Explore Iran, the best potential land for investment     7- Investment Procedure -Main Land -Foreign Investment in Main Land The Law was, enacted in 1955, has been in full force since then and has never been amended or changed in any material respect. Applications for the importation of capital are examined by the Supervisory Board chaired by the President of the Organization for investment, Economic and Technical Assistance of Iran (OIETAI) who, ex officio, is the Vice Minister of Economic Affairs and Finance. Members of the Supervisory Board are the Vice Ministers of Foreign Affairs, Mines and Metals, Industry, the Head of Plan and Budget Organization or his Deputy, the Vice Governor of the Central Bank of Iran and the President of the Iran Chamber of Commerce, Industries and Mines. Decisions of the Supervisory Board with respect to importation of foreign capital are submitted to the Council of Ministers for approval and issuance of permission (Art. 2). In order to benefit from the protections available under L.A.P.F.I., foreign capital: (a) must be invested in a field permitted for domestic private capital. (b) must not involve any monopolistic right or special concession. (c) must be privately owned without any foreign government participation.   - Procedure for Import of Foreign Capital Under normal circumstances, the foreign exchange has to physically enter into iran through an authorized bank. Importing non-cash capital(i.e. machinery, equipment, etc.)will be accorded as per the second part of article 8 of the Implementing Regulation of L.A.P.F.I, the registration of which shall be made in the amount of delivered goods supported by customs documentary evidences. In the case a payment for know-how or license fee, etc. is considered to constitute part of the foreign investor's contribution in the capital investment of a project, the registration of such foreign capital shall take place upon the approval of the supervisory board. The Foreign exchange proceeds from foreign credits and financial facilities need not be converted into Rials. They are placed at the disposal of the recipient Iranian entity which may utilize them to the other for the foreign purchases(such as machinery ,equipment )and other expenses required for the project.   -Investment Procedure in Main Land: The procedure to be followed by prospective foreign investor to get his investment approved involve different stages. a-Finding a Suitable Iranian Partner The foreign investor may approach in the following manners: By referring to or direct correspondence with the relevant ministries. The relevant ministry, with regard to its sanctioned projects, is in position to introduce the holders of "Agreement in Principle" issued by the ministry and / or introduce potential Iranian investors interested in establishing industrial firms, to the foreign side; -By referring to or direct correspondence with different banks, financial institution and / or Iran Chamber of Commerce, Industries and Mines; -By referring to or direct correspondence with the O.I.E.T.A.I., Foreign Investments Directorate, Ministry of Economic Affairs and Finance; -By direct correspondence with organizations and companies or through the press. b-Obtaining the "Establishment License" As the second step in initiating the investment process, the local partner (together with the foreign investor) should apply to the concerned ministry for sanctioning the industrial project. The application should be supported by the following: a) the filled in prescribed questionnaire for setting up an industrial plant, and. b) copy of project feasibility study. Should the concerned Ministry, after necessary investigation and assessment, be in agreement in principle with the proposed plant, it will issue an "Agreement in principle". Based on the above agreement, the investor is permitted to start practical measures for construction of the plant, import of machinery and arrangement for infra structural utilities.