Legislative Environment

Laws and resolutions which regulate investment in Syria :

  1. Resolution which regulate licensing of transport sector projects
  2. The system of granting investments to oil companies and which is adopted by the Ministry of oil and Mineral Resources.
  3. Law Nr. 32 of 14.11.2010 related to public policy of electricity sector in Syria .
  4. Legislative decree 81 of 2010 related to establishing Syrian holding investment company its shares are all owned by government ,named the Syrian Shareholding Company for Investment .
  5. Decree Nr.30 of 2010 related to bank secrecy.
  6. Law Nr.4 of 2009 , related to electronic signature and network services .
  7. Law Nr. 39 of 2009 related to establishing the General Commission for Supervision of Real – Estate Financing to organize this sector and to develop savings, all  to enforce its role in national economy  .
  8. Law 15 of 2008 related to real estates investments.
  9. Legislative decree (60)  of 2007 related to establishing  the State Financial Securities Markets.
  10. Legislative decree 61 of 2007 regarding giving permission to companies to integrate by reassessment of their fixed assets.
  11. Trade Law Nr. 36 of 2007
  12. Legislative decree Nr.9 of 2007 related to establishing Syrian Investment Agency .
  13. Legislative decree Nr. 8 of 2007 related to encouraging investments .
  14. Legislative decree 55 of 2006 related to establishing Damascus Stock Exchange Market .
  15. Legislative decree Nr 43 of 2005 related to investment in sectors of insurance , health and high education .
  16. Legislative decree Nr.35 of 2005 which permits establishing Islamic banks in Syria.
  17. Legislative decree 57 of 2004 related to establishing industrial cities .
  18. Decree 40 of 2003 which regulates investment in free zones and its amendments.
  19. Legislative decree 36 of 2001 related to licensing private universities .
  20. Law   Nr.28 of 2001 related to private banks establishing .
  21. Resolution of the Supreme Council of Tourism Nr. 198 of 1987 related to tourism investment .
  22. Legislative decree /10/ of 1986 related to agricultural investments .
  23. The resolution of the Supreme Council of Tourism Nr.186 of 1985 ,related to tourism investments .With reference to that customs exemption stated in this decree are all replaced by legislative decree 51 of 2006.
  24. Decree 108 0f 1971 of establishing the General Organization of Free Zones.
  25. Law Nr. 21 of 1958 related to encouraging industrial projects .
  26. Law Nr. 47 of 1952 related to small industries and handicrafts.
  1. Law Nr.33 of 2012 related to establishing commercial courts in all governorates so that instance courts become 70 and 15 appeal courts.
  2. Legislative decree Nr.23 0f 2011 related amendment of some provisions of the law of consumptive expenditure and the law of income tax.
  3. Legislative decree  Nr.24 of 2011 related to the amendment of some provisions of the law of stamp duty and the exemption of some dealings by Islamic banks from duties.
  4. Companies law Nr. 29 of 2011 .
  5. Law Nr.9 of 23.2.2010 related to establishing a shareholding company named : Innovation Bank for Small and Micro Financing .
  6. Law Nr. 17 of 2010 related to organizing work in private and cooperation sectors and Arab and foreign companies .
  7. Law Nr. 18 of 2010 related to telecommunications .
  8. Law of protection of mark of identification , geographic indicators , and industrial samples Legislative decree
  9. Law (7) of 2008 related to Competition and anti –monopoly
  10. Law Nr.41 of 2007 related to establishing General Commission for Taxes and Fees.
  11. Nr.33 of 2005 related to establishing Commission for Money Anti Laundering and Terrorism and its amendments.
  12. The resolution Nr.2428 of 2006 related to establishing a new department to provide services to the VIP tax payers.
  13. Decree Nr.51 of 2006 related to amendment of income tax law to decease income tax.
  14. Establishing a civil instance court in 2004 in all governorates to consider all legal proceedings related to investment disputes Courts were instructed to  take their decisions without delays
  15. Law of the protection of national product from effects resulting from damaging effects in international trade.
  16. Law Nr.23 of 2000 related to currency.
  17. The resolution of unification of exchange rate on imports and decrease of rates of internal profit and the permission to open accounts in foreign currencies.
  18. Allowing banks working in Syria to finance tourism projects on B.O.T basis.
  19. Joining the Hague Pact related to international registration of industrial samples.
  20. Legislative decree Nr.23 of 2011 related to amending some provisions of consumption expenditure law and income tax law .
  21. Law Nr.7 of 2008 related to commitment of industrial enterprises , schools , hospitals , bakeries to insurance against fire and earth quakes , and civil responsibility in addition to insurance against personal accidents and health insurance for schools and universities students .
  22. Resolution Nr.259 of 2009 issued by the ministry of  economy and trade regarding Free Zones which are not allowed to be imported .
  23. The national system related to management of health care wastes of 2011.
  24. Resolution Nr.4078/1 of 2012 issued by the prime ministry related to carbon capture of national project in the frame work of clean development mechanism .
  25. Resolution Nr.1307 of 2013 issued the ministry of state for environment affairs concerning granting and export , import approvals
  26. Related to the trade of living beings listed in annexes of convection on International Trade in Endangered Species of Wild Fauna and Flora CITES

 

  1. Executive instructions related to procedures of benchmarking of environment effect , amended by resolution Nr.818 of 2013 .
  2. Publishing a circular to environment directorates in governorates (2013) to ease procedures of granting the environment approval related to chemical materials import licenses .
  3. Establishing the Supreme Council of Export .
  4. Establishing the Export Development and Promotion Agency .
  5. Establishing the Federation of Exporters .
  6. Establishing the Exports Development Fund .
  7. Cancellation of restriction and commission on all imports for state-owned establishments except cars and tires .
  • Legislative decree Nr.21 of 2011 regarding amendment of the basic law of currency Nr.23 of 2002 which allowed the central Bank of Syria as an independent entity in implementing monetary policies and to achieve its objectives to do the following :
  1. To work in financial markets by purchase and prompt sale or for long terms , crediting , borrowing or by agreements of re-purchase .
  2. Issuance of government financial securities as an agent of the ministry of finance .
  3. Issuance and circulation of deposit certificate , and Islamic and traditional derivatives and payment of suitable revenues against that .
  4. Providing crediting  facilities throughout re-deduction and agreements of re-purchase , signed with banks and financial entities which accept deposit and are controlled by the crediting and currency council as per provisions of laws and regulations in force.
  5. Facilitation of deposit in banks and financial entities which accept deposits and are controlled by the crediting and currency council as per laws and regulations in force and paying suitable revenues against that .
  • Legislative decree Nr.27 of 2011 related to combating money laundering and terrorism financing .
  • Executive instructions of decree /33/ of 2005 , which is amended as per legislative decree Nr.27 of 2011 related to combating money laundering and terrorism financing .
  • Law Nr. /3/ of 2010 related to  raising the minimum of the capital of traditional private banks up to ( 10 million Syrian Pounds for Islamic banks) In addition to increasing the maximum limit of the percentage of ownership by Arabs and foreigners from 49% up to 60% of the capital banks , and it could be raised up to 75% on the condition that this increase should be in favor of the financial and banking sector .
  • Legislative Decree Nr 56 of 2010 related to establishing investment banks to encourage financing private investment activities  and also  the economic public sector and providing consultancies services .
  • Legislative decree Nr. 88 of 2010 related to establishing shareholding companies for funding by renting .
  • Complete liberalization of processes of financing imports of private and joint sectors in foreign currency .
  • Residents and non-residents are allowed to open currencies in foreign currencies at one of the licensed banks .
  • Gradual and controlled liberalization of capital account for enabling investors of having credits in foreign currencies to support foreign investments .
  • Exchange companies are allowed to sell foreign currencies for importers from their accounts opened at private  banks strictly or by issuing foreign transfers or remittances .
  • Resolution Nr.67 regarding executive instructions of the resolution Nr.1131 of 2012 related to liberalization of exchange prices.
  • Resolutions of the prime ministry Nr.5938 of the year 2011 which stipulates decree of the obligatory reserve percentage from 10% to 5% to guarantee the stability of financial sector to enable it to face potential drawings , with the ability to decreasing rate of a part of banks deposits oriented to finance investment , tourism , green projects and SMEs and micro projects .
  • Resolution of the prime ministry Nr.5937 of 2011 related to raising indebted interest prices , paid by banks on deposits for terms at two percents from [5-7%] +- 2% to [7-9%] +- 1% . And decrease of movement margin at one percent keeping a difference of 2% between the less rate on less term and highest rate on longest term .
  • Resolution of the prime ministry Nr.5936 of 2011 , to allow licensed banks to deal with foreign currency to sell natural Syrian persons and for one time (USD or EURO) amounts up to 120 thousand USD , on the condition of depositing foreign currency at the same bank in the account of deposits of different terms .
  • Resolution Nr.14184 of 2011 , which allows licensed banks to finance imports of private and joint sectors for materials of customs duties 1% included .
  • Resolution Nr.6187 of 2011 , which stipulate cancellation of all resolutions and instructions which contradicts prime ministry’s resolution Nr.593 of 2011.
  • Prime Ministry’s resolution Nr.85 of 2010 which allows licensed banks to sell foreign currency required for investment projects licensed as per provisions of law Nr.10 of 1991 and its amendment and which have no amounts of foreign currency, in order to transfer profits of invested capital by Syrians , Arabs and foreigners , all as per the foreign currency publication issued by the Central Bank of Syria .
  • Complete liberalization of imports financing processes by allowing banks to finance imports of private and joint sectors in foreign currencies  as per prime ministry’s resolution/5204/ of 2006.
  • Resolution Nr.1041 of 2013 which amended article Nr.1 of the resolution Nr.75 of 19-9-2004 regarding permitting natural persons listed in the article 100 of the law 23 of 2001 to obtain financing from any of the working banks.
  • Resolution Nr.1051 of 2003 related to amendment of paragraphs of the currency and crediting council Nr.756 of 2011 and paragraphs of its executive instructions .
  • Resolution Nr.963 of 2013 which grants Islamic banks in Syria additional periods to apply provisions of article (1) of the paragraph A related to work system of legislative control commissions at Islamic banks in Syria .
  • Resolution Nr.939 of 2013 related to continuation of periods granted as per resolution Nr.826 of 2013 to finalize over dues on maximum rates of facilitation financing and foreign currency centers , coming out of the high exchange prices exclusively up to 30/6/2013 according to controls mentioned in the previously stated resolution .
  • Resolution Nr.936 of 2012 related to the work system of the legislative control commissions at Islamic banks.
  • Resolution Nr.919 of 2012 related to allocation of additional credit to the Cooperative Agricultural Bank in favor of the General Organization for Cotton Ginning and marketing   , for the season 2012-2013.
  • Resolution Nr.938 of 2012 which included identification of annual interest deducted by public banks on credits and facilitations granted to economic public sector institutions .
  • Resolution Nr.923 of 2012 regarding the commission percentage of /3/ per thousand of the transferred amount by the Central Bank of Syria from the accounts of money exchange companies in Syrian Pounds and outside the city of the branch .
  • Resolution Nr.903 of 2012 related to the approval upon opening a current account for internal money transfers companies in Syrian pounds at the Central Bank of Syria .
  • Resolution Nr.902 of 2012 related to amending articles of the instruction attached to resolution Nr.597 and articles of the resolution Nr.650 .
  • Resolution Nr.901 of 2012 concerning adoption of executive instructions  related to returned checks in banks working in Syria .
  • Resolution Nr.899 of 2012 related continuation of work in ultimate limits of credit concentrations with bank groups and financial institutions abroad , which are stated in resolution Nr.751 of 2011 till 30/6/2013
  • Resolution Nr.898 of 2012 , regarding suspension of article Nr.6 of the prime ministry’s resolution Nr.5938 of 2011 which stipulates the following :In case of formation of reserve account in foreign banks note a percentage of one per thousand is deducted from paid amounts .
  • Resolution Nr.882 of 2012 related to the approval upon contribution of Al Barakeh – Syria bank in establishing a limited liability company its objective is to work in the field of real-estate development as per provisions of law Nr.15 of 2008 at 35 million S.P
  • Resolution Nr.850 of 2012 related to the opening of the second branch of the National Microfinance Institution (Syria) in Lattakia governorate .
  • Resolution Nr.829 of 2012 related to approval upon opening a branch of the National Microfinance Institution in Damascus
  • Resolution Nr 837 of 2012 related to the approval upon opening a branch of the Bank of Innovation Microfinance .
  • Resolution Nr.768 of 2011 regarding the maximum limit of the commission on transfers issued outside Syria .
  • Resolution Nr.763 of 2011 related to the usage of definitions mentioned in this resolution within the framework of application of all resolutions concerning organization dealing with foreign currency .
  • Resolution Nr.811 of 2012 regarding amending the net indebted creditor percentage of operational currency centers .
  • Resolution Nr. 348 of 16.1.2008 which allows licensed banks to grant credits in foreign currencies to finance investment projects licensed by investment encouraging laws .
  • Resolution 381 of 27.3.2009 .Regarding granting bank facilitations in foreign currencies .
  • Resolution 395 of 29.5.2008 . Regarding adoption of instructions of facilitations and financings given to natural or legal persons or to an integrated group , specified by 25% of banks money , where as it was 20% .
  • Resolution 460 of 31 .1.2009 . Which allows Central Bank of Syria to finance banks in Syrian Pounds to support their liquidity , if financing aims were for investment purposes strictly .
  • Resolution 461 of 2009 , to exempt development investment projects , from commitment to instructions of bank risks concentrations . So that they do not exceed 35% of the total of net money instead of 25% .
  • Resolution Nr. 502 of 10.5.2009,related to reduction of reserved requirements on part of the assets , which are facilitations and financing of industrial sector from one point to five points , so that the rate of obligatory reserve imposed on part of banks assets is reduced.
  • Resolution Nr. 512 of 13.5.2009 ,  to adopt instructions of granting approval to open representing offices of banks and other financial institution ( non Syrian) in Syria .
  • Resolution Nr.536 of 26.7.2009 which  allows establishments licensed by legislative decree Nr.15 of 2007 and its amendments to borrow from abroad to finance their activities in Syria, also it is allowed to transfer borrowing amounts and to settle installments of loans as well as commissions and profits not exceeding the amounts due abroad.
  • Resolution Nr.666 of 2010 related to reduction of the obligatory reserves on part of the assets oriented to financing small and medium projects , tourism , green and industrial projects and financing of persons of special needs .
  • Resolution Nr.799 of 2011 which states rules to be followed by the Islamic banks working in the Syrian Arab Republic, while concluding agreements of credit facilitations.
  • Resolution Nr.769 of 2011 which permits banks and exchange companies to transfer abroad what equals foreign currency banknotes of recipient by residents and non- residents , in compliance with provision of decree Nr.33 of 2005 related to anti laundering and terrorism .
  • Resolution Nr.767 of 2011 related to commitment of micro finance institutions and banks in Syria to have monetary  and obligatory reserve at the Central Bank of Syria, at rate not less than 5% of the total of assets under request and saving and term assets .
  • Resolution Nr.762 of 2011 which allows banks and money exchange companies to sell foreign currency (swift) for non- Syrian as per the foreign exchange currency bulletin issued by the Central Bank of Syria on the date of selling .
  • Resolution Nr.756 of 2011 , which included facilitations, to barter currencies ,to banks allowed to deal with foreign currency to fulfill need of those banks of liquidity of Syrian pound with the Central Bank of Syria and vice versa .
  • Resolution Nr.751 of 2011 related to raising credit concentrations for banks working in Syria .
  • Resolution Nr.744 of 2011 , which allows banks and licensed exchange institutions to sell Syrian citizens  ( and those who are treated as Syrian ) foreign currencies required to feed the account of international credit cards against settlement of counter value in Syrian currency according to specified limits and controls .
  • Resolution Nr 923 of 2012 which stipulates that the  Central Bank of Syria , takes a commission at /3/ per thousand of the amount transferred from accounts of the exchange companies opened at the Central Bank of Syria in Syrian pounds .
  • Resolution Nr.919 of 2012 regarding allocation of an a additional credit for the Cooperative Agricultural Bank ( In favor of the Ginning and Marketing Cotton Organization for the season 2012-2013 ).
  • Resolution Nr.903 of 2012 related to opening a current account for internal money transfer companies in Syrian pounds at the Central Bank of Syria .
  • Resolution Nr.898 of 2013 regarding suspension of article Nr.6 of the resolution 5938 of 2011 which stipulates that in case of formation of the reserve account in foreign banknote, a percentage of one per thousand is deducted from the amounts paid in this account .
  • Resolution Nr.888 of 2012 which allows licensed banks on borders points and airports , to change Syrian currency which are with non-Syrian passengers into foreign currencies , not exceeding 200.000 S.P
  • Resolution Nr.873 of 2012 which allows possession of all payment tools edited in foreign currencies and bank cards what so ever was their value , entrance and exit of Syrian pounds .
  • Resolution Nr.847 of 2012 , which stipulates adoption of the system of certificates of deposits of traditional and Islamic banks
  • Resolutions Nr.818of 2012 , related to amendment of article N.r1 of the resolution Nr795 of 2011 by the currency and Credit Council, regarding indication of debenture interest , which is paid by bank which work by deposits and debenture current accounts and accounts of investment certificates in Syrian pounds .
  • Resolution Nr.817 of 2012, regarding cancellation of articles 1-2-4 of the resolution Nr.791 of 2011, related to commitment of money exchange institutions to perform foreign exchange processes executed by them within the margins specified in bulletins issued by the Central Bank of Syria on the time and date of implementation of process .
  • Resolution Nr.816 of 2012 , which allows residents and non-residents to open accounts in foreign currency at any of the banks allowed to deal with foreign currencies and to feed them in all payment tools in foreign currencies .
  • Resolution Nr.812 of 2012 regarding investment of foreign currency surplus at banks .
  • Resolution Nr.938 of 2012 , which specifies the annual settled interest on credits and credit facilitations granted by public banks to public sector economic entities .

The ministry of electricity launched a set of laws , executive instructions , systems and resolutions which regulate the work of the ministry and which encourage investment in energy and power sector , we state here under some of them :

  1. Electricity law Nr.32 of 2011.
  2. Resolution Nr.6594 of 2011 which includes executive instructions.
  3. Resolutions by the prime ministry :
  • 3381 of 2011 related to the system of granting permits to perform activities in the field of power .
  • 3722 of 2012 , which included conclusion of agreements to sell and purchase power.
  • 16202 of 2011 which included the encouraging prices of power generated from renewable energy.
  • 3994 of 2012 which include the system of financial penalties related to electricity power .
  1. Resolution of the ministry of electricity :
  • 961 of 2012 which included basic , conditions and capacities of projects and systems of renewable energies which can be linked to the network of distribution and purchase of produced electricity
  • 722 of 2013 which included the system of investing electricity
  • 1091 of 2013 which included the procedural directory for granting licenses and permits.