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www.investiniran.ir www.iio.ir
11111In the name of GOD
Foreign Investment in Iran Promotion & Protection, Incentives and Procedure
Organization for Investment,
Economic and Technical Assistance of Iran (OIETAI)
Sara Akbari Mehrabani
Division Chief
Investments Projects Appraisal
1
Presentation Highlight
General Information about Iran
Incentives and Benefits of Foreign Investment in Iran
Introduction to “ Foreign Investment Promotion and Protection Act” (FIPPA)
Supports & Services Provided by OIETAI
Procedure For Foreign Investor
Investment Opportunities and Projects in Iran
www.investiniran.ir www.iio.ir 2
General Information about
Iran
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Chapter 1
3
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Geography
Location:
Country in south-western Asia, located on the northern shore of the Persian
Gulf with an area of 1,648,195 square kilometers.
Iran lies at the eastern most edge of the geographic and cultural region known as
Middle East,
Bordering Iraq, Turkey, Pakistan, Afghanistan and Turkmenistan, Oman Sea and
the Persian Gulf from South and the Caspian Sea from North,
Strategic location on the Persian Gulf and Strait of Hormuz, which are Vital Maritime
Pathways for Crude Oil Transport
4
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Sectors of the Economy
Manufacturing • Handicrafts • Automobile Manufacturing • Defense Industry • Construction and real
estate • Energy, Gas, Petroleum,
and Petrochemicals • Mines and Minerals
Service • Retail and Distribution • Healthcare • Tourism and Traveling • Banking, Finance and
Insurance • Communications and IT • Transportation
Agriculture • Agriculture and Food
stuff www.investiniran.ir www.iio.ir 7
Iran’s Main Advantages:
The diversified economy with over 40 industries directly listed in the Tehran Stock Exchange
Resource-rich & Labor-rich economy
Young and educated population & Large domestic market
Developed infrastructure in transportation, telecommunications & energy
Tax exemptions and incentives
Widespread and sound infrastructure.
Diversity in economic sectors and rich in oil and hydrocarbon resources, www.investiniran.ir www.iio.ir 8
Continued
4th largest oil producer in the World
2nd highest gas reserves in the World
10th rank in tourism
industry and potential of
standing as the 5th in
ecotourism
Having the largest and mot diversified industries in the Middle east and North Africa Region,
4th rank in production of Zinc and 10th
rank in production of Cobalt in the
world.
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Incentives and Benefits of Foreign
Investment in Iran
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Chapter 2
10
Law & Regulation Incentives
Financial Incentives
Tax & Custom Incentives
Regional Incentives
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Law & Regulation Incentives (Features and Advantages of FIPPA)
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Granting protection coverage to all foreign investment schemes.
Quick approval of the foreign investment application
Issuing a three-year residence license for foreign investors, directors, experts as well as their immediate family members
Expropriation and nationalization
Unlimited transfer of capital and dividend
Guarantee of the purchase of the goods and services resulting from investment projects in BOT investment schemes where the government acts as the sole purchaser.
Law & Regulation Incentives (Features and Advantages of FIPPA)
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• Tax & Custom Incentives
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Highlights of Tax Holidays
• Fixed corporate income tax at a flat rate of 25%
Activity Level of
Exemption
Duration of
Exemption
Industry & Mining 80% 4 Years
Industry & Mining in less Developed
Areas 100% 20 Years
Agriculture 100% Perpetual
Tourism 50% Perpetual
Export of Services &non-oil goods 100% During 6th
development Plan
Salary in Less Developed Area 50% Perpetual
Profit used to Development of Existing
Unites or Setting up New Unites 50 % Perpetual
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New Tax Incentives enforceable from March 2016
• Total Taxable income <= registered Capital 50% of income is free of tax
• In less developed areas,
• Total Taxable income <= double of registered Capital 100% of income is free of tax
o In case of each 5% foreign investment, 10% will be added to above incentive, maximum up to 50%
Income Tax with Rate of 0.0% Duration of Exemption
Industry, Mining & Services (Hospital & Hotels) 5 Years
Industry, Mining & Services (Hospital & Hotels) in Industrial Parks and Economic Especial Zones
7 Years
Industry, Mining & Services (Hospital & Hotels) in Less Developed Areas 10 Years
Industry, Mining & Services (Hospital & Hotels) in Less Developed Areas located at Industrial Parks and Economic Especial Zones
13 Years
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New Tax Incentives enforceable from March 2016
• Total Taxable income <= registered Capital 50% of income is free of tax
• In less developed areas, • Total Taxable income <= double of registered
Capital 100% of income is free of tax
• In case of each 5% foreign investment, 10% will be added to these 2 incentives, maximum up to 50%
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New Tax Incentives enforceable from March 2016
• in case of increasing the employment volume up to 50% in comparison to last year, one-year exemption can be added to the duration of exemptions (mentioned in previous slide)
In companies with more than 50 employees,
• can enjoy 50% on Tax Rate for the income from sales of products(12.5 % instead of 25%) after the end of above duration
In the case that foreign companies with reliable Brand produce goods
using production capacity of Iranian companies and export at least 20%
of total production,.
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Customs Exemptions
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Regional Incentives
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Investment Incentives in Free Zones
20 Years Tax Exemption for All
Economic Activities
No needed Visa for Entrance of
Foreigners
Custom Exemption for Raw materials and Industrial machineries of
Producing units
Possibility of Exporting
Products to The Mainland
Easy Circumstances for
Re-export and Transit of
Commodities
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7 free Zones in Iran 2 in North-West (Aras,
Makou)
1 in North (Anzali)
3 in South (Kish, Geshm, Chabahar)
1 in South-East
(Arvand)
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Introduction to
Foreign Investment Promotion and Protection Act
(FIPPA)
Features and Advantages
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Chapter 3
23
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Foreign Investment Policy
24
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Types of Investments
25
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Investments Volume
Profit Transfer,
Capital Repatriation,
Types of Capital Imported,
Import / Export.
Scopes of Investment under FIPPA
No limitation on:
26
Areas of Investment
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Risks Covered under FIPPA
Currency Transfer,
Nationalization & Expropriation,
Government Intervention and Breach
of Contracts by Government
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Features of FIPPA Foreign Investor:(definition ) - Non-Iranian natural or juridical person - Iranians using capital with foreign origin Foreign Capital
- Cash - Non-cash: - Machinery & equipments - Tools & spares, CKD parts & raw, addable &
auxiliary materials - Patent rights, technical know-how, trade marks and
names, and specialized services
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Possibility of
Investment by foreign
Natural and Juridical
Persons and Iranians
Living Aboard
Equal Treatment with
Foreign Investors as
accorded to Domestic
Investors
Quick Approval of
Foreign Investment
Application Issuing Three-Year
Residence Permit for
Foreign Investors,
Directors, Experts and
Their Immediate Family
Members,
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Some
other
Features
of
FIPPA
30
Supports & Services
Provided by
OIETAI
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Chapter 4
31
Foreign Investment Services Center (FISC)
FISC has been established in 2002, In order to facilitate and expedite issues related to the
admission and activity of Foreign Investments in the Country, (based on Article 7 of FIPPA)
Provides all before Care and after Care Services Provision of Information and Necessary Advice to Foreign
Investors Through:
* Meetings,
* E-mail,
* Telephone
The representatives from all related Government departments
are obliged to coordinate for all issues related to their respective agency for foreign investment facilitation.
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Main Objectives of FISC
Facilitation the FDI procedures in Iran،
Coordination with Executing Agencies Related to Foreign Investment
A focal point for FDI applicants،
Facilitation of official procedures for required permissions and licenses
33
FISC’s Members
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Key Services Offered by FISC Necessary guidance to foreign
General supervision on foreign investment projects.
Necessary coordination concerning the issues including:
the declaration of establishment
the environment protection license
the permits for subscriptions utilities
the license for exploration and exploitation of mines,
etc.
registration of joint venture company
registration of order for importation of machinery and
equipments and other customs affairs
Tax affairs
35
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Related Regulation of Single
Window
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UN/CEFACT has indicated 3 model for
implementation of Single Window
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single Authority
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Single Automated System
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Automated Information Transaction System
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Single Window in Iran
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Latest Situation of Single Window in Iran
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Single Window in Iran
• investors using the single window could submit their applications to different sectors among them tourism, industry and the like.
• Iran is finalizing the single window for investment, adding that the window is planned to be launched in the intranet in the first phase due to security concerns.
• The pilot plan has been launched in East Azarbaijan province and all provinces across the country will be connected to this window later down the road.
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East Azarbaijan Investment Single Window
East Azarbaijan Investment Single Window was implemented and developed in 2012.
Single Window network is designed to conducting inquiries related to investment was designed and defined 278
processes for 129 related agencies: ( 35 related agencies, 12 banks, 62 Municipally, 20 proconsul).
Everyone can access easily to Single Widow portal with referring to www.investin-ea.ir site.
All of license’s applicants can refer to this said website and get necessary document, reviewing terms and conditions,
regulations, by-laws and other related information they need to apply form online.
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Procedure For Foreign Investor
( Phases 1 to 4 )
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Investment Licensing Procedure
Simplified, Short and Transparent
Submission Of
Application
Final
License
Issued
Draft
License
Communicated
Preparation And
Submission Of a Report
Foreign
Investment
Board
OIETAI
Max 5 Days Max 10 Days
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Chapter 5
Marketing &Investment
Opportunities
and Projects
in Iran
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2 Main activities In Section of promotion in foreign Investment office
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Method Of Identifying Investment
Opportunities
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Method Of Identifying Foreign Investors
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Difference of International marketing
between OIETAI & Commercial institute
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Iran Investment Opportunities
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Foreign Investment Opportunities In Iran
Design & Prepare “Summary-Sheet” to Gather Investment
Opportunities from all over Iran
Identification of Opportunities &
Making a Data Base
Presentation Of Projects By:
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* Participation in International Seminars
* Face to Face Meetings with Project Owner &
Potential Investors
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IRAN INVESTMENT GUIDE
And Other Publications
Including:
Introducing Iran macroeconomic performance
investment climate
Areas of Opportunities
The Regulatory Framework
Visas & Work Permit and procedures to obtain required permissions and licenses for doing business in Iran
55
Chapter 6
Treaties, International
Cooperation and Membership
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Treaties
- Bilateral Investment Treaties (BIT) with Foreign
Countries,
- Regional & Multilateral Treaties with Member
States of
• Organization of Islamic Conference (OIC),
• Economic Cooperation Organization (ECO).
- Double Taxation Treaty (DTT) with Foreign
Countries www.investiniran.ir www.iio.ir 57
Contents of BIT
Promotion of Investments
Treatment of investment
Expropriation , losses and
compensation
Repatriations and transfers
Subrogation Dispute
settlement procedure
Validity of the agreement:
Admission and
establishment,
Scope and definition of investment ;
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International Memberships
Multilateral Investment Guarantee Agency (MIGA) since 2003
Multilateral Investment Guarantee World
Association of Investment Promotion
Agencies (WAIPA) since 1998
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International Co-operations:
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• necessity of usage of capacities for local production,
• production and export under the international brands,
• tax incentives under the article 31,
• transparency in financial market.
Use the capacities of the Law on Elimination of barriers to competitiveness and improvement of financial market of country.
• uniform drafting reports by applicant organization for finance,
• mobilizing finance for priorities projects,
• invariant process for documents of application for finance.
Facilitate the Mechanism for mobilization of finance resources.
• necessity of drafting investment strategy in post-sanction era,
• collecting the priority, plan, program and opportunities of local organizations,
• categorize and prioritize the most important projects,
• technology absorption and knowledge transfer,
• make the mode of production, industrial product and related services knowledge base.
Providing industrial and sectoral priorities to draw up industrial strategy, by using objectives and comments of relevant ministries and organizations.
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• signification of the overall policy on resilient economy,
• severance of the provisions relating to foreign investment,
• drafting of strategic plan base on the related policies,
• implementation of strategic plan.
Implementation of resilient economy and its policies.
Giving the priority to foreign investment aimed at developing economic diplomacy, entering the global markets and access to technology to achieve the goals and visions of resilient
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Organization for Investment, Economic and
Technical Assistance of Iran( OIETAI)
www.investiniran.ir
info@investiniran.ir
fisc@investiniran.ir
Foreign Investment Office
Tel: +98 21 33967755 – 33967075 Fax: +98 21 33967864
Foreign Investment Services Center
Tel: +98 21 33967749 – 33967766 Fax: +98 21 33967774
64
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