The flight took off Sunday from Sharjah in the UAE.
Rescuers were trying to reach the crash site but the terrain was mountainous making their approach hard. Officials said that the identification of the bodies will be possible after DNA test. Officials there did not immediately respond to a request for comment. Sharjah is a neighbouring emirate of Dubai.
Reports say the plane fell down near Shahr-e Kord, the capital city of Chaharmahal and Bakhtiari Province.
Turkey's private Dogan News Agency identified the plane as a Bombardier CL604, tail number TC-TRB.
The Başaran Investment Holding operates in different sectors including tourism, finance, construction, tourism, aviation, cement, and energy.
The economy added 313000 jobs in February, beating forecasts
The news led to a sell-off on stock markets as investors bet that the Federal Reserve would move more quickly to raise rates. February was the strongest month for USA job growth since July of 2016, when the nation's economy added 325,000 jobs.
Those on board included Turkish heiress Mina Basaran and seven of her friends, all flying back from a party ahead of her planned wedding next month. "In it, Basaran poses on the tarmac carrying flowers, wearing a denim jacket reading "Mrs. Bride" and the hashtag "#bettertogether".
In another picture, she holds heart-shaped balloons inside the plane.
In her last Insta post, Ms Barasan was surrounded by her mates at the luxury hotel, the One and Only Royal Mirage.
There was no further activity on her account after that.
Iranian media reported that rescuers had been dispatched by land to the crash site, which is located in a relatively isolated area Helen's Mountain - a protected area in the Zagros range.