Investing in Syria

The legal framework in force

As of August 2026, investment in Syria rests on the following instruments:

• Investment Law No. 18 of 2021 and its amendments — the core reference.
• Presidential Decree No. 114 of 2025 (issued 14 July 2025) — a comprehensive reorganization of the investment environment.
• Decree No. 115 of 2025 — establishing the Supreme Council for Economic Development.
• Decree No. 113 of 2025 — creating the Syrian Sovereign Fund.

The supervising body is the Syrian Investment Authority (invest.gov.sy), headed by Director General Eng. Talal Al-Hilali. Related bodies include the Ministry of Economy and Industry and the commercial registry directorates, alongside cooperation with the International Finance Corporation (IFC) on energy and infrastructure projects.

What Decree 114 of 2025 introduced

• Reorganized definitions and investment guarantees.
• Improved licensing mechanisms to clarify the investment environment.
• An Investor Services Center — a single window bringing together representatives of the relevant authorities.
• A binding procedures manual that fixes conditions, criteria, and financial charges.
• Special Economic Zones — investment zones inside the customs territory.
• Real estate development and investment zones — a new framework for developers.
• A distinction between the establishment and operation phases; the establishment phase does not count against the operating period.

Investment guarantees

Incentives and exemptions

• Tax exemptions on project profits; rates and durations are set by executive decisions per sector and region.
• Customs exemptions on imported fixed assets: machinery, equipment, and non-tourism transport vehicles.
• Free transfer of profits, returns, and capital abroad, and re-transfer of foreign capital in a convertible currency.
• Full (100%) foreign ownership in most sectors.

Rights of the foreign investor

• Full (100%) ownership in most sectors.
• Transfer of profits and investment returns abroad.
• Residency and a work visa.
• Use of land for project purposes.
• Equal treatment with local investors.
• Recourse to international arbitration in disputes.
• Transfer or sale of project ownership.

Obtaining an investment license

1. Feasibility study: prepare a comprehensive economic study covering costs, expected returns, and employment scale.
2. Application: submit a formal application to the Investment Authority via the single window, with the documents specified in the procedures manual in force.
3. Approvals: the Authority coordinates with public bodies to obtain the required licenses within the timeframe fixed in the procedures manual.
4. License and start-up: issuance of the investment license, then the establishment phase (not counted against the operating period), then actual operation.

Restricted and prohibited sectors

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Seven main legal forms are available for doing business in Syria. The table below summarizes the essential differences:

1. Limited Liability Company (LLC)

Best suited to small and medium enterprises and partnerships. Managed by one or more managers.

• Advantages: personal assets protected, low minimum capital, faster than a joint-stock company, flexible share distribution and management.
• Restrictions: share transfers require partner approval and a contract amendment; no public share offering; maximum 50 partners.

2. Single-Member LLC

For the individual investor who wants personal asset protection. Owned by one person (natural or legal), managed by the owner or an appointed manager.

• Advantages: independent legal personality, limited liability (unlike the individual enterprise), a registrable trade name, and the option to add partners later and convert to a standard LLC.
• Restrictions: heavier accounting duties and a higher formation cost than a sole proprietorship; some activities require a different legal form.

3. Private Joint-Stock Company

For large projects and organized investment partnerships. Governed by a board of directors and a general assembly.

• Advantages: easy share transfers among shareholders, clear governance, higher credibility with banks and authorities, and the optimal form for the incentives of Investment Decree 114/2025.
• Restrictions: longer, more complex procedures; mandatory regulatory and accounting duties with an annual audit; no public share offering.

4. Public Joint-Stock Company

For large-scale enterprises targeting the capital markets. Governed by a board, a general assembly, and an auditor.

• Advantages: public share subscription and broad capital-raising, eligibility for listing on the Damascus Securities Exchange, the highest levels of transparency and institutional trust, and freely tradeable shares.
• Restrictions: the highest minimum capital, extended regulatory approvals, and mandatory periodic disclosure and financial reporting.

5. Holding Company

For managing groups of subsidiaries and holding stakes in other companies.

• Advantages: ownership and management of subsidiaries, better tax and administrative structuring for groups, risk separation between subsidiaries, and flexibility in financing and restructuring.
• Restrictions: normally may not conduct direct commercial activity itself, more complex consolidated accounting, and higher establishment and management costs.

6. General Partnership

For family businesses and trust-based partnerships. Managed by all partners or their designated representatives.

• Advantages: no minimum capital, simple and fast procedures, low cost, full flexibility in management and partner agreements.
• Restrictions: unlimited personal liability for company debts, difficulty attracting outside investors, and vulnerability to a partner's withdrawal or death.

7. Individual Enterprise

For solo trade, professions, and small services. Managed by its proprietor.

• Advantages: the simplest, fastest, and cheapest form; full control over decisions and profits; no minimum capital; simplified accounting.
• Restrictions: partners can never be added; no trade name may be chosen (registered under the owner's name only); unlimited personal liability.

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Future Gate offers turnkey formation services "through document delivery," with follow-up all the way to completion, plus a year of online monitoring and post-formation legal and accounting consultation. Services are designed for foreign investors and Syrians abroad.

Company formation services

Foreign-branch documents (from the parent company)

Attestation chain: Ministry of Foreign Affairs in the home country → Syrian embassy or consulate → Syrian Ministry of Foreign Affairs. Original documents must be submitted with sworn translations.

Licenses and permits

Trademarks

• Trademark protection within Syria: $1,200; protection lasts 10 years; processing time depends on the competent office. Full payment up front.
• International trademark protection: from $3,000, varying by country, with consultation on choosing the most suitable countries.

Documents needed to start any service

• Copy of Syrian ID and passport.
• A working email address and phone number.
• Personal photo.
• ID of at least one Syrian employee.
• Official power of attorney from a notary public.

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Definition and the six defining traits

An individual commercial registration is recorded under one person's name exclusively, and has these characteristics:

• Single ownership: registered to one natural person who bears full legal responsibility.
• No partners: partners or investors cannot be added; moving to a partnership means forming a different legal entity.
• No trade name: the business name is the owner's full legal name plus a description of the activity.
• Unlimited personal liability: there is no separate legal entity; the owner answers for all obligations and debts with their entire personal assets.
• No minimum capital: capital is estimated according to the activity's type and scale.
• Individual tax status: the owner is a personal taxpayer (real-profits system) with a tax card, ledgers, and periodic filings.

Naming rules

• Allowed: the owner's registered name followed by the activity — e.g. "Muhammad Ahmad Al-Ali — construction materials trading."
• Prohibited: invented trade names (such as "Al-Noor Trading"), partnership phrases such as "& Co.", and any name that does not identify the actual registration holder.

Legal framework

Required documents

• Syrian ID or passport (for foreign nationals) + passport photos.
• Certified lease contract or title deed for the business premises.
• Recent civil registry extract.
• Financial clearance certificate / no outstanding tax assessments.
• Certificate of good conduct (for certain activities).
• Precise activity classification per the activity directory.
• Regulator approvals for regulated activities.
• Certified power of attorney (general or specific) when delegating.

The seven establishment steps

1. Choose the activity precisely and secure premises with a certified lease or title deed — this determines the competent registry office.
2. Fix the business address under the owner's full name only (there is no trade-name reservation); the entity name is the owner's name plus the activity description.
3. Submit the application and documents to the governorate's commercial registry office and pay the prescribed fees and stamps.
4. On approval: receive the decision, the commercial registry number, and the registration certificate in the owner's name.
5. Register with the Finance Directorate; obtain the tax number and card and set up the required ledgers.
6. Complete membership in the competent chamber and receive the membership certificate and card.
7. Open a commercial bank account in the business's name, with online account follow-up for a full year.

Service cost and what it includes

Total cost: $1,590 — completed in 5 business days. The service includes:

• Activity research and correct classification.
• Document preparation and certification checks.
• Application filing and registry follow-up.
• Extraction of the commercial registration in the owner's name.
• Tax card extraction and organization of tax obligations.
• Chamber membership and card issuance.
• Commercial bank account opening.
• One year of online follow-up and support.
• A flexible lease document.
• Post-formation legal and accounting consultation.

Individual registration vs. LLC

Key legal guidance

• Register every intended activity from the start to avoid amendment fees later.
• Do not use marketing names that contradict the official registry record.
• Keep orderly ledgers and proper invoices to avoid flat-rate tax assessment.
• Renew the registration, chamber membership, and tax card on time.
• If you anticipate partners or investment later, form an LLC from the outset.
• Verify regulator approvals before signing a premises lease.

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1. Private joint-stock company

• Minimum capital: 1,000,000 new Syrian pounds, with at least 25% paid at incorporation.
• Founders: at least 3 shareholders; subscription is private among them, with no public offering.
• Governance: a board of directors plus a licensed statutory auditor; share trading is confined to founders and shareholders.
• Conditions: bylaws approved by the Ministry of Economy, deposit of the required capital share in a licensed Syrian bank, a name check against registered names, and a precisely defined purpose with sectoral approvals for restricted activities.

2. Public joint-stock company

• Minimum capital: 10,000,000 new Syrian pounds.
• Founders: at least 3 shareholders plus the subscribing public, with a mandatory public offering of part of the shares.
• Oversight: the Syrian Commission on Financial Markets and Securities; periodic disclosure and audited financial statements.
• Shares: freely tradeable and eligible for listing on the Damascus Securities Exchange.
• Conditions: Commission approval of the prospectus, a public offering within the statutory period, a licensed bank to manage the subscription and hold funds, then a constitutive general assembly after subscription closes and election of the board.

3. Holding company

• Form: a joint-stock company (private or public); capital follows the chosen form.
• Purpose: owning, managing, and financing subsidiaries with a controlling stake; it may not conduct commercial activity itself.
• Conditions: the words "holding company" must appear in the name and bylaws; subsidiaries must be duly incorporated or registered; consolidated group accounts with audit reports must be prepared; and lending/financing between parent and subsidiaries is restricted.

Legislative references

• Companies Law No. 29 of 2011 and its amendments — the core reference for joint-stock and holding companies.
• Updated minimum capital thresholds following adoption of the new Syrian pound and the removal of zeros.
• The Investment Law (Legislative Decree 114 of 2025) — tax and customs exemptions, incentives, and free transfer of profits.
• Securities legislation — public joint-stock companies answer to the Commission on Financial Markets and Securities.
• Liberalization of foreign trade and financial transfers — easier importing, banking transfers, and foreign-currency accounts.

Quick comparison

Required documents

• Incorporation application + bylaws per the Ministry of Economy's approved template.
• Founders' IDs: national cards for Syrians or passports for non-Syrians.
• Corporate founder papers (certified bylaws and commercial registration) if a founder is a company.
• Duly certified powers of attorney for incorporation and publication where needed.
• Bank notice of capital deposit from a licensed bank, in the legally required proportion.
• Feasibility study / sectoral approvals for restricted activities (real estate, energy, finance, tourism, telecom).

The seven incorporation steps

1. Trade name search: verify availability with the Companies Directorate.
2. Draft the bylaws: define the purpose, capital, founders' stakes, and management structure.
3. Application review: the competent officer examines the application and bylaws and requests amendments if needed.
4. Capital deposit: deposit the statutory proportion in a licensed bank and obtain the bank notice.
5. Ratification decision: issuance and due signature of the decision approving the bylaws.
6. Subscription and constitutive assembly (public JSC only): offer the shares, hold the assembly, and elect the board.
7. Publication in the commercial registry: register the company and obtain the registration and tax number.

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Chambers of Commerce Law No. 8 of 2020 organizes membership of the Syrian chambers into four categories. The First Category is the one recommended for expatriate investors, for its banking privileges and travel facilitation.

The four categories

Membership conditions

General requirements (all categories)

• A registered company or a valid commercial registration.
• Employees registered with social insurance in the required number.
• The applicant enjoys full civil rights.
• Payment of the annual subscription fee.
• A certified copy of the commercial registration on renewal.

Additional requirements for First and Excellent categories

• Incorporation of a limited liability company (LLC).
• Capital of at least 10,000,000 new Syrian pounds, paid and recorded in the articles.
• Registration of the minimum number of employees with contributions paid.
• Annual financial statements certified by a licensed accountant.
• A tax clearance certificate.
• Payment of the prescribed annual subscription.

General membership benefits

• Representation of companies before official bodies at home and abroad.
• Participation in economic committees and review of draft commercial regulations.
• Issuance of certificates of origin for exports and imports.
• Access to accredited commercial arbitration centers.
• Documented commercial studies and statistics.
• International cooperation agreements with foreign chambers.
• Participation in foreign trade fairs and missions.
• Voting and candidacy according to category.

First Category benefits in detail

Banking

• Faster acceptance of corporate current-account applications and foreign-exchange accounts.
• A stronger credit file (membership card + certified financials).
• Documentary credits (L/C) and collection bills.
• Tender and performance guarantees on better terms.
• Preferential dealing with private and Islamic banks.
• Easier transfer of funds to and from abroad for commercial purposes.

Travel

• The First Category card serves as proof of accredited merchant status.
• Easier entry to Lebanon and Jordan for commercial purposes.
• Preference for visas to Iraq, Egypt, and the Gulf states.
• Joining official trade delegations on facilitated group visas.
• Chamber introduction and recommendation letters that raise visa approval rates.

Embassies

• European embassies: a recommendation letter plus financial documents strengthen a business-visa file.
• Turkish embassy: facilitation for trade-fair visas (Izmir, Istanbul).
• Chinese embassy: preference for trade-fair visas (Canton Fair).
• Acceptance of chamber-certified documents (certificates of origin, invoices, agency contracts).
• Business-track appointments instead of the standard queue.

Network and relationships

• Attendance and voting at general assembly meetings, and eligibility for board candidacy.
• Direct access to leading merchants and investors.
• Participation in sector committees (import, export, industry, contracting).
• Invitations to forums and business meetings with foreign delegations, and priority in international fairs and missions.

Tenders and government opportunities

• Meeting the classification requirement in public and private tenders.
• Acceptance as a supplier by public bodies and state-sector companies.
• Preference in supply contracts and commercial agency for foreign companies.
• Easy access to certificates of origin and document certification.

Commercial and administrative

• Certification of commercial contracts and agency powers at the chamber.
• Access to the commercial arbitration center and mediation services for dispute settlement.
• Accredited studies, statistics, and reference prices.
• Easier work-residency procedures for non-Syrian staff.

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Why now?

The real estate sector shows strong momentum in 2026, driven by:

• Massive housing demand, returning investors, and the reconstruction drive.
• Continuously rising prices, with further growth expected.
• Prices still low compared with neighboring countries.
• Expectations of exceptional returns over the medium and long term.

Top areas for investment

Types of real estate investment

• Buy-to-let residential: apartments and houses with steady monthly rental income; returns are high given scarce supply.
• Property development: buying and developing land into residential or commercial complexes; the highest return, but the largest capital requirement.
• Commercial property: shops and offices in prime areas; higher rental yields with long-term leases.
• Renovate-and-sell: buying properties in need of restoration and reselling after refurbishment; significant opportunities in damaged areas.

Legislative framework and incentives

• Decree No. 114 of 2025: restructured the investment climate and established a Syrian sovereign fund supporting reconstruction and development projects.
• General Investment Authority incentives: easier incorporation of real estate companies, land within development zones, and faster approvals.

Approvals required for property development

• General Investment Authority approval (for projects using the incentives).
• A real estate development company license from the Ministry of Internal Trade and Consumer Protection.
• City or governorate council approval of the land use.
• A building permit after the engineering plans are approved.
• Preliminary environmental approval for large projects.
• Registration of the project in the official land registry on completion.

Foreign ownership of property

• Foreigners may own property under specific conditions, chiefly prior security approval.
• Certain border areas are closed to foreign ownership.
• Owning through a Syrian company greatly simplifies the procedures.
• Syrian expatriate investors enjoy the same rights as residents.
• The property must be recorded in the official land registry.

Risks and due diligence

• Verify the title deed and land-registry record.
• Beware of disputed or confiscated properties.
• Study the area thoroughly before buying, and review urban planning and zoning.
• Deal only with reputable real estate offices.
• Confirm the property is free of mortgages and attachments.

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The new system (2026)

Personal income tax

The exempt threshold reaches SYP 64 million per year (a 50 million base + 6 million dependents allowance + 8 million cost-of-living allowance).

Corporate income tax (unified, by sector)

The distinction between company types was abolished; the rate now depends on the sector of activity:

• Joint-stock companies pay the same sector rates.
• Dividends distributed to resident companies are tax-exempt.
• Reinvested profits benefit from incentives and deductions.

Lump-sum (flat-rate) tax

The former classification committees were abolished and replaced by two mechanisms:

• Actual assessment for anyone exceeding the exempt threshold.
• A simplified lump sum for holders of commercial registrations who do not file a declaration.

The former system (Law 24 of 2003)

Still the reference for prior years and pending cases:

• Individuals (real profits): progressive brackets from 10% to 28%.
• Companies: LLCs and partnerships 22%; public joint-stock 14%; private joint-stock 22%; banks and insurance 25%.

Exemptions and reliefs

• The Investment Law (2021 and amendments): customs exemption for project imports (machinery and production lines), income-tax reductions in less-developed governorates, and free transfer of profits and capital abroad.
• Agriculture: exempt from income tax.
• Dividends: exempt between resident companies.
• Free zones: preferential tax and customs treatment.
• Old cities: exemptions for restoration and rebuilding (Decree 13 of 2022).
• Personal deductions: dependents, medical care, education, rent, and loan interest.

How the tax is calculated

1. Determine gross annual revenue.
2. Deduct documented expenses (wages, rents, depreciation, loan interest).
3. Apply the sector rate (10% or 15%).
4. Deduct applicable exemptions and reliefs.
5. File the tax declaration annually, electronically.

Core tax obligations

• Keep accounting ledgers, a chart of accounts, and approved annual financial statements.
• File the tax declaration within the legal deadlines.
• Withhold and remit payroll tax monthly.
• Comply with electronic invoicing.
• Register for and remit sales tax where applicable.

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Future Gate provides a search tool over the Syrian national classification of economic activities (SYRSIC), which contains 5,598 activities with their approved descriptions. Pinning down the activity precisely under this classification is an essential step before any commercial registration or company formation (see Chapters 3 and 4).

Search methods

• By textual description of the activity.
• By category code.
• By activity code.

Searches require at least two characters.

What each activity's record shows

• The approved official notes.
• The documents required to practice the activity.
• Licensing conditions and requirements.

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An economic and demographic snapshot of the fourteen governorates to help choose an investment location:

* Estimates vary due to displacement.

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