• Reserved services removed from the scope and licensed as hotel operation

The Foreign Investment Board approved the foreign investment permit or (Foreign Investment Approval Certificate) for the Palau Pearl, a liveaboard vessel seeking to operate in the Republic of Palau by removing activities and services from the scope of work that are prohibited by law, according to update from the Office of Foreign Investment Board.

In the Island Times January 11th issue, it was reported that the Foreign Investment Board had unanimously approved a permit for operation of a 14-room luxury live-aboard vessel called The Palauan Pearl in Palau by issuing its Foreign Investment Approval Certificate (FIAC) despite the law reserving this business activity exclusively to Palauans.

FIB Office sent a corrected statement saying that license was only approved after those services and activities reserved under RPPL 9-64 Section 105 (b) were removed and license was permitted to operating as a hotel only.

“The board took out the language in the scope asking for those other activities and services mentioned and only allowed the company to operate as a hotel. That is the scope in the license,” stated FIB.

The business initially applied for an FIAC to Foreign Investment Board on November 20, 2019 to operate a liveaboard vessel in Palau, providing diving services for guests, hotel accommodations, tours and transportation to and from the airport. It is solely owned business by Mr. Ming Yung Ha, a citizen of People’s Republic of China, valued at $4 million dollars. (L.N. Reklai)