This month we bring you a special focus on a continent that boasts the world’s largest free trade area, a diverse economic make-up and increasing political stability. The latest edition of Law Update focuses on Africa, a territory that continues to be an attractive business and investment destination.
Like the rest of the world, Africa is still re-building from the impact of COVID-19, however, there continues to be an optimistic view of the opportunities the continent presents. An example of the appetite for investment into Africa was captured in a report we commissioned, titled Legal Leaders in MENA. Our survey of legal leaders revealed a resounding desire to expand into new territories, with 81% naming Africa as their investment destination of choice.Read the full edition
Ghalib H.A. Mohammed - Senior Associate - Litigation
As such, it has become necessary to know the requirements to establish an entity which will conduct business in this field, and these requirements may be of interest both for those in Iraq and those outside of Iraq and the marine field. This article will discuss the requirements in connection with enabling an entity to render marine services in Iraq and will take you through the procedures of each stage with the aim of clarifying the entire process. It should be taken into consideration that the requirement at each stage has a bearing on the one ahead.
Stage 1 – Companies Registrar Department
The procedure for registering an entity with the Companies Registrar Department will vary depending on the type of the entity to be registered e.g. a local company, an LLC, or a representative office or branch of a foreign company; however, it is unnecessary to go into details of the registration requirements for each of these entities in this article. The points to be taken into consideration when registering an entity for rendering marine services in Iraq are as follows:
Stage 2 – Work Permit
In order to obtain a work permit from the General Company for Port of Iraq / Ministry of Transportation (the “GCPI”), by applying to the Marine Inspection Department, the following is required:
Stage 3 – Licence for marine services
To apply for a licence for marine services from the Marine Agencies of the State Company for Maritime Transport / Ministry of Transportation, the following steps are required:
Submit an undertaking to the Marine Agencies regarding the following:
It is to be noted that each stage listed above is to be fully finalised prior to proceeding with the next one (i.e. Stage 1 must be fully satisfied before Stage 2 can be undertaken).