Organization : National Investment Commission
Facility : Company Registration
Country : Iraq
Website : http://investpromo.gov.iq/investor-guide/
Company Registration :
The Trade Law, No. 30 (1984), the Companies Laws, No.21 (1997), and Public Companies Law, No.22 (1997) regulate all incorporation and trade activities for Iraqi businesses. Follow the procedures below to register a company in Iraq
Related : Ministry of Foreign Affairs MOFA Passport Issuance Iraq : www.statusin.org/5673.html
1. Determine what category the company in question belongs to, according to the Companies Law, No. 21, 1997. This law divides companies into the list of Varieties of Legal Companies in Iraq.
2. Fulfill all required registration procedures :
** Register a trade name with the relevant trade chamber or the union of trade chambers.
** Submit a contract signed by the founders of the company, stating the name of the company, its activities, and its capital.
** Deposit appropriate capital for the company, in IQD, at an authorized Iraqi bank and notify the Companies Registrar.
** Pay all fees required to register the company with the Companies Registrar.
** For joint stock companies, submit the subscription certificate, signed by the founders, and the company’s feasibility studies.
** Define the commercial and technical activities of the incorporating company to be included in the contract for incorporation.
** Obtain approval of the Minister of Interior for all foreign shareholders.
3. After the company is founded :
** Employ a legal advisor (attorney) for the company from the Bar Association.
** Employ a chartered accountant form the Chartered Accountants and Auditors Association.
** Appoint an Executive Manager.
Iraq is open for business :
** Iraq has changed. As normal life begins to resume, economic activity has revived.
** Demand for all types of goods and services is growing fast.
** The focus is on reconstruction as the government rebuilds essential infrastructure, from power and water utilities and transport infrastructure to residential housing.
** At the same time, the government is investing in the essential economic infrastructure; including oil fields and the mid- and downstream pipeline, petrochemical, and fuel distribution sectors.
** To attract foreign investment into Iraq, generous benefits, guarantees and exemptions have been set out in Iraqi investment laws.
Qualifying investments are eligible to :
** Receive 10 years exemption from taxes.
** Repatriate investment and profits from investments.
** The right to employ foreign workers when needed.
** Obtain three years exemption from import fees for required equipment.
** The guarantee that the government will not nationalize or confiscate investments.
About Us :
Iraq is changing rapidly and as life is returning to normal, so too is economic activity. The country has entered a new, positive phase. Demand for goods and services is growing, and the country is proving why many believe it to be one of the world’s most attractive markets.
Iraq offers almost unparalleled opportunities to international corporations and investors. At the same time, Iraq can finally benefit from foreign investment into its economy.
Iraq’s needs are broad, range across all sectors, and include railroad and port projects, residential and urban development, electricity plants, refineries, hotels, and telecommunications infrastructure expansion – just to name a few of the larger initiatives.