The National Investment Commission has issued an addendum to the investment license amendment regulations, as follows:

First: Change of Investor Name

A. Change of Investor Name from Natural Person to Legal Entity:

1. A formal request must be submitted by the investor to change the name, along with a copy of the valid investment license.
2. Approval must be obtained from the competent authority, the owning entity, and the sectoral entity regulating the investment activity.
3. The Ministry of Interior/Directorate of Civil Status, Passports, and Residence must be contacted to ensure there are no legal impediments to the name change.
4. The Central Bank of Iraq must be contacted to provide a confirmation stating that the investor has no financial obligations related to the project, prior to submitting the request to the Investment License Amendment Committee.
5. If the investor's name is changed from a natural person to a legal entity without the natural person owning all shares of the company, the procedure will be treated as a transfer of ownership.
6. Company documents must be attached (full company name, copy of company establishment certificate with certificate number, company license issued by the Companies Registrar accompanied by a barcode copy, meeting minutes specifying the owner's name and authorized manager), all of which must be attested by the Companies Registrar, with document authenticity confirmed if a barcode is not available.
7. The request will be presented to the Investment License Amendment Committee at the competent authority for a decision.

B. Change of Investor Name from Legal Entity to Natural Person:

1. A formal request must be submitted by the investor, along with a copy of the valid investment license.
2. Approval must be obtained from the competent authority, the owning entity, and the sectoral entity regulating the investment activity.
3. A decision issued by the company, documented in officially attested minutes, approving the name change, must be submitted.
4. Approval must be obtained from the Ministry of Trade/Companies Registrar Department for the name change, with clarification of the company's legal status.
5. The Central Bank of Iraq must be contacted to confirm that the legal entity has no outstanding financial obligations related to the project, prior to submitting the request to the Investment License Amendment Committee.
6. If the investor's name is changed from a legal entity to a natural person without the natural person owning all shares of the company, the procedure will be treated as a transfer of ownership.
7. Official company documents must be attached (full company name, copy of company establishment certificate with certificate number, company license issued by the Companies Registrar accompanied by a barcode copy, meeting minutes including the owner's name and authorized manager), with the Companies Registrar attesting to the authenticity of the documents if a barcode is not available.
8. The decision of the Investment License Amendment Committee at the competent authority requires endorsement by the head of that authority.
9. The Ministry of Planning must be contacted to ensure the company is not on the blacklist.
10. The request will be presented to the Investment License Amendment Committee at the competent authority for a decision.

Second: Extension or Increase of Investment Period

1. A formal request must be submitted by the investor to extend or increase the project duration, stating the reasons and justifications, and attaching a copy of the valid investment license.
2. A confirmation from the economic department or section of the competent authority must be submitted, clarifying the updated economic feasibility of the project compared to the financial variables of the previous study, with justification for the extension or increase.
3. Approval must be obtained from the competent authority, the owning entity, and the sectoral entity regulating the investment activity.
4. A technical report clarifying the reasons for the need to extend or increase the period for fully implemented projects or existing projects listed in the investment license must be submitted.
5. The request will be presented to the Investment License Amendment Committee at the competent authority for a decision.
6. The extension or increase period must not exceed 10% of the original period, and an addendum to the economic feasibility study must be attached.

Third: Amendment of Investment Project Capital

1. A formal request must be submitted by the investor to the competent authority, clarifying the reasons and justifications for the capital amendment request.
2. A copy of the investment license must be attached.
3. An updated economic and technical feasibility study, approved by an accredited consulting office, must be submitted.
4. A comparative study between the original and updated study must be conducted, clarifying the reasons for cost increases, attested by an accredited consulting office.
5. Approval must be obtained from the competent authority, the owning entity, and the sectoral entity regulating the investment activity regarding the capital amendment.
6. If the project is ongoing, proof of financial efficiency and revenues to cover the capital increase must be provided.
7. If project implementation has not yet started, a funding plan to cover the proposed capital increase must be submitted, with the Central Bank of Iraq contacted to approve this plan.

Contact law frim in Iraq

We hope this summary of the amended investment license regulations in Iraq is helpful. Given the complexity of these procedures, and to ensure full compliance and avoid any potential obstacles, we strongly recommend seeking the expertise of a specialized law firm in Iraq. Competent lawyers can provide precise legal advice, assist you in preparing all required documentation, and represent your interests before official authorities to ensure the investment license amendment process proceeds smoothly and efficiently.

To ensure your investments align with current Iraqi laws and regulations, promptly contact a trusted legal advisor.