IRAQ – KRG Seeks Registered Company Reports

May 19, 2023

The Companies Registrar Directorate of the Kurdistan Regional Government (KRG) is asking all registered companies within the KRG to publish their records and files with the Directorate by 31 May. Any company which fails to submit all of their records will be fined by the KRG.

The Impacts of the Directorate’s decision are outlined below:

  • Any registered company in KRG, should prepare their files and records, stamp them at the Notary Office, and submit it to the Companies Registration Directorate.
  • This process stopped a long time ago, and now it’s returned to be implemented again.
  • All companies have time till the end of May 2023, otherwise, a penalty will be recorded, and our expectations are no less than 10 million IQD.
  • Till now there is no confirmed amount of the penalty amount.
  • Local Companies are the most affected by this new regulation, as per the required documents, and the foreign companies’ branches and Iraqi companies’ branches are only required to submit their Accounting Records file (General Ledger).
  • The attached documents are the Issued Decision with the translations, for the records.
  • Notary Office’s fees for the legalization will be known upon submitting the documents.

We advise all clients to complete their files and records as per the Companies Registrar Directorate, legalize them, and submit them before the announced deadline. All clients who are registered as foreign branches should prepare only the Accounting Books (General Ledger) and submit them.


Newland Chase Insights

We will keep you posted with any relevant developments and will be glad to help any of our clients to complete this matter as soon as possible and without passing the deadline.

This immigration update is for informational purposes only and is not a substitute for legal or scenario-specific advice. Furthermore, it is important to note that immigration announcements are subject to sudden and unexpected changes. Readers are encouraged to reach out to Newland Chase for any case- or company-specific assessments.