Economy: the need for a legal amendment of commercial agencies and companies
December 19, 2015


Member of the Parliamentary Committee on the economy and investment, Nicole, Saturday, that the Commission will amend the law on registration of companies, stressing the need to record companies the names of Iraqis or Iraqi owner equity of not less than 51%.

Al-kinani said the Parliamentary Committee on the economy and investment "is currently working on amending the code commercial agency law which belong to the Ministry of Commerce, and business registration Amendment Act", noting that "these acts have direct contact with citizens and the private sector to raise the economic level."

He added that "the Commission does not want to rely on oil as a source of the basis for the budget, but want to develop economic and trade agencies in the country."

He noted that "it is necessary to have the commercial agent to an Iraqi company exclusively and may not be of any other citizenship.

"The commercial agent for samsonk company in Iraq, while there may not be a foreign owner company.

"The need to be the owner of the company or the company owner is exclusively Iraqi Iraqi issues 51% and 49% foreign equity shares," adding that "the Iraqi citizen can't take an agency in another country so we are giving valuable Iraqi companies before other firms thus benefit the Iraqi people."