Article 32.
The Foreign Investor is required, as from the date of notification of the Investment License within a period determined on the basis of the peculiarities of the investment project by the Board, to import part of his capital into the Country as a sign of his firm intention for the implementation of the project. In the event the investor does not import part of the capital into the Country within the duration of the determined period, and/or does not apply for the extension of the period by way of submission of justifiable reasons, the Investment License shall be considered as null and void.
Article 22.
All applications for the transfer of capital, profit as well as gains resulting from an increase in the value of capital covered by FIPPA must be supported by the report of an Audit Firm that is a member of Iran Association of Certified Accountants. Such transfers shall be effected, after deduction of all legal dues, up to the amount certified by the Audit Firm.
Article 24.
In the event the Investment License refers to Paras (b) and/or (c) of Article (17) of FIPPA, the said license shall be considered as the export license and the Investee Firm may deposit its export earnings in an escrow account in a local and/or foreign bank and directly withdraw therefrom for the purposes specified in the Investment License and pay to the Foreign Investor. Any amount of foreign exchange acquired in excess of the withdrawable amounts shall be subject to the Country’s foreign exchange regulations. In any event, the Investee Firm, after payment of the relevant amounts, is required, along with submission of the export certificate, to notify the Organization in writing.
Article 32.
The Foreign Investor is required, as from the date of notification of the Investment License within a period determined on the basis of the peculiarities of the investment project by the Board, to import part of his capital into the Country as a sign of his firm intention for the implementation of the project. In the event the investor does not import part of the capital into the Country within the duration of the determined period, and/or does not apply for the extension of the period by way of submission of justifiable reasons, the Investment License shall be considered as null and void.
Article 5.
Iranian natural and juridical persons applying for investment in the Country, for the purpose of enjoying the facilities and protections under FIPPA, are required to submit documentary evidences proving their economic and commercial activities outside the Country.
Article 7.
Foreign Investment in existing firms by way of purchasing shares and/or capital increase and/or a combination of the two, subject to completion of the admission procedure, shall benefit from the privileges of FIPPA provided that such investment creates added value. The added value so created may result from an increase in investment in the existing firm and/or achievement of certain objectives such as enhancement of management, increase in exports, and/or improvement in the technology level of the existing firm.
Article 5 low
The Organization is the sole official authority for the promotion of foreign Investments in the country, and for investigation of all issues pertaining to foreign Investments. Applications of Foreign Investors in respect of issues such as admission, importation, employment and repatriation of capital shall be submitted to the organization.
Article 10 low
Assignment of the whole or a part of the Foreign Capital to a local investor and/or, upon approval of the Board and confirmation by the Minister of Economic Affairs and Finance, to another Foreign Investor is permitted. In case of assignment to another Foreign Investor, the assignee who shall have, at least, the same qualifications as the initial investor, shall replace and/or become a partner to the former investor from the standpoint of FIPPA.
Article 11 low
Foreign Capital may be imported into the Country by way of one or a combination of the following manners, to be covered under this Act:
a) Cash funds to be converted into Rials;
b) Cash funds not to be converted into Rials but to be used directly for the purchases and orders related to Foreign Investment;
c) Non-cash items, after valuation by the competent authorities.
Note: The procedure related to the manner of valuation, and registration of Foreign Capital shall be determined in the Implementing Regulations of FIPPA.