The secretariat of the High Council for Free Trade and Special Economic Zones said a key condition to operate in the international bourse of FTZs is to have at least €30 million capital.
The other condition is to show forex revenues from foreign sources, the news agency IBENA reported.
Guidelines apply to all stakeholders, including investment banks, brokerages, banks, insurance companies, holdings, production, industrial and trade firms plus the FTZ organizations.
Those interested have until December 10, to send their requests to the office of FTZs International Bourse Inauguration Bureau. More information can be had via phones: +9821 7520 7541 and +9821 8877 1062.
Expanding the international scope of the capital market and boosting collaboration with foreign investors has been on the government agenda for years.
While the aim is to attract non-rial financial resources, there is skepticism about the practicability of such an enterprise given the tough US economic sanctions, namely on key banking, insurance and financial sectors in Iran.
Despite the hurdles to foreign investment, economic officials in Tehran have often announced their interest in working with the international community to improve the economy.
The High Council of Securities and Exchange, the main capital market policymaker, okayed the agreement in principle in August to set up an international equities exchange.
The regulator was to announce a timeline for potential stakeholders to proceed with establishing the new market.
Iran currently has seven trade and industrial free zones, namely Kish, Qeshm, Chabahar, Anzali, Aras, Arvand and Maku. Officials have said the equities exchange will likely be based in Kish Island Free Trade Zone off the Persian Gulf.
The High Council of Free Trade Zones and Special Economic Zones is in charge of preparing the groundwork for the bourse.
The new exchange will be Iran’s fifth after the Tehran Stock Exchange, Iran Fara Bourse (the junior equity market), Iran Energy Exchange (IRENEX) and the Iran Mercantile Exchange.
Iran is also working to establish seven new FTZs namely Mehran in the western province of Ilam, Sistan in the SE Sistan-Baluchestan Province, Baneh-Marivan in the NW Kurdestan Province, Bushehr in southern Bushehr Province, Qasr-e Shirin in western Kermanshah Province, Ardabil in NW Ardabil Province and Incheh Borun in the NE Golestan Province.
