The following is an outline of steps in investing in Iraq process.
1. Investor makes initial contact with IRFAD – Interview conducted via Skype/Phone. IRFAD will ask for an overview of project and investor, including company profile–with valid business address–financing plan, project outline and similar works.
2. IRFAD begins initial contact with Provincial Authorities/ Sector Authorities to assess feasibility and interest of project idea. If interest is confirmed, authoritative interest is expressed in letter form from governorate officials to Investor (up to 15 days).
3. Investor fills out investment application and applies to the National Investment Commission. Download fill out the Investment Application for Iraq here.
Individual Investors should collect the following items:
- A high quality scanned and notarized copy of your individual passport
- Your personal information:
- Mailing Address
- Place of Birth
- Citizenship Status
- Bank Account Information
Company Investors should collect the following items:
- Articles of Incorporation
- Certificate of Incorporation
- Shareholder Signed Letter of Authorizaiton
- Color, scanned copies of authorized Personnel, notarized
Both parties should gather the following Project Information to obtain an Investment license:
- List of projects completed inside and outside Iraq
- Details of Project – Economic & Technical Feasibility Study
- Timetable of Project
- Certificate of Good Standing from Certified Bank
4. National Investment Commission accepts application of Investment, for grantee of investment license. Project is assessed and approved (up to 45 days).
5. If approval is given, agreement with all relevant parties is signed
6. Land is allocated for establishment of the project.
7. Project Timeline begins
- Investors must adhere to Iraqi Labor laws.
- Investors must not harm the Iraqi environment
- Investors must adhere to International Organization for Standardization
There are a variety of other regulations and procedures which vary by governorate. Please contact IRFAD at email@example.com for guidance on governorate investment information.
Iraq Investment by Region
Certain issues, regulations and restrictions fall under the power of the Provincial Government, not the Central Government. When investing in Iraq, it is important to have connections in both levels of government. It is also important to note that Investment in the Kurdistan region falls under the power of the Kurdistan Regional Government, with a separate Kurdistan Region Investment Law KRIL, Law 4 of 2006 as, well as its own Kurdistan Board of Investment (KBOI). Therefore, it is important to have specific connections within the Kurdistan parliament/government when pursuing opportunities within this region.
Iraq Investment Opportunities by Governorate
Investment Commissions in Iraq
The National Investment Commission (NIC) of Iraq and the Provincial Investment Commissions (PICs) were established in 2006, and were created to provide information pertaining to investment opportunities, processes, as well as aide in the registration and contract signing of projects.
Opening a Business in Iraq
Iraq law allows foreign investors to open a business/ branch inside Iraq through the Ministry of Trade’s Company Registrar. A business ID number must be obtained through the appropriate application process.
- Determine what category your company belongs to, according to the Companies Law No. 21, 19997
- Register trade name with Trade Chamber or Union of Trade Chambers.
- Submit contract signed by owners/founders of the company, staining name, activities and capital to Company Registrar.
- Deposit capital in IQD to an authorized Iraqi Bank, notifying the Company Registrar.
- Pay registration fees to Companies Regstrar: http://motiraq.org/registration.aspx
- Determine the technical and commercial activities of the articles of incorporation.
- Obtain approval of Minister of Interior
- Acquire Company’s financial account for the last fiscal year
- Determine the address of commercial activities in Iraq.
- Appoint Executive, Accountant and Legal representative for company.
- Open for business
For more information please contact firstname.lastname@example.org.