The Kurdistan Region of Iraq has enjoyed unprecedented development since the removal of the previous regime in 2003.
The KRG has taken advantage of increased interaction with the international community to explore a wide range of economic activity, reserving a lynchpin role for foreign investors, multinational companies, and public private partnerships.
To facilitate such growth, the KRG passed a number of forward-looking pieces of legislation, including the Kurdistan Region Investment Law and the Kurdistan Region Oil & Gas Law, designed to ensure that the private sector is the engine of a free market economy.
A liberal foreign investment law was ratified in July 2006 providing incentives for foreign investors including the possibility of owning land, up to 10 year tax holidays, easy repatriation of profits and removal of tariffs on exports and imports related to the project.
The foreign investor has the right to invest for themselves without a partner or choose a partner as he likes. Investors have the right to employ foreign laborers in their projects and the foreign laborers have the right to transfer their gained money to their original countries. Foreign and Iraqi investors have the right to transfer all his gains to his original country or to any other countries he likes.
The Board of Investment (BOI) in the Kurdistan Region works in liaison with relevant governmental bodies and other professional institutions, promotes domestic and foreign investment to achieve economic growth.
The BOI mission is to create investment opportunities, provide best services to investors and work to rebuild Iraq through the Kurdistan region. The BOI works to ensure that simple, transparent and legalized procedures are applied.
The Kurdistan Regional Government continues to take steps to facilitate business opportunities and to ease the process by which organizations can be established, while simultaneously ensuring a level playing field and secure competitive environment.
Currently, it takes approximately 30 days to start a business in Kurdistan. By law, the Investment Board is required to process applications within 30 days of submission. Detailed, professional proposals have the potentials to be processed more quickly, in approximately five to ten days.
This page provides step-by-step information on how to start investing in the Kurdistan Region…
From tourism to manufacturing, to agriculture and transportation, Kurdistan is ready to have others play a bigger role in its economic future, which in turn helps buoy the economic base and stability for all of Iraq. It is indeed the perfect location for a regional base, profitable work in developing infrastructure or launching new businesses outright.
The Kurdistan Region hosts a number of trade fairs each year spanning all sectors of the economy. These are a great place for you to meet key players from the private sector and decision makers from the government.