New Opportunities: doing Business with Iran
For ages, Iran has been one of the largest and most important economies in the Middle East and North Africa region, developing from an important trade country on the silk road to one of the largest oil and gas producing countries in the world.
In recent decades, however, Iran’s economy has been unable to profit from international trade due to severe international sanctions, hitting the Iranian economy hard. Fortunately, in 2015 the European Union (the “EU”), the United States (“US”) and the United Nations (the ”UN”) decided to set up a 10-year plan pursuant to which Iran will gradually dismantle its nuclear program and, in return, the EU and UN will gradually suspend, and eventually lift, their sanctions, also referred to as the Joint Comprehensive Plan of Action (“JCPOA“). On 16 January 2016, referred to as “Implementation Day”, an important first tranche of sanctions was suspended, re-opening a large part of the Iranian market from an EU perspective.
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Iran’s market is open, but compliance measures are required
Despite these new opportunities and while more and more companies are considering to enter or re-enter the Iranian market, that decision does require companies to take compliance measures. These measures include, among others, product controls, customer controls and payment controls. B&A Law has extensive experience in advising its clients with regard to Iran sanctions compliance and transactions in Iran. Also, B&A Law has joined His Excellence Minister Henk Kamp in the first Dutch trade mission to Iran and disposes of a wide network of lawyers and consultants in Iran.
Contact B&A Law for advice
Are you interested in doing business in Iran, but would you like to have more knowledge of the possibilities and risks related to doing business in Iran? Call us. We can provide you with all relevant services, including:
- advice on the possibilities and restrictions regarding Iran;
- implementing compliance to safely do business in Iran;
- customer due diligence;
- transaction screening;
- financial routes to and from Iran;
- finding an agent and/or legal assistance in Iran;
- understanding the business culture of Iran;
- dealings with Dutch and Iranian authorities; and
- advisors on US law and Iranian law.
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Read our recently published articles about doing business with Iran here: