Page 32 - of Khadrun’, and that Mark said about the lineage of Jesus son of ‎Mary that he was 'The word of God which He placed in the human ‎body, so it became human’, and that Luke said, 'Jesus son of Mary ‎and his mother were humans of flesh and blood, so the Ho

Investor Guide to Iraq 2021

Investment Licensing Procedures: -
The NIC established the One Stop Shop department to help investors obtain investment licenses through the procedure shown
below:
- The investor submits a request to the NIC indicating a desire to invest, including the proposed investment sector and geographic
area. This request shall be made via a standard form which is available from the NIC directly or on the NIC website
(www.investpromo.gov.iq).
- The investor provides a solid financing plan supported by a letter from an accredited bank supporting the investor's ability to
implement the project and ensuring its completion in accordance with the specified time period.
- The investor provides a preliminary economic feasibility study of the project and a technical offer showing the details of the
project to be created.
- A timetable for the implementation of the project is also provided by the investor.
- A list of similar completed projects inside or outside Iraq is, similarly, provided.
After the completion and submission of the above required documents, the National Investment Commission studies the request,
according to the process detailed, and obtains the procedural approvals from the relevant authorities in order to grant the
investment license within a period of 45 days from the date of the completion of the investor’s documents and their submission to
the Commission.

After obtaining the investment license, the investor should commit himself to the following:
- Notifying the Commission, in writing, of the date of commencement of the operation of the commercial project.
- Investors must maintain proper accounting records. The investors must also have these records approved by a licensed Iraqi
accountant.
- Investors must keep a record of any import-fee-exempted items imported for the project. The records must specify the
depreciation period of the said items.
- Investors must not harm the Iraqi environment and must also adhere to all valid quality control systems in place in Iraq, as well
as to international quality standards (as stipulated by the International organization for standardization (ISO) and the European
Union (EU)
- Investors must, at minimum, adhere to Iraqi labor laws as they pertain to salaries, time off, work hours, and other stipulated
working conditions.
- Commitment to the conformity of the schedule of work progress with the actual implementation.
- Training of Iraqi employees and workers, with priority to be given to the recruitment of Iraqi workers.

www.investpromo.gov.iq 30