Legal reports — Energy Pioneers | Iran's Oil & Gas Consulting:
"The first legislative steps to create a more investor-friendly environment in post-revolutionary Iran were taken almost two decades ago when the government introduced investment incentives such as tax, customs and visa exemptions, guarantees, and transportation facilities, as well as efficient labour, banking, insurance and corporate-related services. The aim was to expedite economic growth, create more jobs and attract foreign investment. To this end, the regulators adopted the Law on Investment in Free Trade-Industrial Zones in 1993 and the Law on the Establishment and Management of Special Economic Zones in 2005 governing commercial activities in Free Trade Industrial Zones (FTIZs) and Special Economic Zones (SEZs).
There are currently over 45 different legal and regulatory frameworks, bylaws and state decrees governing commercial activities in FTIZs and SEZs. This “regulatory inflation” has turned into a source of confusion for foreign investors while undermining their ability to maximise benefits from the investment incentives offered by these Zones.
This short guide aims to offer a comparative review of the key legal and regulatory similarities of these Zones. "
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