This means that if you travel to Iran as a dual national and you encounter difficulties or are detained, the British Embassy will be unable to offer consular assistance or get access to you. To do business in Iran, UK businesses first need to be aware of: Businesses preparing to do business in Iran should familiarise themselves with the relevant sections of this guidance. Basic requests can require complex forms, administrative processes and stamps of approval and these can lead to delays. Company profits are taxed at the corporate level in Iran and dividends distributed to shareholders are exempt from tax. Smaller sums of money can be handled in the private exchange market, with transactions conducted at the market rate. Iran 'finds new oil field with 53bn barrels' Published 10 November 2019. Interest paid to a non-resident is subject to a 3% withholding tax. Iran has observer status at the World Trade Organization (WTO) and is a signatory to international treaties including: Iran’s main customs legislation comprises: Importers must register with the Ministry of Economic Affairs and Finance for customs duty and tax payments and must also register online with the Trade Promotion Organisation of Iran. Licences are usually issued promptly, if you can demonstrate your business activities are eligible. European Oil Companies Return to Iran, Hopeful of Sanctions Relief By James Burgess - Jan 23, 2014, 4:45 PM CST. Read the full text of the agreement and annexes. Foreign entities are taxed on income derived from sources in Iran or from activities performed in Iran. Bitumen, Vaseline, Petroleum Jelly, White Oil, Liquid Paraffin, Soft Paraffin, Paraffin Wax, Cable Jelly Pak … There are also plans to extend Tehran’s metro service to more areas of the city. While this may not be binding on an international arbitration tribunal, an arbitration award may be unenforceable in Iran. The Iranian government is seeking foreign partners by using a new contract structure offering foreign partners more favourable terms. “A  broad range of trade and economic cooperation matters is also successfully explored between our countries. Iran has one of the most developed healthcare and pharmaceutical sectors in the Middle East. Oil Market is Unchanging Currently. Most prominent among these are charitable foundations known as bonyads or setads, many of which are now equivalent to large business conglomerates. The following is a list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad: Bashneft BP China National Offshore Oil Corporation (CNOOC) China National Petroleum Corporation (CNPC) Dragon Oil Egyptian General Petroleum Corporation (EGPC) Eni ExxonMobil Gazprom Inpex Itochu Japan Petroleum Exploration Company (Japex) Kogas … Iran’s economy is relatively diversified. You will be sent a draft licence to review, and if agreeable, the investment will be licence issued. Any documents that need to be filed with an Iranian court also need to be translated by an official translator and certified by the judiciary, or notarised by the Iranian Embassy in London. Read embargoes and sanctions on Iran for more detailed information on export controls. Foreign businesses operating in Iran may also find their actions opposed by vested political and economic interests. Some goods, software and technology require a licence for export outside the EU. You must obtain an exit visa if you leave Iran after a stay of longer than 3 months. This aims to protect EU companies doing legitimate business with Iran from the impact of US extra-territorial sanctions. US blacklists Chinese companies for shipping Iran oil. Some sanctions remain in place, however, including sanctions related to human rights, proliferation of restricted goods and technology and Iran’s support for terrorism. True private sector companies (with no links to the state) are estimated to account for only 20% of economic activity. The RAI has plans to at least double the size of the country’s rail network with 25,000 km of track by 2025. There are indications that a local ‘forwards market’ may be created to allow businesses to reduce risk in the rial exchange rate. Regulations It is likely that this will largely be through increased gas-powered generation capacity and the development of renewable sources. Iran has: Iran’s labour market is characterised by: Investors may need to commit significant resources to training local staff. Iran’s petrochemicals sector production is mostly in private or semi-private hands. Iran is likely to need more than 1 trillion USD of investment in infrastructure over the next 10 years. You can change your cookie settings at any time. As a result many hospitals are unable to afford up-to-date medical equipment or the most effective drugs. A judicial decision has found approval should have been sought before entering into a contract. Patent applications are examined only for the correctness of documents and compliance with patent specifications. The Tehran Stock Exchange has a market capitalisation of around USD 100 billion. Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea, United States LNG Exports Reach Third Place, Tesla Is Plugging a Secret Mega-Battery Into the Texas Grid, Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants, ‘We Have More Leverage in the Free World Than We Think’ Against Chinese Regime, U.S. Presidential Elections Status - Electoral Votes, America Makes Plans to Produce Needed Rare Earth Minerals Domestically, TX Flaring: Texas Oil Regulator Signals Flaring Crackdown After Backlash, Abandoned Wind Farm in the Oklahoma Panhandle: Revisited 2021, IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN, Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms. In a joint statement, the leaders of the UK, France and Germany emphasised their continued commitment to the JCPoA. If your visa application is approved you should receive a visa permit number by email. The law for protection of the rights of authors, composers and artists can be invoked if it has been determined that someone’s work has been published without their permission. The re-imposition of the US sanctions against Iran may have commercial and legal implications for UK businesses and individuals dealing with Iran. Cover is now available on a case-by-case basis in Pounds Sterling and Euros for exports in all sectors, including early priority areas such as aerospace, financial and professional advisory services, infrastructure, technology and oil and gas sectors. South Pars, which Qatar calls North Field, is the world’s largest gas field and is shared between Iran and Qatar. For tax purposes, the Iranian calendar year, starting 21 March and ending 20 March of the following year is generally used, but a company or branch may use its own accounting year if different. Iranian visas: Business trips can be made to Iran using: To get a business visitor visa for Iran, an Iranian-registered business must sponsor your application. 2021-03-08. Seek legal advice if you have any doubts about whether you’re exposed to compliance or reputational risks. https://finance.yahoo.com/news/oil-stocks-buy-iran-plots-181006878.html Items on the dual use list require an export licence. Reuters News - 05-Apr-2020 oil and gas Iran says platform caught fire at South Pars gas field, no fatalities - SHANA China and Iran are essentially the last development firms that remain in Iran. Iran’s significant oil and gas reserves will be an important driver of economic growth. Trademark registrations are effective for 10 years following the date of filing and are renewable. This presents a challenge for UK business seeking banking services to facilitate trade with Iran. Tadbir Energy Development Group -An oil & energy company based in Iran and involved in construction of the Iran-Pakistan gas pipeline. If you are staying in Iran for more than 6 months, your application must include your academic or professional certification approved by the Embassy of the Islamic Republic of Iran in the UK. UKEF can support UK firms to win export contracts provided the transaction meets minimum risk standards. CBI policy is trying to unify the exchange rates by allowing the official rate to depreciate gradually until it meets the market rate. Removing money from Iran through the CBI is by the Iranian securities market law. BP, Schlumberger and Pioneer Natural Resources are the three oil stocks to buy as tensions between the U.S. and Iran escalate, CNBC's Jim Cramer said. Although this year has become a tough challenge for the whole global community, economic relations between Russia and Iran do not lose prior dynamics but become more active and meaningful instead,” Novak said. This includes the Iranian Revolutionary Guard Corps (IRGC). Imports of items such as construction materials, production equipment, spare parts and tools are duty free provided they are used for production or construction within the FTZ. In 2015, European companies, including Total SA of France, ENI of Italy, Royal Dutch Shell, and British Petroleum (BP), indicated their interest in resuming oil investments in Iran. Re-opening of the British Embassy in Tehran in 2015, the upgrade in diplomatic relations and the appointment of Nicholas Hopton as British Ambassador to Iran on 5 September 2016, marked an important step forward in diplomatic relations between the two countries. We’ll send you a link to a feedback form. Iran is a highly centralised country and the government regulates nearly all activities. Iran’s retail sector is very traditional for the region, with wholesalers generally supplying independent outlets from central ‘bazaars’ in the major cities. Iran imposes an environmental tax amounting to 1% of the sales on contaminating production units, including refineries and petrochemical factories. These political and economic links could be of concern to investors. Iranian customs regulations distinguish 3 categories of goods in terms of import procedures: Restrictions and conditions can also apply to imports that are similar to locally manufactured goods. List of oil, gas & petrochemical foreign companies in Iran. These include: You are advised to take legal advice to ensure you’ve identified all requirements relevant to your business operation and location. Tehran Berkeley -A multidiscipline privately owned company focuses mainly on oil & gas production. Government enforcement can be ineffective, allowing companies to take advantage of informal networks to win business. Economic isolation in recent years has meant that international best practice is not always followed and international standards have not been met, especially in technology-dependent industries such as oil and gas. If you are not an investor, a residence permit will only be issued or renewed if you have a valid work permit. Individuals and companies intending to conduct any economic activity in Iran need a ‘commercial card’ which is granted after registering with the: All commercial entities engaged in activities in Iran must be registered on the commercial register. The sponsor’s letter, application form and personal documents must then be sent to the Iranian Embassy. London The Iranian government is taking steps to reduce inflation, which stood at 14% in 2015. Use the Goods Checker Tool to determine whether your goods require a licence to export. These plans include a requirement to increase the capacity of Tehran’s main airport 6-fold. In addition to the items on the UK Military List and EU Dual Use controls, there are a number of national UK controls on the export of some goods software and technology to Iran. With the easing of economic sanctions, interest in the Iran market has developed from UK retailers. This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. A business plan may also need to be submitted. OPEC+ Come to an agreement to Keep 18 Members’ Oil Output Unaffected for April. Iran has the world’s fourth largest oil reserves (158 billion barrels), equivalent to more than 150 years of production at 2014 extraction rates according to the 2015 BP Statistical Review of World Energy. Applications for a licence with respect to financial sanctions should be made to the Office of Financial Sanctions Implementation: Office of Financial Sanction Implementation The UK government continues to fully support expanding our trade relationship with Iran and encourages UK businesses to take advantage of the commercial opportunities that arise. You can find more about import tariffs in the Market Access Database. In 2015, European companies, including Total SA of France, ENI of Italy, Royal Dutch Shell, and British Petroleum (BP), indicated their interest in resuming oil investments in Iran. Don’t include personal or financial information like your National Insurance number or credit card details. 2021-03-08. However, this is an area that the government of Iran is trying to address. UK businesses looking to trade or invest in Iran should be aware of: Breaching sanctions is illegal. 600 Products. Non-Iranian companies can choose to resolve disputes through: The Iranian legal system is a civil law system, which means that case law does not act as a binding precedent. Non-Iranian nationals are subject to Iranian tax on any income earned in Iran. Iran has stated its interest in attracting investments from Russian oil companies to help develop its oilfields, Russia’s TASS news agency said on Monday, quoting Iranian Oil … It has raised oil production from below 3 million barrels of oil per day prior to the Joint Comprehensive Plan of Action (JCPOA) to around 3.6 million barrels per day by mid-2016, and aims to produce 5 million barrels of oil per day by 2020 To achieve this, the Iranian Ministry of Petroleum will require an estimated USD 105 billion of capital investment to replace old technology. UKEF will also consider applications for direct lending to purchasers of British exports to Iran. Iran is not a party to the Berne convention for the protection of literary and artistic works. Iran’s most recent budget removed Iran’s withholding tax on services. It should be noted that snapback is a measure of last resort. Resident entities are assessed on an actual profits basis. Merchant of Record: A Media Solutions trading as Oilprice.com, That email address is already in the database. Read the full text of the agreement and annexes. Iran’s renewable energy plans emphasise in particular wind power, to meet 5GW target by 2020, with wind-power likely to play a major part in this. Much of this is expected to come from foreign investors. Iran is finding itself in a bit of a sticky, or rather oily, spot. It’s recommended that this is submitted within 7 days of your arrival. Iran’s rail network is operated by Islamic Republic of Iran Railways (RAI), which is controlled by the Ministry of Roads and Urban Development. There are 8 state-owned banks active in the market. It will take only 2 minutes to fill in. The Islamic Republic of Iran’s Customs Administration is responsible for customs laws and regulations. The Iranian government is providing around USD 15 billion of funding to increase manufactured metal production. More: Latest News. IOOC to Raise Oil, Gas Recovery from Sirri Region Public Relations Unit; 9/3/2018; Managing director of the Iranian Offshore Oil Company (IOOC) said the company has positioned a rig over Esfand oilfield near Sirri Island in Persian Gulf waters, to raise oil and gas recovery from the field by drilling or repairing a number of shunt-in wells By Company type . Iran is a signatory to the International Convention for the Protection of Industrial Property of the World Intellectual Property Organisation (WIPO) known as the ‘Paris Union’. Then, too, Iran was on the backfoot. The rates for the fiscal year to 20 March 2016 were: Income tax is levied on salaries, allowances and all types of remuneration. Income tax is levied at progressive rates up to 20%. If a contract is signed in Iran, Iranian law applies. The Iranian government has committed USD 7 billion of annual spending to develop its water infrastructure, including desalination plants in the Persian Gulf region and water distribution pipelines. Rejected applications for registration of trademarks and patents can be appealed in the Iranian courts. This process will usually be complete within 60 days. Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. As a result, heavy industry is concentrated in Iran’s southern provinces close to its energy resources. Iran’s oil exports doubled in the period between January 2016 when sanctions were lifted and May 2016 (Source: Opec). When a UK business exports certain goods, services and technology to Iran, strict controls remain in place throughout the entire process. Although the financial services sector in Iran is relatively small, and foreign investment faces limitations, there are opportunities for UK businesses. Income derived from operations carried out outside the FTZ is taxable on the same basis as non-FTZ companies. Since the end of the 2000s, Tehran has increasingly looked East to attract national oil companies into the Iranian upstream industry. You are not allowed to make funds and economic resources available to sanctioned entities, directly or indirectly, without a licence. Contact a DIT Iran export adviser for a free consultation if you are interested in exporting to Iran. This is either a commercial code for companies registered in Iran or a comprehensive commercial code for foreign companies. Iran’s oil and gas sector is the largest sector in the Iranian economy, comprising 23% of GDP in 2014. Despite the lifting of many sanctions, Iran can be a difficult place to do business. All official company documents must be in Farsi. IranOilGas Network is the leading independent Iranian oil, gas & petrochemical information network providing daily news, companies and projects, tenders, oil and gas fields, exclusive reports and maps. To get a 3-year residence permit, you will need to submit the OIETAI’s official confirmation of the coverage of the investment under FIPPA. Iran’s petrochemical sector produces around 60 million tons per year generating annual revenue of around USD 20 billion. You need a visa to visit Iran. For Iran, the culmination of an economic depression and an unprecedented health crisis has resulted in crime sprees, a rash of suicides, business closures, lower standards of living, substance abuse, and evictions. However, employees are permitted to change their mind about the resignation within 15 days. Read the full statement issued by the US government. Following the lifting of many financial and economic sanctions, Iran’s financial institutions are starting to work with the international banking system. The rate of depreciation is showing signs of slowing down, however. President Trump has warned Iran that any military response will bring about further US attacks. UK businesses need to carefully determine what risks they might want to take on the less clear-cut issues of political or reputational risk, and ensure that they undertake appropriate and adequate levels of due diligence. Consult guidance issued by the US Office of Foreign Assets Control (OFAC) on the US Department of the Treasury website if you have any queries relating to US sanctions. The national law also protects foreign nationals, who create artistic, literary or technical works in the Islamic Republic of Iran. OPEC+ Come to an agreement to Keep 18 Members’ Oil Output Unaffected for April. 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In May 1901, William Knox D'Arcy was granted a concession by the Shah of Iran to search for oil, which he discovered in May 1908. Read ECO’s detailed guidance on the procurement channel. Non-Iranian estimates forecast growth of around 5% a year. The government creates regular economic plans and these have a significant impact on the direction of the country. This comprehensive commercial code is needed for these companies to let Iranian customers pay them. Read about embargoes and sanctions on Iran. The Foreign Investment Board review normally takes up to 15 days with foreign investors representatives usually invited to take part. The Iranian Industrial Property Office promotes IP protection and encourages accession to international agreements and treaties. SW1A 2HQ, Email Russia Cries War As U.S. The sector is mature but with huge potential for expansion. Iran’s government wants to develop and modernise healthcare by: International companies such as Samsung and Daelim are already involved in developing new Iranian hospitals. Industry analysts have predicted that Iran will achieve sizeable increases in both oil and gas production, but that its targets will be easier to reach in a timely and efficient manner with foreign investment and the latest technology. We use some essential cookies to make this website work. There is no withholding tax on dividends paid by Iranian companies. However, the Iranian government tightly regulates the cost of treatment and has protectionist tariffs defending local manufacturers from foreign competitors. Items on the UK Military List are covered by the EU Arms Embargo, and none of these listed items can be exported. more: Exploratory Drilling in Minoo Island. The government plays a significant role in the sector, which is regulated by the Central Bank of Iran. Iran is aiming for 8% annual GDP growth up to 2020. Where necessary, legal advice should be sought. Some steps can be bypassed, but this requires approval of the Technical Board for Employment of Foreign Citizens and the ratification of the Islamic Consultative Assembly (Iran’s parliament). Patents in Iran are valid from 5 to 20 years. Government regulation keeps medical costs low, but many healthcare providers face financial problems because insurance firms sometimes fail to pay for care. However, Iran’s oil and gas sector will remain largely in the hands of the state, with constitutional limits on levels of foreign participation in the upstream sector. Iran also levies a car transfer tax and excise on intra-city transport services and motor vehicles. Sanctions that remain in place will continue to limit what UK businesses can legally do in Iran. More for IRANIAN OIL COMPANY (U.K.) LIMITED (01019769) Officers; Persons with significant control; Filter officers Filter officers Current officers 32 officers / 30 resignations DAMANPAK, Jafar Correspondence address 7 Queens Gardens, Aberdeen, Scotland, AB15 4YD . Copyright is not regulated under Iranian law. When applying for an exit visa you will need to show proof that all taxes have been paid to the Ministry of Economic Affairs and Finance. UK companies must also consider whether their proposed activity is subject to US sanctions. Iran has the second largest economy in the Middle East after Saudi Arabia. It also borrows much from the French commercial code and company law. can be complex, and consumer and employee protection is often given preference over ease of doing business. Iran has 54 airports, including 8 international airports which are managed by Iranian Airports Company. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. These trends are likely to increase demand for premium clothing and consumer product brands, convenience products and services. To get a visa for Iran, the Iranian employer will need to apply for it for you from the Iranian Department for Employment of Expatriates of the Ministry of Labour, Cooperatives and Social Welfare. As of 5 November 2018, US nuclear-related sanctions have been re-imposed on Iran. This means that British businesses must consider their US connections, including the presence of employees holding US citizenship or green cards, before undertaking Iran-related activity. UKEF, the UK’s export credit agency, has reintroduced cover to support UK companies seeking to compete for business in Iran. According to some medical professionals, the country may be quickly approaching a catastrophe, on top of the economic depression it is currently going through. Iran is the biggest new market to enter the global economy in over a decade, offering significant opportunities in most sectors, with potential to grow as the market in Iran expands. Iran is interested in investments by Russian oil companies, Russia's TASS news agency quoted Iranian Oil Minister Bijan Zanganeh as saying on Monday. Washington turns up pressure as it tries to shut off Tehran’s crude exports . All content is available under the Open Government Licence v3.0, except where otherwise stated, The Iranian economy and doing business in Iran, Challenges and risks of doing business in Iran, Entry requirements for doing business in Iran, Office of Financial Sanction Implementation, nationalarchives.gov.uk/doc/open-government-licence/version/3, export advice and explore opportunities overseas on great.gov.uk, As of 5 November 2018, US nuclear-related sanctions have been re-imposed on Iran following the US withdrawal from the Joint Comprehensive Plan of Action (otherwise known as the Iran Nuclear Deal) on 8 May 2018, upgrade in diplomatic relations and the appointment of Nicholas Hopton as British Ambassador to Iran, full statement issued by the US government, leaders of the UK, France and Germany emphasised their continued commitment to the, Foreign and Finance Ministers of France, Germany and the UK issued a statement reiterating their support for the, US nuclear-related sanctions have been re-imposed on Iran, Read the full text of the agreement and annexes, Society for Worldwide Interbank Financial Telecommunication, Iran Chamber of Commerce, Industries, Mines and Agriculture, Ministry of Cooperatives, Labour and Social Welfare, Organisation for Investment, Economic and Technical Assistance of Iran, International Chamber of Commerce International Court of Arbitration, Berne convention for the protection of literary and artistic works, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases, the Iranian government’s encouragement for foreign investment, a population of around 80 million (the second largest in the Middle East after Egypt), a young population (60% are estimated to be under 30 years old), information specific to the sectors they want to invest or operate in, relevant sanctions and possible political risk, practical and legal considerations specific to Iran, the need to ensure that a bank has been identified willing to facilitate payments and that British businesses wishing to conduct business with Iran have access to adequate financial channels in place, make sure they don’t violate sanctions or other legal prohibitions on business, Iranian Mining Industries Development and Renovation Organisation, Industrial Development and Renovation Organisation, the world’s seventh largest mineral reserves, significant agricultural and service sectors, a young, growing, highly educated workforce, high unemployment, at 11.7% in April 2016 (Source: World Bank), low female labour force participation, with 12% of women active, low minimum wages by international standards (USD 216 per month in 2014), construction of liquefied natural gas (LNG) export facilities, technology to upgrade Iran’s manufacturing plant, an increase in long-term and lifestyle-related diseases and disabilities as opposed to infectious diseases, building new hospitals, adding 115,000 extra beds by 2021, developing up to 50 new medical laboratories, investing USD 280 million in new imaging centres, investing USD 130 million in new dialysis centres, political exposure, via connections with current or former government organisations or individuals that remain sanctioned, terrorist financing or financial crime, such as money-laundering, bribery or fraud, risk to a company’s reputation through work with people or organisations allegedly involved in human rights violations, corruption or litigation, EU sanctions against a small number of Iranian banks and as well as individuals and other organisations, arms embargo restricting export of goods, software or technology on the UK military lists, more than 30 Iranian banks are reconnected to, more than 200 international banks have started correspondent relations with Iranian banks, Iranian banks have opened more than 400 accounts with non-Iranian banks, some banks are seeking to either open foreign branches or start relationships with international banks, some Asian and Middle Eastern banks are beginning operations within Iran, non-performing loans, which are estimated to make up 15% to 40% of total lending, low levels of liquidity means banks and businesses find it hard to get credit, the presence of a large “shadow” banking sector, accounting for as much as 25% of all banking activity, banking systems, processes and skills do not meet international standards for anti-money laundering and counter terrorist finance nor for “know your customer” standards.
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