51.Which authority is responsible for admission and protection of foreign investments in the Islamic Republic of Iran?
The Organization for Investment Economic and Technical Assistance of Iran (OIETAI) is the sole government authority which in accordance with FIPPA is legally empowered to admit and extend legal protections to foreign capital. The license for foreign investment under FIPPA is also released by OIETAI.
52.Is it obligatory to obtain a license for foreign investment?
For those investment to be covered under FIPPA, it is required. Such a license is released when signed by the Minister of Economic Affairs and Finance.
53.Does it mean that each single investment under FIPPA requires a specific license?
Yes. Foreign investment in any single project covered by FIPPA, requires a separate license.
54.What is the procedure for issuance of a foreign investment license? What documents are required for the issuance of such a license?
The procedure for issuance of an investment license is short and simple. Upon submission of the official application for foreign investment addressed to OIETAI, the application will be put in the agenda of the Foreign Investment Board for review within 15 working days, and subsequently a draft license will be communicated to the foreign investor for confirmation. Should the foreign investor be satisfied with the draft, upon his confirmation, the final investment license will be issued and released. The documentation required include the filled-in application form along with all supplements/annexes, as the case may be, and other documents indicated in the last page of the application form.
55.Which services could be provided to foreign investors by OIETAI?
The organization can be addressed and consulted for any and all issues foreign investors come across. To this end, the investor is in touch with only one single organization through the Center for Foreign Investment Service, which will result in time and cost saving for them.
56.What is the objective behind establishment of the Center for Foreign Investment Services ?
For the purpose of facilitating and accelerating the attraction of foreign investments into the Country, the Center for Foreign Investment Services was established at the premises of O.I.E.T.A.I., comprising the representatives of relevant authorities. This center acts as a focal point for the referrals by foreign investment applicants to the relevant Organizations.
57.Does the Organization provide any specific services to foreign investors other than consultancy services?
Of course yes. The Organization, besides offering the consultancy services to foreign investors, provides the following services:
1. Provision of information related to all laws and regulations pertaining to foreign investment;
2. Introducing investment opportunities in the Country;
3. Coordinating with different authorities with respect to applications for foreign investment;
4. Finding appropriate partners/parties, being local or foreign;
5. Contributing towards settlement of disputes between investors;
6. Organizing and arranging meetings and/or appointments with relevant authorities.
FAR law firm