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Foreign Investment(FIPPA)
forign Investment Promotion and protection act (FIPPA)
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  Page 3
 
اولينقبليبعديآخرين
    Chapter three: competent authorities
  
  
   Article 5:
   the organization is the only 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 have to be submitted to the organization.
  
   Article 6:
   for the purpose of investigation and making decision on applications subject matter of article (5), a board under the name of the "foreign investment board" shall be established under the chairmanship of the vice minister of economic affairs and finance who is ex-officio the president of the organization vice minister of foreign affairs, deputy head of the state management and planning organization, deputy governor of the central bank of the Islamic Republic of Iran and vice ministers of relevant ministries, as the case requires.
   in relation to applications for admission, the investment license shall, after the approval of the board, be issued upon confirmation and signature by the minister of economic affairs and finance.
   at the time of admission of foreign investments, the board is required to observe the criteria referred to in article (2) of this law.
   note. the organization, after preliminary appraisal, is required to take the investment applications, along with its own considerations, to the board within a maximum period of 15 days as from the date of receipt of the applications. the board is under obligation to review the applications within a maximum period of one month from the date of submission, and announce its final decision in writing.
  
   Article 7:
   in order to facilitate and accelerate issues related to the admission and activity of foreign ,investments in the country, all relevant bodies including the ministry of economic affairs and finance, ministry of foreign affairs, ministry of commerce, ministry of labor and social affairs, central bank of the Islamic Republic of Iran, costumes administration of the Islamic Republic of Iran, directorate general for registration of companies and industrial property, and the organization for environment protection are required to introduce to the organization a fully authorized representative whose designation is signed by the highest authority of the body the representatives so introduced are recognized to act as medium and coordinator for all issues related to their respective body vis--vis the organization.
    Chapter four: guarantee and transfer of foreign capital
  
  
   Article 8:
   foreign investments under this law shall equally enjoy all , rights, protections, and facilities provided for domestic investments.
  
   Article 9:
   foreign investments shall not be subjected to expropriation or nationalization, unless for public purposes, in accordance with due of law, in a non-discriminatory manner, and upon payment of appropriate compensation on the basis of the real value of the investment immediately before the expropriation.
  
   note 1: application for compensation shall have to be submitted to the board within one year from the date of r-' expropriation or nationalization.
  
   note 2: disputes arising from expropriation or nationalization shall be settled by virtue of the provisions of A(19) of this law.
  
   Article 10:
   ceding the whole or part of the foreign capital to domestic investor and/or, upon approval of the board and confirmation of the minister of economic affairs and finance, to other foreign investor is permissible. in case of ceding to another foreign investor, the cede shall, at least, have the same qualifications as the initial investor, and shall replace and/or become a partner to the former investor from the standpoint of this law.
 
 
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