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.