What are the Documents Necessary for Establishing a Company in Iraq?
- Submit an application to the Chamber of Commerce that includes the name of the company, its activity and partner information.
- Preparing the company contract.
- Company foundation document.
- Depositing the capital in the bank and obtaining a document to prove the deposition.
- Technical and economic feasibility study.
- Company registration in the commercial register.
Also read: A Simplified Definition of Commercial Law
What are the Types of Companies in Iraq?
Consist of at least two people or twenty-five people at most. Partners share the company’s debts. This type of company is not required to have a minimum capital. The company’s manager may not engage in any similar activity of the company without obtaining the approval of all partners.
Limited Partnership Firms
The number of partners is two at least and five at most. A limited partnership firm consists of two types of partners:
Joint partners: who manage the company and deal with its debts.
Limited partners: those who are not responsible for managing the company, but who participate in its capital, and are obligated to pay the company’s debts according to the amount of their share in the company.
The limited partner is not entitled to do any work towards others. This type of company is not required to have a minimum amount of capital.
Partnership Limited by Shares
It consists of joint partners and limited partners. There is no minimum capital, and the capital is divided into shares. Partners share the losses only by the amount of their shares in the company.
Limited Liability Company
The limited liability company consists of two or more persons, and the number of partners should not exceed twenty-five partners.
Joint Stock Company
Its capital is divided into shares of equal value, and each shareholder is responsible according to the amount of his contribution to its capital. The number of partners should not be less than five.
Also read: The Importance of Commercial Law