At first glance, it is worth considering that November 4, 2018 marked as the final day of the 180 days’ period regarding Donald Trump’s May 8, 2018 decision to suspend the USA participation in the Joint Comprehensive Plan of Action (JCPOA). Subsequently, on November 5, 2018, the USA re-imposed the sanctions on the Islamic Republic of Iran. The recent sanctions target the critical sectors of Iran’s economy such as the energy, shipping, shipbuilding and financial sectors.
The Circular No. 265156 dated 19 March 2019 was issued by the Ministry of Labour and Social Affairs in relation to the mandatory increases of wage and benefits of employees for the new Iranian calendar year 1398 (21st March 2019 to 20th March 2020).
The Instrument in Support of Trade Exchanges (INSTEX) was officially launched in early February 2019 through incorporation of a company in Paris. The purpose behind this channel is facilitation of financial relations and money transfers between Iran and Europe in response to new sanctions imposed by USA.
The number of Bilateral Investment Treaties (BIT) ratified by developing countries has significantly increased. BITs have actually had an important role in attracting the foreign direct investment (FDI) to signatory countries.
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.