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Other new rules stated that those exiting through land and sea ports will be allowed to take a maximum of €2,000 or its equivalent from the country.
The directive adds that all rules regarding hard currency will also apply to bank instruments and securities.
Since March 21, the Rouhani administration has sought to boost its power over the foreign currency market by banning on-street sales of currencies through bureaux de change and forcing people to buy and sell currency through licensed banks at a unified official rate.
The new rules follow another guideline directed at foreigners entering the country, which states that they are legally allowed to sell their foreign currency at all banks', however, to date the information regarding this change has not been passed to banks across the country.
8.3 Stock market
Iran’s securities chief announces crowdfunding rules for startups
The CEO of the Securities and Exchange Organisation (SEO) of Iran, Shapour Mohammadi, announced the approval of regulations for allowing crowdfunding on May 20. The idea, which has grown in popularity in the Islamic Republic, would allow startup firms to pitch their projects on a national scale under the auspices of the SEO and other financial authorities. The objective of the move would be to allow non-investors to take part in the financial industries.
The Rouhani administration has backed local firms in both legal and commercial ways since initially coming to power in 2014. Several local companies have gone on to be worth hundreds of millions of dollars including firms like Snapp, DigiKala and ZoodFood, familiar brands to many in the country.
Mohammadi said that, based on the regulations, the requesting party could raise up to IRR20bn ($4.7mn) by using a licensed platform and issuing electronic certificates, exempted from registration at the SEO. The open projects have a ceiling of IRR200bn ($47mn), something which is not allowed for big enterprises and listed companies on the Tehran Stock Exchange and the Iran Fara Bourse. The decision makes the scheme fully available for SMEs.
“With this method, large groups of people can directly invest in startup businesses,” Said Mehdi Tahani, CEO of Avay-e-Agah Advisory Firm who is part of the advisory committee pushing for the change in the law.
“The general public inclusion will grow, and the funds will be raised swiftly...This is more appealing, and the process takes less time and due diligence for newly established businesses than with resources from venture capitalists,” Tahani added.
The CEO emphasised that crowdfunding is designated for SMEs and not the blue chips.
30 IRAN Country Report June 2018 www.intellinews.com