Set up a company in Iraq – Kurdistan – Erbil

Setup company Iraq Kurdistan Erbil, After the amendment of the law of Iraqi corporation in 2004, the same law applied in Kurdistan Region, the procedures for incorporation in the regional government is the same procedures as the central government, the difference between them were official fees only.
In January 2018 some procedures changed in the transactions of corporation in the Kurdistan Region of Iraq. The General Directorate of corporation in the KRG implemented the electronic system on Internet, although this did not conflict with the law, but the change was in the routine and procedural.
However, the electronic system was not applied to all procedures, such as paying fees and opening the bank account of the corporation. This means that if you want to set up a corporation in the   Kurdistan region of Iraq / Erbil you take consideration that some of the procedures are electronic and some are not electronic so you have to review the departments to complete the procedures.
Form a corporation or other procedures in this way is a positive step, but it is not free from shortcomings. It is to force the corporation applicant  or the director to review the departments for certain procedures such as paying the fees and highlighting the original copies of the documents such as identity, passport, residence, set up corporation to certify papers or object to decisions, all these things can not be carried out by the electronic system.

An investment contract in Erbil

Khori Yasa has managed to arrange a contract regarding an investment contract in Erbil, Kurdistan/Iraq. The project comprises 711 housing units with water supply network, electricity distribution networks, building roads, kindergarten, school, police station and shopping mall. The cost of the project is (7 million US dollars) and the duration of executing the contract is 36 months. Besides, the project is licensed by the Kurdistan Investment Authority.

KhoriYasa succeeds in the revocation of a bill of exchange guaranteeing carrying out a contract between two companies.  

      Our client (plaintiff), an Iraqi company, had signed a contract of equipping laptops with the defendant, an Iranian company. To guarantee carrying out the contract, the CEO of the Iraqi company personally signed a bill of exchange and put a valuable piece of land at the Erbil center as a collateral. The problem is that the CEO shouldn’t have signed the bill of exchange and guaranteed carrying out the contract personally.
Therefore, the defendant immediately took advantage of this opportunity and asked for enforcing the bill of exchange at the Directorate of Execution in Erbil.
Accordingly, the CEO was notified that his land would be sold out in a public auction.
However, our lawyers took the case to the Court of first instance (Bada’a court) and Appellate court all the way. Consequently, the case took them one year until they could revoke the bill of exchange and give him back the land.