INSTRUCTIONS FOR FOUNDING OF IRAQI COMPANIES
(In accordance with Companies Law No. 21, year 1997 and Instruction of Ministry of Trade No. 196 of 15/3/2004)
First : Submitting an application to the Companies Registrar signed by the founders’ legal deputy, in accordance with the Form compiled by the Companies Registrar’s Office which comprises the following information:
1- 1- COMPANY’s name (which shall be held in custody by the Federation of Chambers of Commerce.
2- 2-Type of COMPANY (limited, private shareholder, joint venture, mixed shareholder [i.e. share to the government and share to individuals])
3- 3-Founders’ names, addresses, their shares (in case one of the founders is a COMPANY, then details relevant to the managing director or equivalent rank shall be recorded).
Second: The following document shall be submitted with the application:
1- 1- COMPANY’s contract signed by the founders or their legal representative.
2- 2-A bank statement by a bank authorized for operation in Iraq verifying that the founders have deposited the minimum COMPANY’s capital as follows :
A- A-Two million Iraqi dinars as minimum for a joint stock COMPANY’s capital
B- B- One million Iraqi dinars as minimum for a limited COMPANY’s capital
C- C-Fifty thousand Iraqi dinars as minimum for other commercial entities capital
3- 3- Additional document of the shares’ contribution signed by the founders as well as technical and economic feasibility study if the application involved founding of a joint stock COMPANY.
4- 4- If the entity intended for founding companies has foreign proprietor members and projected plans for this entity to conduct retail sales in Iraq, it has to submit a bank statement showing that it had deposited (100 000) one hundred thousand US dollars in a non- interest account. It can support the Companies Registrar with such statement later. Its non- presentation is not considered cause for rejecting the registration application. However, it should be submitted prior its commencement of actual sale operation.