legal guide to doing business in iraq - · pdf filelegal guide to doing business in iraq....
If you can't read please download the document
TRANSCRIPT
Legal Guide to DoingBusiness in Iraq
Amereller Rechtsanwlte
Attorneys & Legal Consultants
Munich / Berlin / Baghdad / Basra / Dubai / Ras Al-Khaimah / Cairo / Damascus
5th Edition
By
Dr. Florian Amereller, LL.M. and Dr. Stephan Jger and Ahmed S. Al-Janabi
Legal Guide to DoingBusiness in Iraq
Amereller legAl ConsultAnts
Lenbachplatz 4D 80333 Munich
GermanyTel.: +49-89-549 019 0Fax: +49-89-549 019 99
In Association With
menA AssoCiAtesAttorneys & Legal Consultants
Baghdad:Maghrib Street, Kawakib Building, (Opposite Rabat Hall)
Baghdad, IraqTel.: +964.743.530.1761
Fax : +964.1.425.1038; +44.207.691.7215Mob. [email protected]
Baghdad International Zone:Sabre Compound
District 215 Street 7Tel.: +964-740 032 3429; +1 801 839 2403
Fax: +964 1 425 1038; +44(0) 207 691 7215mob. +964.770.397.1111
Basra:Sayid Ameen StreetBasra, Bradeya Iraq
Tel. +964 740.032.3429+1 801 839 2403
Fax: +44(0) 207 691 7215mob. +964 780 000 8383mob. +964 780 913 1553
Erbil:60th Street (Steeny Street)
Opposite Panasonic-Sheikh BarzanjiDistrict 340--6699.
Erbil, Iraqi KurdistanTel.: +964-66-223-5665
Fax:+964-66-223-5666; +44(0)207.691.7215Mob. +964.770.397.1111
Amereller reChtsAnwlte with AdditionAl offiCes in:
Munich: Lenbachplatz 4, D 80333 MnchenTel.: +49-89-549 019 0Fax: +49-89-549 019 99
Berlin: Mdler Haus Friedrichstr 58 10117 BerlinTel.: +49-89 54 90 190Fax +49-89 54 90 19 99
Dubai: Al Moosa Tower II, 19th Floor, Sheikh Zayed Road, Dubai, United Arab Emirates
Tel.: +971-4-332-9686Fax: [email protected]
Cairo: GIC Tower, 21, Soliman Abaza St., Mohandessin, Cairo, EgyptTel.: +20-2-376 26 201/03
Fax: +20-2-376 26 [email protected]
Damascus: Al-Tayaran Building No. 1, Al-Thawra Street, 9th Floor, P.O. Box 347 42, Damascus, Syria
Tel.: + 96311 231 62 56Fax: + 96311 231 62 57
Ras Al Khaimah: Office F 18, Business Park, Po Box 10559, Ras Al Khaimah Free Trade Zone
Tel.: +971 -7- 204 6255Fax: +971 -7- 204 6256
fulbright & JAworski l.l.P.
Dubai: Festival Tower, 24th Floor, Dubai Festival CityP.O. Box 35767, Dubai, United Arab EmiratesTel.: +971-4-293 2222; Fax: +971-4-293 2223
Riyadh: In Association With Mohammed Al-Ghamdi Law FirmOlaya Main Street, P.O. Box 52681
Riyadh 11573, Saudi ArabiaTel.: +966-1-279 5400; Fax: +966-1-419 8278
Austin: 600 Congress Avenue, Suite 2400Austin, TX 78701-2978
Tel.: +1-512-474 5201; Fax: +1-512-536 4598
Beijing: China Resources Building, 25th FloorNo. 8 Jianguomenbei Avenue Dongcheng District
Beijing 100005, ChinaTel.: +86-10-8513 5888; Fax: +86-10-8513 5866
Dallas: 2200 Ross Avenue, Suite 2800Dallas, TX 75201-2784
Tel.: +1-214-855 8000; Fax: +1-214-855 8200
Denver: Republic Plaza370 17th Street, Suite 2150
Denver, CO 80202-5638Tel.: +1-303-801 2700; Fax: +1-303-801 2777
Hong Kong: Hong Kong Club Building, 16th Floor3A Chater Road, Central, Hong Kong
Tel.: +852-2523 3200; Fax: +852-2523 3255
Houston: Fulbright Tower1301 McKinney, Suite 5100Houston, TX 77010-3095
Tel.: +1-713-651 5151; Fax: +1-713-651 5246
London: 85 Fleet StreetLondon EC4Y 1AE
United KingdomTel.: +44-20-7832 3600; Fax: +44-20-7832 3699
Los Angeles: 555 South Flower StreetForty-First Floor
Los Angeles, CA 90071Tel.: +1-213-892 9200; Fax: +1-213-892 9494
Minneapolis: 2100 IDS Center80 South Eight Street
Minneapolis, MN 55402-2112Tel.: +1-612-321 2800; Fax: +1-612-321 2288
Munich: Prinzregentenstr, 4880538 Munich, Germany
Tel.: +49-89-242930; Fax: +49-89-242 93222
New York: 666 Fifth AvenueNew York, NY 10103-3198
Tel.: +1-212-318 3000; Fax: +1-212-318 3400
San Antonio: 300 Convent Street, Suite 2200San Antonio, TX 78205-3792
Tel.: +1-210-224 5575; Fax: +1-210-270 7205
St. Louis: 8000 Maryland Avenue, Suite 1190St. Louis, MO 63105
Tel.: +1-314-505 8800; Fax: +1-314-505 8899
Washington, D.C.: Market Square801 Pennsylvania Avenue, N.W.
Washington, DC 20004-2623Tel.: +1-202-662 0200; Fax: +1-202-662 4643
Amereller Rechtsanwlte Partnerschaftsgesellschaft
Legal Guide to Doing Business in Iraq
5th Edition
By
Dr. Florian Amereller, LL.M. and Dr. Stephan Jger and Ahmed S. Al-Janabi
Disclaimer
The information in this Guide has been carefully researched and compiled. However, it is by no means a fully comprehensive account of the laws of Iraq. The Guide is intended to serve as a reference only, not as a substitute for direct legal advice. The authors and editors refer the reader to the applicable Iraqi laws and regulations and the need to obtain legal advice.
Copyright 2010
Any reproduction, in whole or in part, and any use of this Guide in data bases or similar devices requires the express prior written approval of AMERELLER RECHTSANWLTE.
Legal Guide to Doing Business in Iraq i
TABLE OF CONTENTSTable of Abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .v
Foreword to the 5th Edition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii
Foreword to the 1st Edition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix
I. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
II. Legal History of the New Iraq. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 1. UN Sanctions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 2. Coalition Provisional Authority (CPA) . . . . . . . . . . . . . . . . . .2 3. The Iraqi Interim Government . . . . . . . . . . . . . . . . . . . . . . . . .3 4. The Iraqi Transitional Government . . . . . . . . . . . . . . . . . . . . .4 5. The Permanent Government of Iraq . . . . . . . . . . . . . . . . . . . . .4 6. The Semi-Autonomous Kurdistan Region . . . . . . . . . . . . . . . .5
III. Recent Developments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 1. MIGA Convention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 2. Iraq Stock Exchange (ISX) . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 3. New Securities Legislation. . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 4. International Law. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
IV. Iraqi Legal System. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 2. Sources of Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 3. Court Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 4. Specific Issues under Civil Code
and Commercial Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
V. Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 1. Contracts for Works . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 2. Decennial Liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 3. Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 4. Liquidated Damages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31
Legal Guide to Doing Business in Iraq iii Amereller Rechtsanwlte 2010ii
VI. Foreign Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 1. Aims of the New Investment Law . . . . . . . . . . . . . . . . . . . . . .32 2. Investment Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 3. Investment Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 4. Benefits and Guarantees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 5. Investors Obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 6. Procedures for Obtaining Investment Licenses . . . . . . . . . . . .36 7. Dispute Resolution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 8. Investment Treaties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36
VII. Foreign Investment in Kurdistan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 1. Administration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 2. Areas of Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 3. Treatment of Foreign Investors . . . . . . . . . . . . . . . . . . . . . . . .38 4. Allocation of Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 5. Incentives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 6. Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 7. Licensing Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 8. Dispute Settlement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
VIII. Commercial Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41 1. Background. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41 2. Requirements for Agents/Distr