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Are attestations required for power of attorney?
A notarized power of attorney issued outside Iraq, it must be attested by both the Ministry of Foreign Affairs and the Iraqi Embassy in the country it has been issued from. The original copy of the power of attorney must be delivered by courier to Iraq. Further attestations and
The official departments where the power of attorney has to be attested by inside Iraq varies, depending on the type of rights the power of attorney holds. For example, a power of attorney that holds financial rights such as sell, purchase and receive money on behalf of the client (s), has to be attested by the Iraqi Public Department of Taxation, The Notary Public and the Ministry of Foreign Affairs. If the Power of Attorney holds no power(s) to act on
What are the Litigation Stages in Iraq?
There are three stages for litigation in Iraq, the first stage is to file a case at the court of first instances, after hearing trial are concluded the court of first instances shall render its judgment on the case. The same judgment could be appealed at the court of appeal. The court of appeal shall hold hearing trials and receive pleadings from case parties. Once the hearing trials are concluded the court of appeal shall render its judgment in either endorsing the appealed judgment of the court of first instances or rejecting it. The court of appeal judgments could be appealed at the federal court of cassation located in Baghdad. The court of cassation’s judgments are final and binding and shall conclude all trials on a case.
What is the Approximate Time Frame for Court Trials in Iraq?
There is no fixed time frame for the trials in Iraq, and it is a matter that totally depends on the submissions a case party will present to the court. However, an average can be given of not less than a year and up to three years, to finalize a case and reach a final verdict.
How can I start a business in Iraq?
The first step is to define your form of business to be, as a matter of licensing your business, the Iraqi law offers several options including the registration of local company fully owned by foreigners or as a branch of an existing foreign company.
Can foreigners invest in Iraq?
Iraqi Investment Law treats Iraqi and foreign investors equally, in terms of rights and responsibilities.
Is the Iraqi banking system recognized globally?
Yes, the Iraqi banking system is properly managed and structured in accordance with international standards. Local banks has been modernized in the past 10 years to catch up with the accelerated businesses and international transactions in and from Iraq.