Maku Free Trade Zone:
It is important to state this in the beginning that Maku Free Trade Zone is the biggest Free Trade Zone in the country with a 500-hectare area and the second largest Free Trade Zone in the world after Shanghai FTZ.
The city of Maku is bound by mountains from the North and South and by the flatlands of Castle Basar, Chai and Darsi from the East and West. Due to its location which is among mountains and high rocks, Maku is considered one of the most amazing and attractive cities in Iran and in the world. Being located in the southern hillside of the Qiyeh mountain, has given a specifi beauty to this city. The stone wall of Qiyeh is approximately 6km long at the North of Maku and its height ranges from 150 to 600 meters. That is the reason why Maku is known as the “Rocky City” or “Dash Maku”.
There are more than 300 historic places some of which include: Cherkin mountain, Baroon Dam, pergolas mansion, historic Maku Bathhouse, five springs bridge, which are considered the touristic attractions of this city.
This region has a specific location for attracting investment and cooperation of foreigners and international companies, especially Turkish and European investors. Turkish ports in the Black Sea and the Mediterranean Sea can turn Maku into an export pole. Maku Free Trade Zone has superior and special features for investments in different business and transport fields.
Some benefits of investing and registering company in this area include:
- Exemption from paying taxes (it should be mentioned that in order to use tax exemption, obtaining a certificate of commercial card from Baku’s free-industrial zone authority is needed)
- Customs exemption for importing products made in the free zone to the country
- Solidification of the Iran-Europe road links
- No need for previous education for foreigners for entering the area
- Export of products from the free zone to other countries easily and with special facilities
- Connection between two economic areas
- Having a unique location in transport and transit in the area
- Proximity to the boarder of Bazargan
- Considerable capacities and facilities of West Azerbaijan province
- Possibility of entering products to the free trade area without paying entrance rights
- Possibility of general management on point to point transit (local, national, and international)
- Issuing origin certificate for products which exit the area
- Possibility of establishing banks and Iranian financial institutions with internal and external capital in the free trade area
- Conditions of registering limited liability companies in Maku Free Trade Zone are as follows
- Having at least 2 members
- Having at least 100,000 Rials capital
- Commitment to total payment of capital
Necessary documents for registering limited liability company in Maku Free Trade zone:
- Copy of birth certificate of all partners and managers of the company
- 2 copies of company registration request (printed form)
- 2 copies of official company letter (printed form)
- 2 copies of the company Statute
- 2 copies of the minutes of the general assembly meeting and board of directors meeting
- Official newspaper advertisement for legal persons
- Calendar of non-cash capital payment by the partners (in case all or part of the capital is in non-cash form, the company will be introduced for license obtaining)
Conditions of registering specific joint-stock companies in Maku Free Trade Zone
- Having at least 5 members which consist of 3 members of board of directors and 2 inspectors
- Minimum initial capital of 1,000,000 Rials
- At least 35% of the capital be paid in cash
Necessary documents for registering a special joint-stock company in Maku Free Trade Zone consist of:
- Completing two copies of the company Statute signed by all investors.
- Completing two copies of the company declaration signed by all investors.
- Presenting two copies of the minutes of the founders’ general assembly meeting, signed by all investors and inspectors.
- Determining the first directors and inspectors and acceptance by the members, and presenting certified copied of all directors’, investors’, and inspectors’ birth certificates.
- Certified copy of national ID card of all board of directors’ members, investors and inspectors or official lawyer of the company
- Certified copies of birth certificates of all directors, investors, and inspectors
- Presenting a bank statement showing the payment of at least 35% of the company’s capital
- Conditions of membership of cooperative companies in Maku Free Trade Zone:
According to article 9 of the cooperative section of the law, the conditions of membership for all cooperative companies are as follows:
- Having Iranian nationality
- Written membership request and heeding cooperative regulations
- Not being a member of similar cooperatives
- Not having legal prohibition and bankruptcy
- Not having a record of bribery, larceny, and fraud
Necessary documents for registering a cooperative company
- 4 copies of the approved company Statute by the first general assembly
(cooperative companies must have a Statute. All cooperative companies’ Statutes are devised as “sample Statute” by the Ministry of Cooperatives and presented to the founders).
- Permission from the Ministry of Cooperatives
(in order to register a cooperative company, a “registration license” must be issued by the Ministry of Cooperatives)
- 3 copies of general invitation of general assembly formation
- 3 copies of the minutes of the first general assembly, showing the approval of the Statute and choosing the first board of directors and inspector(s)
- 3 copies of the receipt of payment of capital to the Ministry of cooperative’s treasury according to the Statute
- List of names, profile, and address of all members of the first board of directors and inspector(s)
- 3 copies of the list of names and signature of those present during the first general assembly
- Minutes of the first board of directors’ meeting showing the election of the president, vice-president, and secretary of board of directors, and CEO and designation of authorized signatories
- List of names and profile of board of directors, inspectors, and CEOs
The minimum capital needed for creating a general cooperative company is 100 million Rials, and 10 million Rials for specific cooperative companies. It must be noted that whenever a cooperative company is formed, at least one third of its capital must be paid, and in case they are in non-cash and material form, documented and dated for submittance.
Company registration procedure in Maku
- Obtaining an agreement from the Deputy of the Financial Organization titled license of economic activity
- Completing the company name designation form
- Completing the documents obtained from company registration and presenting them to the department of registration
- Study of the submitted documents by respective inspectors of the registration department
- Payment of registration fee to the respective region department’s treasury
- Obtaining one copy of advertisement and presenting it to the license issuing unit
- Sealing company trade offices
Provided that you wish to register a company in Maky FTZ, contact our experts at Sarasa Law Office.