Multinational Corporation (MNC) is an enterprise operating in several countries but managed from one (home) country. Generally, any company or group that derives a quarter of its revenue from operations outside of its home country is considered a multinational corporation.
MNC Banking department is a specialized department within MEB which deals with initiating and maintaining proper banking relationship with multinational companies that are operating in Iran or plan to start an operation here. MNC Banking department works with its clients to understand their business needs and to provide them with the most suitable products and services through introducing them to the banks internal executive units and subsidiaries, as well as partner organizations to meet their local and overseas requirements.
The MNC Banking team cooperates closely with the Organization for Investment, Economic and Technical Assistance of Iran (OIETA) in order to assist its customers to collect required information from OIETAI regarding investment procedures in Iran and obtaining related licenses.
Foreign nationals are prohibited from working in Iran unless they receive work and employment permits (even if they are supposed to receive wage and salary outside the Iranian territory). The work permit serves as the employment license for the foreign nationals in Iran.
The work permit for the employment of foreign nationals in Iran is issued by the “Department General for Employment of Foreign Nationals” (also called Department for Employment of Expatriates) of the Ministry of Cooperatives, Labor and Social Welfare upon a request by Iranian employers. The Iranian employers are obligated to seek the permission of the Department General for Employment of Foreign Nationals before concluding any contract that may lead to the employment of foreign citizens in Iran. The rules and regulations for acquiring work permit for the foreign nationals are available in the Labor Law of the Islamic Republic of Iran, ratified in 1990(articles 120 through 129 and executive by law of Article 129). For more information, please visit https://www.investiniran.ir/en/investmentguide/employment
Here are some of the services offered by MEB:
Working Capital Finance
To finance current assets, and seasonal or cyclical financing needs and supporting sales growth of your company.
Project finance is the medium to long-term financing of industrial and infrastructure projects based upon the projected cash flows of the projects rather than the balance sheets of the sponsors.
Trade loans are an important and well-established trade finance technique. It is particularly suited to wholesalers and manufacturers. They can be used for regular or one-off purchases of finished products and raw materials. Financing might be extended until payment from the sale of goods is received.
Letters of Guarantee
Issued in support of our clients to demonstrate their financial credibility, as well as their ability to meet contractual obligations undertaken.
Trade Finance and Letters of Credit
Including the wide range of trade finance services, for both importers and exporters.
Supply Chain Finance
SCF solutions are mostly recognized as a set of technology-based business and financing processes that links a number of parties in a transaction (the buyer, the seller, and financing institution) and lowers financing costs and improves business efficiency.
SCF provides short-term credit to where it is needed the most. Hence, minimizes aggregate credit requirements of buyers and sellers. It generally involves the use of a technology platform in order to automate transactions and track the invoice approvals and settlement process from initiation to completion. Sales finance and suppliers finance are two main credit facilities in SCF process. Sales finance is provided on key account receivables at a discounted rate reflective of the buyers creditworthiness; and, in suppliers finance, suppliers would receive early discounted payment at a preferential rate, based on the buyers credit risks.
For more information, please contact:
Senior Manager, Internatinal Treasury & Support Services Department