The Kurdistan Regional Government (KRG) has announced that the registration of the companies will be digitised, in order to reduce the cost of registration and to save time.
According to a press release from the KRG, this facility is expected to increase number of companies registered in the Kurdistan Region.
Blnd Mohammed, Director General of the Registry of Companies at the Ministry of trade and Industry, told the official website of the Kurdistan Regional Government:
"In previous years, registration of business was very expensive, ranging from 500,000 to more than one million dinars and time consuming.
"In order to facilitate and reform the trade and industrial sector in the Kurdistan Region, trade name reservations are no longer related to the Chambers of Commerce and Industry, reserving trade names for all businesses and professions are directly from the General Directorate of Companies Registration or the Directorate of Companies in provinces of the Kurdistan Region.
"The reforms and facilities include as follows:
- Issuing trade name only cost 50,000 dinars, which previously ranged from 500,000 to more than a million dinars.
- Reducing routine and saving time, because the transaction is done by the General Directorate of Companies Registration and trade names are registered within one day.
- Any name or number, even if it is not meaningful, provided that it does not contradict the general order and general etiquette of the Kurdistan Region, it will be approved. This will make it easier to obtain a trade name and register a company."
"So far, 31,921 companies have been registered in the Kurdistan Region, 28,579 of which are domestic companies and 3,342 are foreign branches. In 2022, 1,790 companies was registered in the Kurdistan Region, After these facilities we expect the rate will be double, because companies can be registered in the easiest way, shortest time and at the lowest cost."