Turkey's Transport Ministry said the plane belonged to Basaran Holding, which does business in sectors including construction, food, energy and finance, and is led by Huseyin Basaran.
The plane had left from the emirate of Sharjah and went down near the city of Shahr-e Kord, about 400 kilometers (250 miles) south of Tehran, state television reported.
The plane took off late yesterday afternoon and climbed to a cruising altitude of just over 35,000 feet.
It was reportedly travelling from the United Arab Emirates to Istanbul when the incident happened.
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A Turkish private jet flying from the airport to Istanbul crashed Sunday night in a mountainous region of Iran during a heavy rain, killing all 11 on board.
Last month, a plane carrying 66 people came down in Iran's Zagros mountains which are also in the west of the country.
Shortly before the plane dropped off the radar, the pilot requested to fly at a lower altitude, Iran's Civil Aviation Authority told local news media outlets.
Iranian emergency management officials said all the passengers were young women, according to state television IRNA.
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According to Iranian Red Crescent officials, seven search and rescue teams have been dispatched to the scene to search for possible survivors.
Earlier in February, an Iranian ATR-72, a twin-engine turboprop used for short-distance regional flying, crashed in southern Iran, killing all 65 people on board.
They are still working on bringing the remains of those killed down the valley from the crash site which lies at a height of about 4,000 metres.
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Sister Catherine Rose Holzman , 89, was a member of an order of elderly nuns involved in a dispute over the sale of their convent. However, the sisters preferred Hollister's offer as it was more at $15.5 million and they had a stronger bond with her.