Incoterms is a standard set of rules creating in the year 1936 by International Chamber of Commerce (ICC) which is used by the traders, buyers, sellers, banks, governments and indeed anyone involved in the supply chain of delivering goods. In general, Incoterms covers the tasks involved in shipping, responsibility of risks, insurance duties, customs clearance and taxes.
The Ministry of Industry, Mine and Trade (the “Ministry”) has adopted a new mechanism for the importation of durable capital goods and consumables on 07 October 2018 through the Minister’s letter No. 60/187245 of the same date requiring the registration of branch(es) or representative office(s) for the purpose of importing the durable capital and consumable goods (the “Goods”).
During recent weeks, some econo-legal developments happened which might have a positive effect on the business environment:
Startup is a buzzword of our era and recently governments all around the world look at it as a hero to defeat unemployment and economic stagnation. They encourage creative young graduates to start their own business instead of looking for a monthly stipend job by easing the legal environment of startups.
According to the” Executive Direction for Opening Rial Deposit Bank Account in Iran for Foreign Individuals and Legal Entities” ratified at 227th meeting of Money and Credit Council dated January, 03, 2017, the following persons are able to open a bank account in Iran:
At international commercial Law stage, the globalisation theory has transformed the business of national laws to the emergence of multilateral and global laws, which intended to unify the rules in the international transactions.
On July 17, 2018 Iran instituted proceeding against the US at the International Court of Justice (ICJ) the principal judicial organ of the United Nations over the reimposition of heavy sanctions against Tehran by the Trump administration, claiming that the move breaches US international obligations and violates the Treaty of Amity, Economic Relations and Consular Rights, signed as far back as 1955 by the two countries.
Employment in the majority of Iranian private sector is regulated by the Iranian Labor Code (1990) and its relevant by-laws, executive orders, and judicial and administrative interpretations. The ratification of this code and its subsequent evolutions has been the product of influences by different stakeholders including representatives of both employees and employers; therefore the protection it provides is not uniform.
As far as in Iran oil was the most crucial source of government’s’ revenue in the past 100 years, understanding Iranian petroleum regulations and business environment cannot be achieved without knowing the history of Oil and Gas contracts in Iran.
Iran is one of the most famous countries in the region having resources of renewable energy.
As one of the nearly 200 countries signed the 2015 Paris climate deal that calls for cutting emissions, renewable energy is a major tool for Iran to reduce impact on the environment as it reduces the use of fossil fuels and save water. This sector is able to attract some considerable foreign investments.