Procedure of registration of business
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The companies interested in opening of office in Iraq or participation in the state bidding are obliged to be registered in the country as foreign business. Procedures of registration differ depending on the chosen location. If core business of the company is performed in the Kurdish autonomous region of Iraq, it is necessary to be registered in the Regional Government of Kurdistan (RGK). If the company intends to do business in any other region or in Iraq in general, including in Kurdistan, it is necessary to be registered by the central Ministry of Trade of Iraq.
Registration of the legal entity in Iraq breaks up to several procedures, namely
| № | Рrocedure | Time, days | Cost, IQD | |||
| 1 | The choice of the company name, receipt of confirmation about reservation of the name from Chamber of Commerce and Industry of Baghdad The company name shall be Arab. Special department of Chamber of Commerce and Industry on trade names shall check the chosen name in the system and be convinced that it is free. After this procedure, the chosen name will be reserved behind the company and the notification on it will be sent to Federation of Chambers of Commerce and Industry for registration in other Iraqi chambers of commerce. | 2 | 500 000 | |||
| 2 | Hiring of the lawyer for preparation of the draft of the charter.As lawyers are obliged to constitute the draft of the charter of the new company, they, as a rule, are also responsible for registration process passing. The cost of this procedure varies depending on quotations of law firm. | 1 | 1 500000 | |||
| 3 | Fee of seed capital on a deposit in commercial bank and receipt of confirmation The company shall deposit the amount of seed capital of bank and receive from it confirmation which together with the statement shall be given to the Register of the companies. The account of the company will be unblocked right after registration completion of the procedure, and the company will be able to use deposited means in bank on presentation of the certificate from the Register. | 2 | 5 000 | |||
| 4 | Submission of documents for registration in the Commercial register All necessary fees for this procedure are paid directly at office of the Commercial register. The list of obligatory payments approved by the Register includes different types of charges (a payment to the registrar, the stamp tax, duties, a payment for the procedure of check, etc.), depending on the size of the equity of the company. The register sends article of incorporation to bank, tax authorities and others the relevant organizations, including the Ministry of Labor. For registration in the Register as the application to the statement for registration it is necessary to file documents and to provide the following information: - The letter from Chamber of Commerce and Industry of Baghdad (about availability reserved or a trade name); - The letter from the Union of Chambers of Commerce and Industry (that the chosen to company name is registered in others by Chamber of Commerce and Industry of the country); - The letter from bank on deposition of means; - Tax declarations of all founders of the company; - Copies of the Iraqi identity certificates; - Certificate on the Iraqi citizenship; - Food-cards; - The letter from the mayor's office on confirmation of the address; - Phone(s), e-mail address (addresses), and post number(s) of founders of the company. | 14 | 250 000 – 350 000
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| 5 | Production of a corporate seal | 2 | 20 000 | |||
| 6 | Receipt of the registration certificate After passing of above-mentioned Register procedures issues the registration certificate and publishes the message on creation of the company in the Bulletin. The company acquires a legal position from date of issue of the certificate. Copies of articles of incorporation will be distributed in all competent authorities. | 1 | Along with the procedure № 4 | |||
| 7 | Registration in tax authorities Before the economic activity of the company it is obliged to be registered by tax authority. In appointed day she is obliged to submit the first balance sheet in relevant organ in a place of registration then the tax registration number will be assigned to the company. | 2 | 450 000 | |||
| 8 | Legalization of accounting sheets The general tax department shall certify or register notarial existing accounting sheets of the company, as well as any accounting sheets which are again created by it. | 2 | 150
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| 9 | Social insurance of workers The size of insurance payments depends on the number of workers. Any company in which quantity the working more than 3 people, according to the Law on social insurance it is obliged to apply this or that program of social insurance. The employer is obliged to subtract 5% from the salary of employees and to add them to the amount equivalent of 12% of the salary of the employee which should be paid to Department of social insurance. | 3 | 20 000
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