Investors are increasingly looking into business opportunities in Iran, as the lifting of economic sanctions from the country nears, the Dubai office of regional law firm Al Tamimi & Company has said.
Since the announcement of an agreement between Iran and world powers aimed at limiting Iran’s nuclear program in exchange for sanctions relief, the firm has been advising clients on how best to prepare for a potential opening of the Iranian market, Bloomberg’s Businessweek reported.
According to its website, Al Tamimi & Company is the largest non-affiliated law firm in the Middle East with 16 offices across nine countries and comprising 330 Fee Earners lawyer.
The Joint Comprehensive Plan of Action, which outlines the agreement, was signed between Iran and western powers on 14 July in Vienna after months of negotiations. The agreement is a political milestone for Iran, whose relations with the West have been strained for decades.
The agreement outlines the phased sanctions relief that will be given upon confirmation by the International Atomic Energy Agency that Iran is fulfilling its nuclear commitments.
The months since the signing of the agreement have seen companies and governments from around the world organizing visits to Iran, signing MOUs and negotiating deals to do business there. Investors have been waiting for an opportunity to dive into the Iranian market.
“We have received enquiries from clients willing to invest in Iran. Investors are eager to know how and when they can invest, what challenges they would face in setting up businesses and the suitable corporate structures to ensure compliance for multi-jurisdictional entities,” said Ibtissem Lassoued, partner in the Al Tamimi & Company’s Financial Crime department.
“Our advice to clients is to note the implementation timetable of the JCPOA and to stay updated with regional development.”
The specific date for the easing of sanctions in Iran, known as “Implementation Day”, has not yet been confirmed. However, the latest milestone, Adoption Day, occurred on 18 October 2015 in accordance with expectations.
UN Security Council Resolution 2231 (2015) adopted the JCPOA on 20 July 2015, urging the international community to take relevant implementing action. Following this, the EU and Switzerland took legislative measures to alter their sanctions regime, although merely to facilitate the implementation of the JCPOA and show support for its implementation.
On 13 October 2015, the Iranian Parliament passed a bill approving the JCPOA. Shortly thereafter, the bill was also ratified by the Iranian Guardians Council.
The US has appointed Ambassador Stephen D. Mull as lead coordinator to oversee the implementation of the Iran deal. US officials state that they continue to work “very hard” on implementing this deal.
