The Kurdistan Regional Government will register companies electronically

The ninth cabinet of the Kurdistan Regional Government, during its reforms, will reduce the registration fee of companies in order to avoid wasting money and time of citizens. The facility is expected to increase the level of registration of companies in the Kurdistan Region.

Bland Mohammed, the Director General of Companies Registration at the Ministry of Trade and Industry, told the official website of the Kurdistan Regional Government, in previous years, business name registration was expensive, ranging from 500,000 to more than a million dinars. Getting a business name also required a lot of routine, for example, visiting the Union of Chambers of Commerce or the General Directorate of Companies Registration, which would have caused fatigue for citizens and businessmen in the Kurdistan Region and abroad.

Bland Mohammed said: “As the General Directorate of Companies Registration, we prepared a regulation that was approved by the Presidency of the Council of Ministers, the reforms and facilities made as a result include:

First, giving each business name 50,000 dinars, which previously ranged from 500,000 to more than a million dinars.

Second, reducing routine and saving time, because the transaction is only done by the General Directorate for Registration of Companies and business names are registered within one day.

Third: If the name of the company, any name or number, even if it is not meaningful, provided that it is not contrary to the general order and general etiquette of the Kurdistan Region, it will be approved, this makes it easier to obtain a business name and to register a company.”.

The General Directorate of Companies Registration also said, so far, 31,921 companies have been registered in the Kurdistan Region, 28,579 of which are domestic companies and 3,342 are branches of foreign companies. In 2022, 1,079 companies will be registered in the Kurdistan Region. We expect the rate to double after the facilities we have made, because companies can be registered in the easiest way, in the shortest time and at the lowest cost.

He also talks about the reforms in this area: “ Last year, the initial reforms we carried out led to the registration of a significant number of companies compared to previous years, for example, last year about 2,300 companies were established in the Kurdistan Region and a small number of companies were liquidated, if we compare them all, the facilities will be evident from this year. On the basis of the expansion of power, the process of giving commercial names to Duhok, Sulaymaniyah and Erbil has been given. This means that Kurdistan Regional Government citizens do not need to visit The General Directorate of Companies Registration, but through the Companies Registration Directorate and the business names of the cities to obtain this service.

It is worth mentioning that on Monday, January 9, 2023, the process of issuing business names in the Kurdistan Region by The General Directorate of Companies Registration under the Ministry of Trade and Industry began.