Official Name: Republic of Iraq
Iraqi dinar (IQD)
- Consultation (in person, online, phone)
- Helping to prepare your documents
- Start to finish your company registration process
- Immigration services
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.
How long does it take to register a company or a branch in Iraq?
The registration process of the Iraqi branch and company is about 60 to 90 working days. It is necessary to pay attention to this point. Will not be allowed to officially operate and open an account.
Can the company’s office manager be foreign?
To register a company or a branch, it is possible to choose a foreign manager and it is not necessary for the director of Iraq to stay permanently.
Is the presence of an Iraqi shareholder required to register a company in Iraq?
In Iraq, it is possible to register an Iraqi company owned 100% by foreigners. And there is no need for an Iraqi partner. Except for registering a company in specialized fields, which requires the presence of an Iraqi shareholder.
Can we stay in Iraq by registering a company?
In order to obtain residency in Iraq, you must register your company and then apply for residency by contacting the Iraqi Residence Office. Companies that have a government contract in Iraq have priority in obtaining residency.
Is it necessary to register a company to operate in Iraq?
It is always suggested that the company be registered for a proper and strong presence in Iraq. It is possible to open a bank account and buy and sell and stay for companies. A company in the Iraqi market will be successful if it has a legal base in Iraq.
How much English do the Iraqi people know?
Generally, Iraqi businessmen and the educated class of Iraq have the opportunity to speak English.
The benefits of company registration in Iraq
- Possibility to participate in Iraqi procurement and construction tenders only for company owners in Iraq
- Possibility to buy or rent a property, office, warehouse, car, etc.
- Obtaining permanent residency and multiple business visas
- Possibility of quick visits to offices, unions and commercial offices in Iraq
- Continuous evaluation of commodity exchanges, competitors, market rates, etc.
- Quick access to economic regulation before other overseas suppliers
- Possibility of exporting all kinds of Iraqi goods and re-exporting from Iraq
- Initial access to requests from Iraqi public and private sector buyers
- Ability to pursue monetary and banking claims better than importers and buyers
- Possibility of membership in some economic and industrial unions and organizations
- Possibility of obtaining visas for many foreign countries, including European and American
Incentives for investors
- Insuring national and foreign invested projects by Iraqi insurance companies or foreign insurance companies.
- Possibility of investing and participating in the stock exchange sector
- Lease of land required for projects can be renewed for a period not exceeding 50 years.
- Opening a bank account in Iraqi dinars, foreign currency or both in Iraqi banks or banks outside Iraq.
- Provide residence permits and other facilities to investors who have entered Iraq and intend to live in this country.
- Declaring invested projects inadmissible.
- Possibility of transferring the salaries and benefits of non-Iraqi workers abroad.
- Exemption from various duties and taxes for 10 years from the date of commencement of projects, which can be extended.
- Also, the equipment and assets required for the development and updating of companies will be exempt from taxes and duties.
Types of companies in Iraq
Joint stock companies (private and mixed):
- The minimum number of shareholders required to establish such companies is five natural or legal persons who must provide their shares in the form of an underwriting.
- The liability of each shareholder for the debts of the company is proportional to the amount of their shares in the company.
- Iraqi law stipulates that insurance and financial investment companies must be joint stock companies.
- The founding shareholders must keep their shares of the company’s capital in an Iraqi bank.
- Financial investment companies act like brokers investing in the stock market, but their activities will be overseen by the Central Bank of Iraq.
Individual companies (individual plan):
- It is possible to establish an individual company by a real person.
- The owner of the individual plan is responsible for all the obligations of the company.
- In Iraq, individual participation is referred to as “individual design”.
- Joint stock companies are established by a number of investors, the number of which varies from 2 to 25 individuals and legal entities.
- Each owner has a share in the company’s capital.
- Simple companies are established by 2 to 5 investors.
- The share of each of them in the company’s capital is in cash or non-cash.
- According to company law, the founding documents of simple companies must be approved by the court registrar.
- Owners of simple companies must submit a copy of their company application form, which lists the names of shareholders and the number of their shares, to the Iraqi Companies Registration Office at the Ministry of Commerce.
Limited companies (private and mixed):
- According to company law, the number of founders in limited companies should not be less than 2 and more than 25.
- The founders of such companies can be real or legal and are liable for the debts of the company to the extent of their shares.
- Most companies registered in Iraq are limited companies.
- The formation of a joint venture with the consent of one or more legal entities is permitted from the public sector.
- If the public sector participation in such companies is less than 25%, this company is considered a private company.