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The General Establishment of Duty Free Zones
The General Directorate
Executive
Instruction for the Banking Action System No.: (1)
The Director General
of the General Establishment of the Duty Free Zones (G.E.D.F.Z), based on
legislative decree no. / 18 / of 1971 regulating the foundation of the
(G.E.D.F.Z) , the regulations of the Investment System approved by decree no.
/84/ of 1972 , specifically articles no. / 64 , 65 , 66 / , the Banking Action
System of the Syrian duty free zones legalized by the decision no. / 793 / dated
22/5/2000 issued by the minister of Economy and Foreign Trade and decision no.
/20/ dated 17/6/2000 of the establishment board of directors, decides the following:
Article 1-
Licensing
banking investment in the duty Free Zones should include the following the
application forms:
A.
Banking occupancy application.
B.
Representation
and deputation contracts for the Syrian representative of the bank.
C.
A
statement by the Syrian representative.
D.
The
banking occupancy and investment contracts.
Article
2-
Banking
occupancy applications are to be submitted to the General Directorate of the
establishment enclosed by the following documents:
A.
A legalized banking document showing that the bank requesting licensing is a
first class bank or a branch of a first class one with an independent
management.
B.
The bank's legalized articles of association.
C.
The bank's legalized rules of procedures.
D.
The bank's balance sheet for the last three years with detailed statements.
E.
A document showing the working capital which should not be less than ten million
dollar.
F.
A legal deputation document in which the bank deputizes the Syrian applicant to
represent it.
G.
A statement by the legal representative states his acceptance of the content of
the deputation and representation contract.
H.
A receipt of the payment of administrative service charges in favor of the
General Directorate.
I.
A copy of the Syrian representative identity cards together with a copy of the
passport of the authorized proxy of the bank.
J. If licensing
resulting from a transfer of property, a transfer document prepared by the owner
is to be enclosed together with a deposit of the transfer charge.
Article 3-
The
establishment represented by the Investment Affair Directorate has to obtain a
security approval for the bank requesting the license from the ministry of
Interior before presenting the application to the board. It has also to request
the branch to present a site plan " layout " that shows the land on
which the construction will take place or building plan, the number of floors,
the site registration number and the land area or the area of each floor all
sealed and signed by the Technical Section director and the branch manager
freezing any action involving the site until put into proper banking investment.
These documents should also be signed by the bank's representative, after
stating that he has examined the site committing himself to be in charge of the
site once the council approves the licensing, within a maximum of 15 days of
notification of this approval.
Article
4-
The council headed by
HE the minister of economy meets to check the banking occupancy applications
upon a special agenda prepared by a permanent committee to be formed for this
purpose.
Article
5-
Once
the council approves the application, the establishment has to notify the
applicant and ask him to pay the charge and sign the occupancy contract within
15 days of the date of notification of approval. In case the licensing results
from a transfer of property process, the contract of this transfer has to be
signed by both the owner and the bank's representative in the presence of the
establishment's director of investment before signing the occupancy contract.
Article
6-
The Investment Affairs
Directorate prepares the occupancy contract and submits it to the bank's
representative to sign it. It then transfers it to the Administrative and Legal
Affairs Directorate enclosed with copies of documents in order to be finalized
and distributed for implementation.
Article
7-
The
bank's cash asset can be taken outside the country upon a statement prepared in
cooperation with the Syrian Central Bank and the Customs Administration. Cash is
to be placed in a box and sealed by lead under the supervision of the bank's
observer and a representative of the Customs Administration. Foreign currencies
transferred from outside the country to the bank can be conveyed upon a proper
customs statement, placed in a box " a container " sealed by lead at
the Syrian borders. The observer and the customs representative should check the
lead seal. The amount, then, properly registered in the bank accounts.
Article
8-
These
instructions are to be notified for those concerned. They become operational
starting the date of issuance.
Courtesy of Kardous Law Office
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