IRAQ Trends and Developments Contributed by: Ahmed Al-Janabi and Sarmad Akrawi, MENA Associates in association with Amereller
The rationale behind the registration of some of these documents remains unclear, particularly in the case of the PO box and locally regis - tered domain. The domain registration process is proving increasingly problematic, as fees for well-known companies can be extremely high – reaching up to USD6,000 annually. Moreover, there is concern that domains using protected, well-known names could be granted to any company that pays the fee first. In contrast, the UBO requirement and good standing letters are more justifiable, as they aim to ensure that companies are in compli - ance with all applicable laws and regulations in Iraq. While obtaining these documents is theoretically straightforward, in practice it has become a lengthy and difficult process, largely due to understaffed government offices. The UBO forms pose a different challenge, as they are frequently rejected by authorities in parent countries, and legalisation of the documents has become increasingly difficult. A more recent development concerns access to the RoC itself. Lawyers and authorised rep - resentatives of companies must now book an appointment a day in advance for any in-person visit. This system has also proven problematic, as the number of available daily slots is limited. Booking opens only twice a day and is often fully booked within minutes, making it difficult to secure a time. In summary, while the overarching aim of these reforms is to transition into a digital framework and accelerate administrative processes, the lack of thorough research and inadequate prep - aration for implementation have resulted in fur - ther delays. In some cases, the cumulative effect of these poorly executed changes has brought
companies to a standstill, hindering their ability to operate effectively in Iraq. Further developments Other legislative developments in Iraq include proposals aimed at facilitating investment pro - cesses. Iraq recently acceded to the New York Convention, offering foreign investors assurance that disputes can be resolved and enforced against Iraqi entities. Additionally, Iraq has signed several bilateral investment and double tax treaties, including with Turkey, Saudi Arabia, and the UAE, although these treaties are yet to be ratified by Parliament. The housing fund law is also under review to make financing more accessible for Iraqis purchasing housing in new residential compounds. The housing sector is experiencing a surge of investment in Iraq. The government continues to implement regulatory reforms aimed at improv - ing the business environment and attracting foreign investment. Housing needs are being addressed through major investment projects. Earlier this year, the Iraqi government signed a major contract with Naguib Sawiris’ Orascom Investment Holding for Iraq’s largest residential project to date, set to include 120,000 housing units in Baghdad. Additionally, the government has initiated several large construction projects to address inadequate infrastructure, worsened by an influx of migrants from rural areas due to economic challenges and climate-related issues like water shortages. Local and foreign develop - ers are being offered contracts for new city pro - jects in Baghdad, Karbala, Babylon, Al-Anbar, and Nineveh governorates, which will feature housing units, schools, commercial centres, healthcare facilities, and other amenities. Large-scale real estate development creates investment opportunities in many sectors,
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