• The Prime Minister as chairman

• The Deputy Prime Minister for Economic Affairs as vice- chairman.

• The Deputy Prime Minister for Services Affairs

• The Minister of Agriculture and Agrarian Reform

• The Minister of Transport

• The Minister of Supply and Internal Trade

• The Minister of Economy and Foreign Trade

• The Minister of Industry

• The Minister of State for Planning Affairs,

• The Minister of Finance as members,

• The Director of Investment Bureau as secretary

1. The Council shall hold its meetings regularly once every two months at least upon a call from its president.

2. Call for the meeting shall be addressed at least three days prior to the defined date. Agenda of the meeting, papers and documents of the topics of discussion shall be attached to the call.

3. The Council meeting shall be legal in presence of the majority of members. Decisions shall be taken by majority of present members who have the voting right. When votes are equal, session President shall have the casting vote.

4. The Council shall have right to form committees from its members to study certain topics or issues and give opinion on them to the Council. These committees may seek the assistance of experts and technical people they deem from the various state ministries and institutions and from private or joint sectors.

5. The Council president shall invite those specialists and persons concerned to attended the council meetings in matters relevant to the topics presented to the Council without their having the voting right.

The Council, as the higher reference for investment, shall undertake the following within the scope of its authorities:

1. Look into requests submitted thereto by the Office to establish the project according to the form prepared by the competent authorities with all required documents namely the economic feasibility study.

   • The Council shall take its decision within thirty days as of the date of its submission from the competent body. Ministries, other concerned bodies and the concerned party shall be notified of the taken decision.

   • In case of approval, the council's decision shall particularly contain the following information:
     Name of beneficiary - legal form of the project - project capital - objectives, type of production and production capacity - implementation period - investment costs - its foreign financing resources.
     In case of refusal, the council decision shall be justified. However, the Council may reconsider in this case the investor's application where the concerned person submits new facts or a justification for the establishment of the project.

2. Issue licenses for the institution of joint companies, stock companies and limited liability companies covered under paragraph A, article 6 of the Investment Law by a decision from the Premier, define the share percentage of the countries in the project capitals that take the form of joint companies (stock or limited liability), type of this contribution whether in kind, in cash or both of them.

3. 1. Approve drafts of the joint and holding companies articles of association set by founders in light of the provisions of paragraph "b" amended, Article 19 of the Investment Law in preparation for their issue by a decision from the Premier.
   2. Look into the requests for applying the provision of amended paragraph "b" of Article 19 mentioned above to stock or limited liability companies rather than the joint ones established or that will be established according to the Investment Law terms to implement projects licensed according thereto in light of their importance in terms of their projects objectives. Volume of capital or nationality of their founders and take the appropriate decision in this concern.

4. Approve the assessment of the project foreign finance prepared by Investment Office in coordination with the two Ministries of Economy & Foreign Trade and Finance.

5. 1. License the Arab and foreign investor to own and lease land and real estates necessary for the establishment of investment projects thereon or expand them within the areas and leasing period proposed by the concerned body in light of the project objectives and its actual needs.
   2. Permit investors of Syrian Arab nationals and other citizens of Arab and foreign countries to exceed the ownership ceiling specified in the laws and rules in force including Agricultural Reclamation Law No. 161 for 1958 where objectives and purposes of the project require so within the limits proposed by the concerned body.
   3. In case the project is cancelled, liquidated or sold to others, the investor shall have to:

   1. Subject to the right of Syrian Arab investor to maintain ownership of the whole land and real estate of the investment project, he shall have to cede the excess property to other Syrian Arab citizens within a period not exceeding two years as of the date of the Council's decision cancelling the project. In case he desires to cede his ownership of the whole lands of the project or part thereof to non-Syrians for the establishment of an investment project thereon under the observed provisions of investment encouragement, he shall have to obtain a prior approval from the Council.

   2. Upon the project cancellation or its final liquidation, the Arab or foreign investor shall have to cede to others, within a period that does not exceed two years as of the cancellation or liquidation date, the whole ownership of the buildings and lands of the project. It is conditional that he obtains the prior approval of the council where the waiver is for the interest of a non-Syrian person.

   4. In case the investor does not abide by the waiver of lands and real estates as stated in items a-b of this paragraph, ownership of these lands and real estates shall revolve to State Properties Department in lieu of a cash amount to be determined according to the observed laws and regulations.

6. Approve the applications for the waiver, merger or transfer of the ownership of projects covered under the Investment Law provisions.
   d. Decide on the waiver applications for same of the project imports either through sale in the local market, export to foreign markets or utilization in purposes other than the project's pursuant to the provisions of Article 12 of the Investment Law.
   

7. 1-Allow the expatriate Syrian investors and citizens of Arab and foreign countries, after the elapse of five years of investment to transfer the value of their net shares in the project in foreign currency abroad on basis of the net project's value on date of waiver provided that they clear their financial obligations with the concerned bodies.
   2- Investors, in the case stated in paragraph 1 stated above, shall be totally responsible for the procurement of the amount to be transferred abroad through the Commercial Bank of Syria, whether this amount is among the returns of the project in foreign currency deposited at the project account deposited with said bank or through the foreign currency generated from the sale of his share or project in foreign currency to an Arab, foreign or a Syrian expatriate investor, provided that the amount of the share project sold is transferred from abroad duly through the Commercial Bank of Syria for this purpose restrictively. The amount required to be transferred abroad may be procured when the concerned person purchases the export generated foreign currency from the exporters' accounts opened with Commercial Bank of Syria.
   3- Amount is specified through coordination and cooperation between Ministry of Finance, Central Bank of Syria, Commercial Bank of Syria and the investor on basis of the project documents, papers, financial books and records kept by the concerned person.

8. Approve the retransfer of the foreign money, on same date of its receipt after the elapse of six months if circumstances beyond the control of the investor prevent the investment thereof up to the discretion of the investor. This shall cover also the approval, in certain cases, of its transfer abroad without observation to said period.

9. Cancel the coverage decision if the entrepreneur, within one year as of the date of notification of the license decision, does not take serious direct measures of implementation. Unless he presents causes justifying that delay acceptable to the Council to extend the implementation period. In all cases, signature of implementation contracts according to the traditional followed norms is considered as serious direct commencement actions.

10. Decide on increasing the tax exemption period stipulated in paragraphs A & B, article 13 of Investment Law for the new projects licensed by the Council according to the provisions of the amended Article 15 of Investment Law in the manner shown in Article 21 of these instructions.

11. Suspend the validity of exemptions, privileges or facilities granted to the project wholly or partially in case entrepreneur fails to carry out all or some duties accruing on him pursuant to the provisions of article 28 of Investment Law relevant to keeping records, books, accounts and providing the Council or the concerned body with information and data when the entrepreneur rectifies these violations. The suspension period shall be considered part of the exemption period granted to the project.

12. Look into the application for the extension of the project's foundation period licensed under the Investment Law provisions for one additional period or consecutive periods as per the amended Article 14 of the law and take appropriate decision on basis of the review of the Investment Office prepared by same office in light of the opinion of concerned bodies.

13. Look into suspending the project's benefiting from the exemptions, facilities and privileges stipulated in Investment Law wholly, partially, permanently or temporarily when the materials, machinery, tools, equipment, work vehicles, buses and microbuses meant for the project construction, expansion or development are used for purposes other than the project's or waived without the Council's approval, or, in general, upon the violation of the license conditions. In this case, the violating party shall have to pay the fees and customs penalties according to the observed customs laws and regulations.

14. Decide on the applications submitted by the owners of existing installations and projects under other observed laws and regulations other than the Investment Law to benefit from some of the benefits and facilities stipulated in said law except for the exemption from taxes and fees. For this purpose, it is conditional that owners of installations and projects adhere to all duties stipulated in the Investment Law.
    In all cases, the decision issued in this concern by the Council must state in details all privileges and facilities granted to the existing project, validity period, conditions and duties accruing on the concerned person.

15. Commission relevant bodies to prepare economic and technical studies for a number of investment projects of priority to be ready and offered to investment houses and investors.

16. Order the organization of seminars and meetings and invite for holding conferences locally and abroad to promote investment in the country and introduce its opportunities.

17. Look into the development and modernization of investment legislation in the country and approve the plan leading to the provision of the appropriate climate.

18. Look into and decide on all matters and issues related to investment.

The Council shall decide the approval of covering the project under the Investment Law in light of the following considerations:

• Project's consistency with the objectives of the State development plan.

• The extent of its utilization of the available local resources, its contribution to the development of the national product and increase of job opportunities.

• Its capabilities in field of increasing exports and rationalization of imports.

• Its utilization of machinery and modern technologies appropriate for the needs of national economy.

• Value of its fixed assets employed (machinery, tools, appliances, equipment, non-tourist transport means and all production means imported in a final non-temporary manner) to be used exclusively in the project must not be less than ten million S.P. or its equivalent in a foreign currency evaluated at the current exchange rate in neighboring countries according to the foreign exchange rates bulletin issued by the Commercial Bank of Syria. The cabinet shall have the right to amend stated minimum by a decision issued by the Premier.

• It must be observed that the machinery, tools, appliances, sets, equipment, non-tourist transport means and all production means imported for the established projects under the Investment Law must be new, not second hand or renovated. Exempted from this is the public sector's contribution and its institutions which may be in cash or in kind in consideration of real estates, appliances, equipment or new, or second hand, machinery