Deputy Director General of the Registrar of Companies in the Ministry of Commerce Abdul Aziz Jabbar Abdul Aziz, near the work of electronic clearing “in the ministry, stressing that the ministry aspires to create a database of organs and services of the state.
Abdul Aziz Jabbar Abdul Aziz said in a press interview that “the Registrar of Companies is a department that documents the procedures that take place in the companies from the establishment until the classification and write-off and passes through 38 procedures, whether registration of foreign companies or local.”
He added that “the Registrar of Companies in the Ministry of Commerce is facilitating the procedures in line with the government’s approach to opening up investment, noting that” simplifying procedures for companies is to build a website with all the documents required of those wishing to register their companies and in both Arabic and English. ”
He added that “the form of incorporation is filled through the website and there are attempts to the electronic registration department in the adoption of the Visa card and electronic scissors in the payment of fees,” noting that “the most important obstacles that stand in front of the Registrar of companies are legislative obstacles and old laws that are not in line with the development of the work of the Department Which was issued in the time of the former regime, which was a socialist regime. ”
He pointed out that “the current government orientation towards the free economy and currently there is the law of private companies and presented before the State Consultative Council and draft law for public companies, before the Panel of Experts, stressing the issuance of a system to open branches of foreign companies in Iraq.
He explained that “the law of commercial agencies allowed the distribution system in Iraq, which has allowed the distributor and the commercial agent to work in Iraq and there is an important text serves the national economy is not to allow non-Iraqi to be a distributor or an agent and this serves the national interest.”
“The development of Iraqi companies to become agencies of foreign international companies allows them to develop their commercial and technical capabilities and develop their own capacities,” he said. “The government has simplified the procedures that enhance the speed of registration of companies.
He added that “the department works with the Ministry of Finance and sectoral departments and in coordination with the Central Bank to prepare laws to facilitate the work of local and foreign companies, adding that the Department relied on data to identify the shortcomings and weaknesses, and found that we have 30 thousand companies in operation and the rest of the companies are an institution but not active, And the department is in the process of taking measures to stimulate these companies to work and re-activity. ”
He pointed out that the most important weaknesses of companies that have been monitored by the Registrar of Companies is that the number of joint-stock companies for the current year are two companies compared to limited companies, and the procedures will be in full swing to simplify the steps to introduce joint stock companies to the Iraqi market for securities and the Central Bank.
Abdul Aziz said that “the Iraqi market for securities is a sector that specializes in the shareholding companies that deal with the financial transfer, and the joint stock companies, whether banks or financial transfer companies or commercial companies or industrial companies, and then the stock market is specialized in those trades.
He added that “the Registrar of Companies is working to facilitate and simplify the legal procedures for registration of companies to encourage the entry of the investor and the opening of local companies and the entry of foreign companies, noting that the Department posted on its website the system of opening foreign and local companies and Arabic and foreign languages, and all the required documents, The Department’s website to learn how to complete the registration form or open a branch of a foreign company in Iraq. ”
Abdul Aziz said that “the average time to issue the certificate of incorporation is 15 days and the launch of the deposit will be on the same day, but we suffer the momentum of the auditors, which is estimated at about 500 a day, pointing out that this number of reviewers requires an increase in the preparation of photocopiers, printers and computers, The department does not cover its work in providing 38 corporate services. ”
He pointed out that “the average number of auditors is 500 references, and then we need support with technical devices and support staff until the completion of the transaction in the hour required, and we need to clean extra hours of work on staff or the so-called (overtime), and overtime hours You need to transfer lines to employees and increase the salary of approximately 2500 dinars per hour, and the Department is poor and does not have financial allocations, which is an obstacle to the development of the work of the Department.
He pointed out that the Department of Registrar of Companies opened the Economic Affairs Department with the exception of the Department of Instructions because it has resources, and has been maximizing its own resources, but we would like to obtain an exception from the Ministry of Finance on the development projects included in the budget of 2017, which the Department was unable to list projects. The Economic Affairs Authority to approve the exception of the instructions to be used 50% of the state approved by the Department to develop its work.
He pointed to the need to adopt the visa card card to pay the fees, and was approached between the Department and the banks of the rational and Rafidain and the PI was sought to adopt electronic clearing in the payment of fees, and was approached by the Central Bank, confirming that next month will be approved electronic clearing in the payment of fees.
Abdul Aziz stressed that “there are no fake companies, and the department has taken all the precautions in this regard by sending the book of validity of the issuance of the identity and documents to the founders and the publication of the books of authenticity of the issuance of the deposit of capital and the validity of the issuance of the Agency. The appearance of fraud in any document, the person referred to the judiciary to take the necessary action,