Problems relating to Trade and Investment on Australia

21. Restrictions on land ownership
Issue	Issue details	Requests	Reference

(1) Delayed Examination for Land Acquisition Licence	- Transactions for land acquisition by foreign funded enterprises are subject to screening by Foreign Investment Review Board (FIRB), which takes a lot of time.	- It is requested that FIRB expedites the screening.	- FIRB (http://www.firb.gov.au/)
	(Action) - The Foreign Acquisitions and Takeovers Act 1975 (Cth) (the Act) provides Minister of Finance shall examine and determine the application within 30-days. However, Minister of Finance is empowered to postpone the period for 120-days maximum by publication in the Australian Gazettes Order nisi, which is issued where the foreign fund case is extremely complex, or where the applicant requires more detailed information.

(2) Verification of Identity Procedures on Purchase and Sale of Land Property

- Relative to contract for sale and purchase of land property by foreign funded enterprises (FFEs), Verification of Identity is necessary for the person signing the contract (PSC). When signing outside Australia, PSC must appear before the person in charge at the Consulate to sign the papers. In addition, Verification of Identity is only possible during morning office hours on Tuesdays and Thursdays, while the details of the requisite documents for Verification of Identity remain undisclosed.

- It is requested that Government of Australia (GOA):
-- accepts Verification of Identity at places other than the Consulate (for example, at Notary Public's Office),
-- lengthens the hours for Verification of Identity at the Consulate, and
-- clearly identifies the requisite documents for Verification of Identity.

- Verification of Identity
(http://www.landgate.wa.
gov.au/docvault.nsf/web/
PS_TR_VI/$FILE
/VOIBRO.pdf)

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