Section: Final and General Provisions
Article 33 – Insurance of Investments
Investors who are nationals of Arab or foreign countries may insure their funds invested in projects approved under the provisions of the Investment Law with:
Table of Contents
- Section: Final and General Provisions
- Article 33 – Insurance of Investments
- Article 34 – Facilitation by Public Administrations
- legislative-decree-no-10-1986-3" target="_blank" rel="nofollow" >Article 35 – Applicability of Legislative Decree No. 10 (1986)
- Article 36 – Applicability to Tourist Projects
- Article 37 – Applicability of Legislative Decree No. 348 (1969)
- Article 38 – Application of the Commercial Law
- Article 39 – Transfer of Wages for Foreign Workers
- Article 40 – Regulation of Share Dealing
- Article 41 – Publication and Entry into Force
- The Arab Establishment for Investment Insurance, or
- Any other insurance establishment,
against non-commercial risks, with the approval of the ministry of Economy and Foreign Trade.
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Article 34 – Facilitation by Public Administrations
(a) All public administrations and agencies shall give top priority to formalities undertaken by investors in accordance with the Investment Law.
Each concerned ministry shall appoint a public servant of a rank not inferior to that of sub-director to follow up investors’ matters and to extend all possible help in completing required formalities with his ministry and other authorities.
(b) The investor may at any time submit a complaint to the Office, explaining any difficulties or problems encountered.
The Office shall immediately investigate the complaint, take necessary measures with the concerned authorities to find solutions, and follow up the matter within two weeks from registration of the complaint.
Article 35 – Applicability of Legislative Decree No. 10 (1986)
Legislative Decree No. 10 for the year 1986 shall remain applicable to joint sector agricultural companies.
Such companies — whether existing or to be formed in the future — shall not be governed by the provisions of the Investment Law.
Article 36 – Applicability to Tourist Projects
Provisions of existing laws and regulations concerning touristic projects shall continue to apply.
Such projects, whether already existing or to be established in the future, shall not be governed by the Investment Law.
Article 37 – Applicability of Legislative Decree No. 348 (1969)
Provisions of Legislative Decree No. 348 of 1969 shall continue to apply to projects established under it before the Investment Law came into force.
These projects shall not be governed by the provisions of the Investment Law.
Article 38 – Application of the Commercial Law
Projects approved under the Investment Law shall be governed, in all matters not specifically dealt with in the said law, by the Commercial Law No. 149 of 1949, as amended.
Article 39 – Transfer of Wages for Foreign Workers
Experts, technicians, and workmen being nationals of Arab or foreign countries, who are employed in projects approved under the Investment Law, shall be permitted to transfer abroad, in foreign currencies resulting from the project activities:
- 50% of their net wages, salaries, and allowances, and
- 100% of their end-of-service indemnities.
Article 40 – Regulation of Share Dealing
The Council shall, by resolution, issue regulations governing the dealing in shares of corporations formed under the Investment Law.
Such regulations shall aim to:
- Encourage individuals to invest their savings in said shares.
- Facilitate the dealing in them.
- Make available basic information about corporations, their business, and their activities.
These regulations shall be considered an integral part of the present instructions.
Article 41 – Publication and Entry into Force
These Implementory Instructions shall be published and notified to all concerned for implementation, and shall come into force as from the date here below.
damascus, 10 June 1991
president of the Council of Ministers
(Signed)
End of Implementory Order No. 7/M (1991)
The executive instructions formally conclude here.