Agencies-Gaza post
Iran offers entry visa for start-ups
Iran offers an entry visa aimed at attracting start-ups, innovation, and foreign investment.
The official IRNA news agency said on Wednesday that the visa is for “innovators and startup managers who are eager to invest in Iran.”
People who get the visa can stay in the country for three to six months and thus are entitled to residency. The beneficiaries are expected to establish their business in Iran. According to the agency, the visa regime was approved late last year.
Because of that the visa move is the Islamic Republic’s latest attempt to fix the faltering economy. Iran’s Supreme Leader Ayatollah Ali Khamenei acknowledged the poor economic situation in a speech this week, notably mentioning high inflation. He said that solving the problem immediately was “unrealistic”. The ayatollah added that the government is focusing on creating jobs.
Iran has difficulty attracting foreign investment due to US sanctions, which prohibit dealing with certain Iranian entities. Iran’s energy sector is under sanctions, and Iranian banks have also been banned from using the SWIFT system for global financial messaging. At the same time, Iran’s trade with its regional neighbors is increasing.
In addition to inflation, Iran also suffers from chronic water shortages, which has led to protests. Iranians are divided over whether government mismanagement or sanctions are more responsible for the country’s economic problems.
Iran is not the only country in the region that is creating mechanisms to attract innovators from abroad. Earlier this month, Dubai launched an AI license with the aim of attracting AI-focused companies.
According to the Islamic Republic News Agency there are 25 people studying for the visa. The approval process consists of evaluating their design ideas.
