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Iranian FTZs Facilitate Entry of Foreign Banks

Investors wishing to enter Iran's FTZs will receive incentives such as exemption from tax and customs duties for 20 years.Investors wishing to enter Iran's FTZs will receive incentives such as exemption from tax and customs duties for 20 years.

Iran has endeavored for years to devise the right set of conditions to facilitate the entry of foreign financial institutions in its free trade zones and those efforts only intensified following the implementation of the nuclear accord that spotlighted the importance of having correspondent banking relations. 
At present, the country has taken another step forward in paving the way for the establishment of foreign banks on its soil, as the secretary of the High Council of Free Trade Zones has announced that the final bylaw for this purpose has been readied.
“The bylaw for establishing foreign banks has been devised by the Central Bank of Iran and sent to the Economy Council, which will make it possible to set up a foreign bank in FTZs,” Morteza Bank also told Mehr News on Saturday.
He was speaking in a joint meeting with the directors of the country’s FTZs held at the Imam Khomeini International Airport, which was the second in a string of biweekly gatherings aimed at increasing coordination.
 

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