The National Investment Commission (the “NIC”) is committed to bringing opportunities to the investor community that are essential to the Iraqi citizens, provide growth and development for the country and offer significant returns on investment. In line with these goals, we at the National Investment Commission are proud to be presenting this…More
One Stop Shop
The one-stop shop in the National Investment Commission is the main gateway for communication with the investor. OSS provides an appropriate investment environment in Iraq. It aims to improve the investment environment, stimulate the real participation of the private sector and encourage domestic and foreign investments by removing all bureaucratic obstacles and facilitating the investors’ mission of obtaining privileges under the investment law in force. They also provide answers to queries submitted by investors or those interested to invest.
According to the Iraqi Investment Law No. 13 of 2006, the OSS Department shall assume the following responsibilities:
- Receiving and studying investment applications and verifying their compliance with the conditions stipulated by the law and the investment system.
- Approaching the relevant departments and entities to obtain the necessary approvals required for issuing the investment license and to follow up the implementation of the regulations and instructions.
- Approaching the relevant departments for the purpose of allocating land for investment projects.
- After issuing the investment license, it will be in charge for following up the investment projects that have an investment license and follow up the progress of work in those projects according to the timetable provided in advance by the investor.
2. Main Activities
- Issuing Investment Licenses: Investment Law No.13 (amended) obliged the National Investment Commission and the Provincial Investment Commissions (PICs) to issue investment licenses to interested investors after submitting their applications to the OSS dept. in NIC and OSS unites in PICs.
- Facilities and follow-up: – The OSS Department is responsible for providing all required facilities to the investor after granting the investment license for the project such as approvals for customs exemptions for raw materials and entry permits for foreign workers and follow up progress in coordination with the investor and the beneficiary of the project.
- Reduce the loops of routine: – The OSS department is responsible for facilitating and simplifying the procedures and approaching the relevant departments and sectors to reduce the routine and obtain all the necessary approvals to issue the investment license within the prescribed period of 45 days.
3. OSS Department Sections:
- Reception and services of investors: in charge of receiving and recording applications, study and obtain the approval of the relevant sectorial bodies and answer all investors’ inquiries.
- Coordination and follow up: Coordinates work with the rest of NIC and PICs departments and follow-up implementation of their regulations and instructions.
- Government Liaison Section: providing the required support to investors through the facilitation of procedures in coordination with representatives of the sectorial bodies in the OSS and follow-up obtaining official approvals within the time limits stipulated in the law.
- Licensing Section: issuance of investment licenses after obtaining all the fundamental approvals and follow-up implementation after the issuance of investment license.
- Administration and Documentation Section: in charge of following-up and documenting the daily correspondences of NIC in addition to following up other sections activities as well as meeting their work requirements.
4. Investment Licensing Procedures:
- The One Stop Shop department provides the investors all the assistance they need regarding investment licensing. The licensing section is in charge of issuing investment license and to ensure that all investors enjoy privileges, exemptions, guarantees, facilitations and obligations stated in the Iraqi Investment Law.
- Investment licensing procedures starts by studying and reviewing the application form of investment license (which is which is available from the NIC directly or on the NIC website, noting that the investor is to submit the following documents along with submitting the application forum mentioned above, and as follows:
- Project Executive Summary.
- Project Economic Feasibility Study.
- Financial efficiency statement from an accredited Bank.
- Project Completion Timeline
- Documents showing projects undertaken by the investor (maximum four)
- Legal document showing the relationship between the authorized person and the investor
- Copy of ID or Passport of the Investor (the Natural Person)
- Copy of ID or Passport of the authorized person
- Articles of Incorporation and Certificate of Incorporation of the company or Certificate of Incorporation for the Company or investment entity’s office or branch in Iraq or outside Iraq (for Legal Entity only)