Capital:              Baghdad

Languages:       Arabic, Kurdish

Currency:           Iraqi dinar (IQD)

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Iraq

 

Iraq has historically had a great pivotal position in the Middle East because it has strategically important ports and airports and can prove to be a distributor with the lowest cost in trade. The Iraqi economy includes a number of companies and government institutions that can be good partners for foreign parties, and this will show itself as the country continues to improve its investment environment and stability for further political, security and economic activities. The Iraqi government has presented hundreds of investment opportunities, most of which are available for investment in the reconstruction sector, and there are numerous investment needs in different sectors of the Iraqi economy. Needs that the Iraqi domestic market cannot meet and relies on imports.

Iraq, officially known as the Republic of Iraq, is a country located in Western Asia in the Middle East. Here is an overview of Iraq:

Geography:

• Iraq is situated in the region known as Mesopotamia, historically known as the “cradle of civilization.” It shares borders with several countries, including Iran to the east, Turkey to the north, Syria to the west, Jordan to the southwest, and Saudi Arabia to the south.
• The country has a diverse geography that includes vast deserts, fertile plains, and the Tigris and Euphrates rivers, which have played a crucial role in the development of ancient civilizations.

Capital:

• The capital of Iraq is Baghdad, which is also the largest city in the country. Baghdad is located along the Tigris River and has a rich historical and cultural heritage.

Population:

• As of my last knowledge update in September 2021, Iraq had a population of over 40 million people. The population is ethnically and religiously diverse, with Arab Muslims forming the majority, and there are also Kurdish, Turkmen, Assyrian, and other ethnic and religious communities.

Languages:

• Arabic is the official language of Iraq. Kurdish, Turkmen, and Assyrian Neo-Aramaic are also spoken by various ethnic groups.

Religion:

• The majority of Iraq’s population is Muslim, with the majority being Shia Muslims. There is also a significant Sunni Muslim population. Religious minorities, such as Christians, Yazidis, and Mandaeans, have historical roots in the region.

Government:

• Iraq is a federal parliamentary republic. The President of Iraq is the head of state, while the Prime Minister is the head of government. The country has a multi-party political system.

Economy:

• Iraq’s economy is primarily driven by its vast oil reserves, which make it one of the world’s leading oil producers. The oil sector plays a crucial role in the country’s economy and government revenue.
• Other sectors, such as agriculture and manufacturing, also contribute to the economy, though they face challenges due to conflict and instability.

History:

• Iraq has a rich and complex history dating back to ancient Mesopotamia, where some of the earliest human civilizations emerged.
• In modern history, Iraq gained independence from British colonial rule in 1932. It has experienced periods of political instability, including the rule of Saddam Hussein, who was ousted in 2003 following the U.S.-led invasion of Iraq.
• The country has faced significant challenges, including armed conflicts, sectarian tensions, and the rise of extremist groups.

Culture:

• Iraq has a diverse cultural heritage with contributions to literature, art, architecture, and music.
• The country is known for its historic sites, including the ancient city of Babylon, the ziggurat of Ur, and the city of Nineveh.

Challenges:

• Iraq has faced numerous challenges, including political instability, security concerns, and economic difficulties. Post-conflict reconstruction and reconciliation efforts continue to be ongoing priorities.

Types of companies in Iraq

• Sole Proprietorship (Al-Fardiya):
  • Description: A sole proprietorship is the simplest form of business in which an individual operates a business on their own.
  • Ownership: Solely owned and operated by one individual.
  • Liability: The owner has unlimited personal liability for business debts.
  • Capital Requirements: Generally, no specific capital requirements.
  • Registration: Register with the local governorate or municipality.
• Limited Liability Company (LLC):
  • Description: An LLC is a popular choice for small to medium-sized businesses. It offers limited liability to its members and flexibility in management.
  • Ownership: Owned by one or more individuals (partners).
  • Liability: Members have limited liability for company debts.
  • Capital Requirements: Minimum capital requirements vary by business activity, typically starting at IQD 1 million.
  • Registration: Register with the Companies Registrar at the Ministry of Trade and Industry.
• Joint Stock Company (JSC):
  • Description: A JSC is a public company whose shares can be publicly traded on the stock exchange.
  • Ownership: Owned by shareholders who hold shares of the company.
  • Liability: Shareholders have limited liability, and the company itself is a separate legal entity.
  • Capital Requirements: Minimum capital requirement is IQD 1 billion.
  • Registration: Register with the Companies Registrar at the Ministry of Trade and Industry.
• Branch of a Foreign Company:
  • Description: A foreign company can establish a branch office in Iraq to conduct business activities.
  • Ownership: The foreign company owns the branch, but it’s a separate entity from the parent company.
  • Liability: The parent company typically has liability for the branch’s activities.
  • Capital Requirements: Varies by industry and activities.
  • Registration: Obtain approval from the Council of Ministers and register with the Companies Registrar.
• Partnership:
  • Description: Partnerships can be general (where all partners are equally liable) or limited (where some partners have limited liability).
  • Ownership: Owned by two or more partners.
  • Liability: Liability depends on the type of partnership.
  • Capital Requirements: No specific capital requirements for general partnerships, while limited partnerships may have specific capital requirements.
  • Registration: Register with the relevant local authorities.
• Holding Company:
  • Description: A holding company owns the shares of other companies (subsidiaries) but may not engage in substantial business activities itself.
  • Ownership: Owned by shareholders.
  • Liability: Limited liability for shareholders.
  • Capital Requirements: Minimum capital requirements apply.
  • Registration: Register with the Companies Registrar.
• Non-Profit Organization (NPO):
  • Description: NPOs are established for charitable, religious, educational, or social purposes and do not distribute profits to their members.
  • Ownership: Governed by a board of directors or trustees.
  • Liability: Limited liability for members or founders.
  • Capital Requirements: Varies depending on the organization’s purpose.
  • Registration: Register with the Ministry of Planning and NGOs Directorate.

Common questions

 

What types of business entities can be registered in Iraq?

Sole Proprietorship

Limited Liability Company (LLC)

Joint Stock Company (JSC)

Branch of a Foreign Company

How can I register a sole proprietorship in Iraq?

You can register a sole proprietorship with the local governorate or municipality.

What is the minimum capital requirement for an LLC in Iraq?

The minimum capital requirement for an LLC in Iraq varies depending on the business activity but is generally around IQD 1 million.

How do I register an LLC in Iraq?

Register with the Companies Registrar at the Ministry of Trade and Industry.

What is the minimum capital requirement for a JSC in Iraq?

The minimum capital requirement for a JSC in Iraq is IQD 1 billion.

How long does it take to register a company in Iraq?

It can take several weeks to several months, depending on the type of company and location.

What are the registration fees for a company in Iraq?

Registration fees vary depending on the type of company and location.

Can foreigners own 100% of a company in Iraq?

Foreigners can own 100% of a company in most sectors, but certain restrictions may apply in some industries.

Do I need a local partner to register a company in Iraq?

In most cases, you do not need a local partner, but it depends on the type of business and industry.

Are there any tax incentives for foreign investors in Iraq?

Iraq offers various tax incentives to foreign investors in specific sectors, such as energy and agriculture.

What are the steps to register a branch of a foreign company in Iraq?

Obtain approval from the Council of Ministers.

Register with the Companies Registrar.

Obtain necessary licenses and permits.

Do I need a physical office in Iraq to register a company?

Yes, you typically need a physical office or address to register a company in Iraq.

Can I register a company online in Iraq?

Some parts of the registration process may be done online, but many steps require in-person visits.

How can I check the availability of a company name in Iraq?

You can check the availability of a company name with the Companies Registrar.

What documents are required to register a company in Iraq?

Articles of association, passport copies of shareholders, lease agreement for office space, and more.

Do I need to have a local bank account to register a company in Iraq?

Yes, you typically need a local bank account for your company.

What are the accounting and auditing requirements for companies in Iraq?

Companies in Iraq are required to maintain proper accounting records and may need to undergo audits.

How often do companies need to file tax returns in Iraq?

Companies in Iraq usually need to file tax returns annually.

Are there any special requirements for foreign-owned companies in Iraq?

Foreign-owned companies may need to obtain special licenses and permits depending on the industry.

Can I register a company in the Kurdistan Region of Iraq?

Yes, you can register a company in the Kurdistan Region, but there may be additional requirements.

How do I obtain a business license in Iraq?

You can obtain a business license from the relevant local authorities.

What are the labor laws and regulations in Iraq?

Labor laws in Iraq cover aspects like employment contracts, working hours, and employee rights.

Are there any restrictions on hiring foreign employees in Iraq?

There may be restrictions on hiring foreign employees, and work permits may be required.

How can I protect intellectual property rights in Iraq?

Register your trademarks and patents with the Iraqi Trademark and Patent Office.

What is the corporate tax rate in Iraq?

Corporate tax rates in Iraq vary depending on the industry and location.

Is there a value-added tax (VAT) in Iraq?

Iraq does not currently have a VAT system.

How do I close a company in Iraq?

The process for closing a company involves several steps, including settling debts and notifying authorities.

Can I change the business activities of my company in Iraq?

Yes, you can change your company’s business activities with the approval of relevant authorities.

What are the regulations for importing and exporting goods in Iraq?

Import and export regulations are governed by the Ministry of Trade and customs authorities.

How can I resolve disputes with business partners in Iraq?

You can resolve disputes through negotiation, mediation, or litigation in Iraqi courts.

Are there any special regulations for oil and gas companies in Iraq?

Yes, there are specific regulations for oil and gas companies, including production-sharing agreements.

Can I transfer profits out of Iraq?

There may be restrictions on transferring profits out of Iraq, depending on the circumstances.

What are the environmental regulations for businesses in Iraq?

Businesses are subject to environmental regulations, including waste disposal and emissions control.

How can I obtain an import/export license in Iraq?

You can obtain an import/export license from the Ministry of Trade.

Is there a requirement for social security contributions for employees in Iraq?

Yes, there are social security contributions for employees in Iraq.

Can I register a non-profit organization in Iraq?

Yes, you can register a non-profit organization in Iraq, but there are specific requirements.

What are the rules for hiring and firing employees in Iraq?

Hiring and firing rules are outlined in Iraqi labor laws and employment contracts.

How can I obtain a construction permit in Iraq?

You can obtain a construction permit from the relevant local authorities.

Are there any specific regulations for the healthcare industry in Iraq?

Yes, the healthcare industry is subject to specific regulations and licensing requirements.

Can I open a bank account for my company in Iraq?

Yes, you can open a bank account for your company in Iraqi banks.

What is the process for registering intellectual property in Iraq?

Register trademarks and patents with the Iraqi Trademark and Patent Office.

Are there any restrictions on foreign exchange transactions in Iraq?

Iraq has restrictions on foreign exchange transactions, and they are regulated by the Central Bank of Iraq.

What are the customs duties and tariffs in Iraq?

Customs duties and tariffs vary depending on the type of goods and their origin.

Can I register a company with a foreign address?

Typically, you need a local address to register a company in Iraq.

What are the rules for advertising and marketing in Iraq?

Advertising and marketing rules are governed by the Consumer Protection Law and other regulations.

How can I obtain a trade license in Iraq?

You can obtain a trade license from the relevant local authorities.

What are the rules for e-commerce businesses in Iraq?

E-commerce businesses are subject to various regulations, including consumer protection laws.

Can I apply for government contracts as a foreign-owned company in Iraq?

Yes, foreign-owned companies can apply

Major Banks in Iraq

Central Bank of Iraq (CBI)

Website: Central Bank of Iraq

Trade Bank of Iraq (TBI)

Website: Trade Bank of Iraq

Rafidain Bank (Al-Rafidain Bank)

Website: Rafidain Bank

Rasheed Bank (Al-Rasheed Bank)

Website: Rasheed Bank

Bank of Baghdad (Al-Rafidain Bank)

Website: Bank of Baghdad

Al-Mansour Bank

Website: Al-Mansour Bank

Iraqi Middle East Investment Bank (IMEIB)

Website: IMEIB

Credit Bank of Iraq

Website: Credit Bank of Iraq

Dijlah & Furat Bank for Development

Website: Dijlah & Furat Bank

Warka Bank for Investment and Finance

Website: Warka Bank

CBI Securities Company (CBISC)

Website: CBISC

CitiBank Iraq

Website: CitiBank Iraq

The top universities in Iraq

 

University of Baghdad

• • Website: University of Baghdad
  • Location: Baghdad
  • Major Courses: Offers a wide range of undergraduate and postgraduate programs in various fields, including engineering, medicine, humanities, and social sciences.

University of Kufa

• • Website: University of Kufa
  • Location: Najaf
  • Major Courses: Offers programs in fields such as engineering, sciences, arts, and medicine.

University of Basrah

• • Website: University of Basrah
  • Location: Basrah
  • Major Courses: Provides programs in engineering, medicine, agriculture, and social sciences.

University of Mosul

• • Website: University of Mosul
  • Location: Mosul
  • Major Courses: Offers a variety of programs in sciences, engineering, and humanities.

University of Babylon

• • Website: University of Babylon
  • Location: Hillah
  • Major Courses: Provides programs in engineering, medicine, computer science, and humanities.

Sulaimani Polytechnic University

• • Website: Sulaimani Polytechnic University
  • Location: Sulaimani
  • Major Courses: Offers programs in engineering, applied sciences, and business administration.

University of Technology – Iraq

• • Website: University of Technology – Iraq
  • Location: Baghdad
  • Major Courses: Specializes in engineering and technology-related programs.

University of Duhok

• • Website: University of Duhok
  • Location: Duhok
  • Major Courses: Offers a range of undergraduate and postgraduate programs in various fields.

University of Tikrit

• • Website: University of Tikrit
  • Location: Tikrit
  • Major Courses: Provides programs in sciences, engineering, and social sciences.

Al-Mustansiriya University

• • Website: Al-Mustansiriya University
  • Location: Baghdad
  • Major Courses: Offers diverse programs in fields like medicine, engineering, humanities, and social sciences.

Strange or unusual to visitors in Iraq

 

• Greetings: In Iraq, greetings are an important part of social interactions. It is common for people to exchange multiple kisses on the cheeks, even between men. Handshakes are also common but often accompanied by a friendly hug.
• Hospitality: Iraqi hospitality is renowned, and visitors may find themselves invited into people’s homes for tea or a meal. Refusing such invitations can be seen as impolite.
• Language: Arabic is the official language of Iraq, and while many Iraqis speak English or other languages, visitors may find that communication can be challenging in some areas, especially in more rural or less touristy locations.
• Dress Code: In conservative areas, particularly in the south of Iraq, both men and women often wear traditional clothing. Women may wear abayas and headscarves, and men may wear dishdashas. In more cosmopolitan areas like Baghdad, you’ll find a wider range of clothing styles.
• Food: Iraqi cuisine is flavorful and diverse. Dishes like kebabs, biryani, and various stews are common. Some visitors may be surprised by the generous use of spices and the prevalence of flatbreads.
• Tea Culture: Tea, often served with sugar and strong spices, is a ubiquitous drink in Iraq and is usually offered to guests as a sign of hospitality.
• Conservative Values: In many parts of Iraq, conservative Islamic values are upheld, and visitors are expected to respect local customs. This may include dressing modestly, especially in religious sites.
• Friday as the Weekend: The weekend in Iraq falls on Friday and Saturday, as Friday is the holy day in Islam. Many businesses and government offices are closed on Fridays, and Friday is a day of congregational prayers.
• Security Concerns: Iraq has faced security challenges in recent years, and it’s important for visitors to stay informed about travel advisories and take necessary precautions. Check with your embassy or consulate for updated safety information.
• Local Festivals and Traditions: Iraq has a rich cultural calendar with various festivals, such as Eid al-Fitr and Eid al-Adha, which are celebrated with enthusiasm. Visitors may find it interesting to witness these celebrations and learn about the traditions associated with them

 

“Tips for Newcomers: Adjusting to Life in Iraq”

 

1. Learn the Language:

Learning Arabic, the official language, or at least some basic phrases, will greatly facilitate your daily interactions and make you feel more at ease.

2. Understand the Culture:

Take the time to familiarize yourself with Iraqi customs, traditions, and social norms. This includes understanding the importance of hospitality, greetings, and dress code.

3. Build Local Connections:

Networking and building relationships with locals can be invaluable. It can help you integrate into the community, gain insights, and receive support when needed.

4. Respect Religious Practices:

Iraq is a predominantly Muslim country. Be respectful of Islamic customs, especially during prayer times and in religious sites. Dress modestly when appropriate.

5. Stay Informed:

Keep yourself updated on the local news and security situation. Follow advice from your embassy or consulate regarding safety and travel restrictions.

6. Adapt to the Climate:

Iraq has a hot and arid climate, especially during the summer months. Dress appropriately, stay hydrated, and take precautions against heat-related illnesses.

7. Transportation:

Familiarize yourself with local transportation options. Taxis and shared minivans (dolmuş) are common ways to get around, but traffic congestion can be an issue in some cities.

8. Banking and Currency:

Understand the local banking system and currency. Many places in Iraq prefer cash transactions, so be prepared to carry sufficient local currency.

9. Health and Hygiene:

Pay attention to food and water safety. Drink bottled water and be cautious with street food. Ensure you have access to medical care and medications if needed.

10. Safety Precautions: – Stay vigilant and aware of your surroundings, especially in crowded or unfamiliar areas. Follow local advice on safety and travel restrictions.

11. Embrace the Cuisine: – Iraqi cuisine is diverse and delicious. Don’t miss the opportunity to try local dishes and street food. Be open to new flavors and dining experiences.

12. Patience and Flexibility: – Understand that adjusting to a new culture and environment takes time. Be patient with yourself and others, and maintain a flexible attitude.

13. Seek Support: – If you’re relocating for work or with family, seek support from your employer or organizations that cater to newcomers. They can provide guidance and resources.

14. Explore and Learn: – Take the time to explore Iraq’s rich history and cultural heritage. Visit historical sites, museums, and attend local events to deepen your understanding of the country.

Top recruitment agencies in Iraq

 

Huxley Associates Iraq: Huxley is an international recruitment agency with a presence in Iraq. They specialize in various sectors, including finance, engineering, IT, and more.

NES Global Talent: NES Global Talent is another international recruitment agency that operates in Iraq. They have a focus on energy and engineering industries.

Delta International Petroleum Services (DIPS): DIPS is a recruitment and manpower supply company based in Iraq, primarily serving the oil and gas industry.

Gulf Services Company (GSC): GSC provides recruitment and workforce solutions in Iraq, including oil and gas, engineering, construction, and IT sectors.

Union Recruitment and Employment Bureau: This agency offers recruitment and employment services across various sectors in Iraq, including hospitality, construction, and healthcare.

National Manpower Bureau (NMB): NMB is a leading recruitment agency in Iraq, specializing in providing skilled and unskilled labor across different industries.

Almanar Recruitment Company: Almanar focuses on recruitment services in Iraq, covering sectors such as construction, engineering, and logistics.

White Feather Group: White Feather Group is involved in various services, including recruitment and staffing solutions in Iraq.

Al Fursan Recruitment: This recruitment agency offers services in Iraq, particularly in sectors like hospitality, construction, and engineering.

Iraq Business News Job Board: While not a recruitment agency, Iraq Business News hosts a job board where you can find job listings and opportunities in various fields across Iraq

Necessary phone numbers in Iraq

• Emergency Services:
• Police: 104
• Ambulance: 122
• Fire Department: 115
• General Emergency Hotline: 112 – This is a universal emergency number that can connect you to various emergency services.
• Medical Services:
• General Emergency Medical Services: 112 or 122 (ambulance)
• Iraqi Red Crescent Society (Emergency Medical Aid): 104
• Fire and Rescue Services:
• General Fire Emergency: 112 or 115 (fire department)
• Tourist Police (for non-emergency assistance and information):
• Baghdad Tourist Police: +964 780 002 2020
• Electricity and Utilities:
• Electricity Emergency: 112 (electricity faults)