Washington Properties has announced it intends to apply for relief from the 60-percent Bermudian ownership rule, paving the way for greater foreign investment in the company, which owns the Washington Mall retail and office complex.Washington Properties general manager Paul Slaughter said yesterday the application could potentially allow an increase in capital in the company, which currently has tens of thousands of square feet in vacant office space for rent. He said rates on that space were negotiable. He said the retail side was holding its own, with only a couple of vacancies and some new tenants just signed.“This is an initial application to see whether there is the potential for an increase in shareholding by an existing international partner,” Mr Slaughter said. “Currently they hold 40 percent and are looking to increase their interest … and take a more active interest.”Washington Properties, whose parent company is New Windsor Hotel Company Ltd, is not a publicly traded company.But a local company may apply to Government for a licence to conduct business in Bermuda under section 114B of the Companies Act 1981. The issue of such a licence is entirely at the discretion of the Minister.According to the BMA website, when deciding whether or not to issue a licence, the Minister “will be guided by the public interest and will consider, among other things, the economic situation in Bermuda, the nature and previous conduct of the applicant(s), and any advantages or disadvantages which may result from the company carrying on business in Bermuda”.An amendment to the Companies Act earlier this year allowed publicly traded companies in certain “prescribed” industries to apply for 60/40 rule relief.The easing of the restrictions makes it easier for qualifying BSX-listed companies to raise capital, by giving them unrestricted access to foreign investors.The parent company of shipping firm Stevedoring is among those who have filed for such relief from the 60-40 rule, along with Ascendant Group, which was granted relief from the rule earlier this month. Last month, telecommunications group KeyTech Ltd was the first firm to successfully gain relief from the 60-40 rule.