Foreign Companies Required to Update Legal Status in Iraq – Official 60-Day Compliance Notice

Foreign Companies Required to Update Legal Status in Iraq – Official 60-Day Compliance Notice Etihad Law Firm would like to draw attention to a recent announcement issued by the Iraqi Companies Registrar, identifying a number of foreign companies operating in Iraq that are required to update their legal status in accordance with the Regulation of Branches of Foreign Companies No. (2) of 2017 (as amended). According to the Registrar’s notice, foreign companies included in the announcement must complete the required compliance procedures within sixty (60) days from the date of publication. Under the notice, affected companies are required to take one or more of the following actions within the specified timeframe: Submit updated legal and corporate information confirming the company’s status and activities in Iraq; Settle any accumulated fines or penalties, where applicable; or File an official application for branch liquidation if operations in Iraq have ceased.   Non-compliance within the statutory period may result in further regulatory action, financial penalties, or restrictions imposed by the competent Iraqi authorities.   How Etihad Can Assist Etihad provides legal and regulatory advisory services to banks, financial institutions, and businesses, supporting compliance with applicable laws, regulations, and regulatory guidance issued by any competent authorities.  

Foreigner Empowerment

Foreigner Empowerment In an effort to strengthen governance and regulate the labor market, government agencies have approved a new set of measures to regulate the affairs of foreigners and foreign workers in Iraq, most notably: Unify databases among relevant authorities to ensure the accuracy of information. Link residency permits, work permits, and entry visas to unified official systems. Strengthen procedures against violators and curbing the smuggling of foreign workers. Unify the visa system between the federal government and the Kurdistan Region through electronic visas.   📌 An important step towards legal compliance, regulating the labor market, and boosting public revenues. How Etihad Can Assist Etihad provides legal and regulatory advisory services to banks, financial institutions, and businesses, supporting compliance with applicable laws, regulations, and regulatory guidance issued by any competent authorities.