Central Asian-based Colibri Law has become the second international firm to enter the Iranian legal market after opening its doors in Tehran.
The Iran team will focus on corporate work including joint venture agreements, merger control issues, and trade and regulatory issues. The firm is also looking to specialise in advising foreign firms looking to investment in Iran.
It took three years for Colibri to develop its Iran entry strategy and an additional year of negotiations before choosing to partner with local firm Gheidi & Associates.
Colibri partner Otabek Suleimanov said: “Iran is the largest market to open in the post-Soviet era and we see endless opportunities, particularly in the areas of infrastructure, energy, industrials and consumer goods.”
The length of Colibri’s strategy meant that it was in the final stages of striking the deal before the Joint Comprehensive Plan of Action was signed in July 2015. The plan, also known as the Iran Deal, saw the country reduce its stock of uranium in return for relief in US, EU and UN sanctions.
Two weeks after the sanctions were lifted CMS became the first international firm to open an office in Iran. Jürgen Frodermann and Shaghayegh Smousavi, partners from CMS’ German arm CMS Hasche Sigle, head up the Tehran office.
CMS launched a task force to explore the possibilities of opening in the country following the announcement that Iranian president Hassan Rohani’s had begun negotiations to remove the sanctions.
It is understood that a number of UK firms have been discussing opening in Iran including Clyde & Co, Eversheds and Pinsent Masons. None of these firms have committed to opening an office in the country although French firm August & Debouzy launched an Iran desk to support its French corporates with their projects in the region.