Iraq’s adviser touts new electronic company registration system to spur investment

In a statement to the Iraqi News Agency, Salih said the digital platform will sharply reduce registration times. “What previously took weeks or several months, turns into hours or minutes,” he said, adding that the new system enables entrepreneurs and investors “to start their businesses quickly without the need to move between multiple government entities.”

Mazhar Mohammed Salih’s full statement for Iraqi News Agency:

The establishment of a unified electronic system for company registration is an important step to support commercial activity and stimulate investment in Iraq. It not only facilitates procedures but also enhances business efficiency and generates a stronger, more advanced and innovative economic environment surrounded by many essential reasons and factors, foremost among them being the acceleration of procedures and reduction of bureaucracy.

This digital system reduces the time required for company registration, which previously took weeks or several months, and turns it into hours or minutes. This enables entrepreneurs and investors to start their businesses quickly without the need to move between multiple government entities.

This system reduces operational and administrative costs, as it also contributes to reducing reliance on paper-based transactions, thereby lowering costs for investors and avoiding many fees associated with paper documents, transportation, and other additional expenses.

The digital system enhances transparency, as the electronic company registration system is an important part of the government program’s philosophy in digital transformation and electronic governance due to the high credibility it provides. The mentioned electronic system allows instant verification of data and reduces chances of manipulation or errors, which strengthens trust between investors and government entities, leading to an improved business environment. This is one of the most important criteria adopted by the World Bank for emerging economies in this regard, attracting investment and enhancing competitiveness.

The electronic system achieves a high degree of digital connectivity and integration among related entities such as the General Tax Authority, investment commissions in the governorates, banks, the companies registrar itself, and the relevant departments of the Ministry of Trade, with great speed, accuracy, and high efficiency. This helps in making sound investment and production decisions.

It contributes to supporting entrepreneurship and small projects, as it encourages the removal of bureaucratic obstacles facing startup owners, which helps increase the number of small and medium enterprises. These are considered the backbone and main pillar of the national economy within the framework of the government program strategy and its applications.