reforms		751
1. Legal System		763
1.1 Legal System and Judicial Order		763
2. Restrictions on Foreign Investments		764
2.1 Approval of Foreign Investments		764
2.2 Procedure and Sanctions in the Event of Non-Compliance		766
2.3 Commitments Required From Foreign Investors		767
2.4 Right to Appeal		767
3. Corporate Vehicles		767
3.1 Most Common Forms of Legal Entity		767
3.2 Incorporation Process		768
3.3 Ongoing Reporting and Disclosure Obligations		769
3.4 Management Structures		769
3.5 Directors’, Officers’ and Shareholders’ Liability		770
4. Employment Law		770
4.1 Nature of Applicable Regulations		770
4.2 Characteristics of Employment Contracts		771
4.3 Working Time		772
4.4 Termination of Employment Contracts		772
4.5 Employee Representations		773
5. Tax Law		774
5.1 Taxes Applicable to Employees/Employers		774
5.2 Taxes Applicable to Businesses		774
5.3 Available Tax Credits/Incentives		775
5.4 Tax Consolidation		776
5.5 Thin Capitalisation Rules and Other Limitations		776
5.6 Transfer Pricing		777
5.7 Anti-Evasion Rules		777
5.8 Tariffs		778
6. Competition Law		778
6.1 Merger Control Notification		778
6.2 Merger Control Procedure		779
6.3 Cartels		779
6.4 Abuse of Dominant Position		780
7. Intellectual Property		780
7.1 Patents		780
7.2 Trade Marks		781
7.3 Industrial Design		781
7.4 Copyright		782
7.5 Others		782
8. Data Protection		783
8.1 Applicable Regulations		783
8.2 Geographical Scope		783
8.3 Role and Authority of the Data Protection Agency		784
9. Looking Forward		784
9.1 Upcoming Legal Reforms		784
1. Legal System		795
1.1 Legal System and Judicial Order		795
2. Restrictions on Foreign Investments		795
2.1 Approval of Foreign Investments		795
2.2 Procedure and Sanctions in the Event of Non-Compliance		796
2.3 Commitments Required From Foreign Investors		796
2.4 Right to Appeal		796
3. Corporate Vehicles		796
3.1 Most Common Forms of Legal Entity		796
3.2 Incorporation Process		797
3.3 Ongoing Reporting and Disclosure Obligations		797
3.4 Management Structures		798
3.5 Directors’, Officers’ and Shareholders’ Liability		799
4. Employment Law		799
4.1 Nature of Applicable Regulations		799
4.2 Characteristics of Employment Contracts		799
4.3 Working Time		800
4.4 Termination of Employment Contracts		802
4.5 Employee Representations		803
5. Tax Law		804
5.1 Taxes Applicable to Employees/Employers		804
5.2 Taxes Applicable to Businesses		806
5.3 Available Tax Credits/Incentives		808
5.4 Tax Consolidation		808
5.5 Thin Capitalisation Rules and Other Limitations		808
5.6 Transfer Pricing		808
5.7 Anti-Evasion Rules		809
5.8 Tariffs		809
6. Competition Law		810
6.1 Merger Control Notification		810
6.2 Merger Control Procedure		810
6.3 Cartels		810
6.4 Abuse of Dominant Position		811
7. Intellectual Property		811
7.1 Patents		811
7.2 Trade Marks		812
7.3 Industrial Design		813
7.4 Copyright		814
7.5 Others		814
8. Data Protection		815
8.1 Applicable Regulations		815
8.2 Geographical Scope		815
8.3 Role and Authority of the Data Protection Agency		816
9. Looking Forward		816
9.1 Upcoming Legal Reforms		816
1. Legal System		822
1.1 Legal System and Judicial Order		822
2. Restrictions on Foreign Investments		823
2.1 Approval of Foreign Investments		823
2.2 Procedure and Sanctions in the Event of Non-Compliance		824
2.3 Commitments Required From Foreign Investors		824
2.4 Right to Appeal		825
3. Corporate Vehicles		825
3.1 Most Common Forms of Legal Entity		825
3.2 Incorporation Process		827
3.3 Ongoing Reporting and Disclosure Obligations		828
3.4 Management Structures		829
3.5 Directors’, Officers’ and Shareholders’ Liability		829
4. Employment Law		830
4.1 Nature of Applicable Regulations		830
4.2 Characteristics of Employment Contracts		831
4.3 Working Time		833
4.4 Termination of Employment Contracts		833
4.5 Employee Representations		835
5. Tax Law		835
5.1 Taxes Applicable to Employees/Employers		835
5.2 Taxes Applicable to Businesses		835
5.3 Available Tax Credits/Incentives		836
5.4 Tax Consolidation		836
5.5 Thin Capitalisation Rules and Other Limitations		836
5.6 Transfer Pricing		836
5.7 Anti-Evasion Rules		837
5.8 Tariffs		837
6. Competition Law		838
6.1 Merger Control Notification		838
6.2 Merger Control Procedure		838
6.3 Cartels		838
6.4 Abuse of Dominant Position		839
7. Intellectual Property		839
7.1 Patents		839
7.2 Trade Marks		840
7.3 Industrial Design		840
7.4 Copyright		841
7.5 Others		841
8. Data Protection		841
8.1 Applicable Regulations		841
8.2 Geographical Scope		842
8.3 Role and Authority of the Data Protection Agency		842
9. Looking Forward		843
9.1 Upcoming Legal Reforms		843
1. Legal System		856
1.1 Legal System and Judicial Order		856
2. Restrictions on Foreign Investments		856
2.1 Approval of Foreign Investments		856
2.2 Procedure and Sanctions in the Event of Non-Compliance		857
2.3 Commitments Required From Foreign Investors		857
2.4 Right to Appeal		857
3. Corporate Vehicles		857
3.1 Most Common Forms of Legal Entity		857
3.2 Incorporation Process		858
3.3 Ongoing Reporting and Disclosure Obligations		860
3.4 Management Structures		860
3.5 Directors’, Officers’ and Shareholders’ Liability		860
4. Employment Law		861
4.1 Nature of Applicable Regulations		861
4.2 Characteristics of Employment Contracts		862
4.3 Working Time		862
4.4 Termination of Employment Contracts		863
4.5 Employee Representations		864
5. Tax Law		865
5.1 Taxes Applicable to Employees/Employers		865
5.2 Taxes Applicable to Businesses		865
5.3 Available Tax Credits/Incentives		866
5.4 Tax Consolidation		866
5.5 Thin Capitalisation Rules and Other Limitations		867
5.6 Transfer Pricing		867
5.7 Anti-Evasion Rules		868
5.8 Tariffs		868
6. Competition Law		869
6.1 Merger Control Notification		869
6.2 Merger Control Procedure		869
6.3 Cartels		870
6.4 Abuse of Dominant Position		871
7. Intellectual Property		871
7.1 Patents		871
7.2 Trade Marks		872
7.3 Industrial Design		872
7.4 Copyright		873
7.5 Others		874
8. Data Protection		874
8.1 Applicable Regulations		874
8.2 Geographical Scope		874
8.3 Role and Authority of the Data Protection Agency		875
9. Looking Forward		875
9.1 Upcoming Legal Reforms		875
1. Legal System		901
1.1 Legal System and Judicial Order		901
2. Restrictions on Foreign Investments		901
2.1 Approval of Foreign Investments		901
2.2 Procedure and Sanctions in the Event of Non-Compliance		902
2.3 Commitments Required From Foreign Investors		902
2.4 Right to Appeal		902
3. Corporate Vehicles		902
3.1 Most Common Forms of Legal Entity		902
3.2 Incorporation Process		904
3.3 Ongoing Reporting and Disclosure Obligations		905
3.4 Management Structures		906
3.5 Directors’, Officers’ and Shareholders’ Liability		907
4. Employment Law		907
4.1 Nature of Applicable Regulations		907
4.2 Characteristics of Employment Contracts		908
4.3 Working Time		908
4.4 Termination of Employment Contracts		909
4.5 Employee Representations		911
5. Tax Law		912
5.1 Taxes Applicable to Employees/Employers		912
5.2 Taxes Applicable to Businesses		913
5.3 Available Tax Credits/Incentives		915
5.4 Tax Consolidation		916
5.5 Thin Capitalisation Rules and Other Limitations		916
5.6 Transfer Pricing		916
5.7 Anti-Evasion Rules		916
5.8 Tariffs		916
6. Competition Law		918
6.1 Merger Control Notification		918
6.2 Merger Control Procedure		918
6.3 Cartels		918
6.4 Abuse of Dominant Position		919
7. Intellectual Property		920
7.1 Patents		920
7.2 Trade Marks		920
7.3 Industrial Design		921
7.4 Copyright		921
7.5 Others		922
8. Data Protection		922
8.1 Applicable Regulations		922
8.2 Geographical Scope		922
8.3 Role and Authority of the Data Protection Agency		922
9. Looking Forward		923
9.1 Upcoming Legal Reforms		923

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