Presentation to: MENA-OECD IDAL Regional Experts

Transcription

1 Presentation to: MENA-OECD IDAL Regional Experts

2 Iraq has adopted many legal and regulatory reforms to encourage foreign investment and move towards a more stable business climate. One such reform, Investment Law 13 of 2006, aims to incentivise foreign investment by granting investors specific privileges, benefits and guarantees. The Investment Law also calls for the establishment of the National Investment Commission (NIC), and defines the organisations design, purpose, and responsibilities.

3 National Investment Commission - Vision Iraq will be a destination of choice for discerning global, regional and national investors. The One Stop Shop will be the vehicle that guides the investors.

4 The One Stop Shop - Mission To be the single point of contact and the heart of the investment process undertaken by clients investing in Iraq.

5 The Role of The One Stop Shop o The One Stop Shop is the National Investment Commission s single point of contact for investors interested in entering Iraq. o The One Stop Shop aims to facilitate the investment process by providing investors with a streamlined and hassle-free licensing and investment services.

6 One primary function of the Law, is the issuing of investment licenses. While an investment license is not required to invest, it can provide substantial benefits to an investor. Qualifying investments are eligible to: o Receive 10 years exemption from taxes o Repatriate investments and profits from investments o Employ foreign workers o Obtain 3 years exemption from import fees for investment specific equipment o Receive the guarantee that the government will not nationalise or confiscate investments

7 The One Stop Shop - Priorities o o o o o Process Investment applications in a single, easily accessible spot. Create a single clearinghouse where investors can get answers to all their questions. Streamline the investing process by clarifying legislation and improving service quality in registration, licensing, permitting and land allocation. Provide investors with pre-approval support including approval facilitation, local partnering and information on markets, sectors, and investment incentives. Provide post approval support, including application for permits.

8 o Reception and Investor Services section o Review and Follow-Up Section o Government Liaison section o Licensing section

9 o Issuing investment licenses o Post licensing support

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11 o The investor can download and complete the investment license application from the NIC website ( o The investment licensing process at NIC begins when an investor applies for an investment license o The NIC works with the investor to help ensure required information is received and the application is considered complete.

12 o As required by Investment Law 13, once the license application package is complete, the NIC must complete the licensing process within Forty-Five (45) days. o The Coordination and Follow-Up Department conducts a thorough evaluation of the license application package o Once an overall evaluation is complete, the license application package is sent for specific review by the NIC s Economic and Legal Departments

13 o The Ministerial Liaison Department takes the application package to the appropriate Ministries within the Iraqi Government. o The Ministerial Liaison Department works with counterparts at other Ministries and physically takes the application documents from one Ministry to another. o The Ministerial Liaison Department receives the application package and the rejection or approval from the relevant Ministries and sends it to the Coordination and Follow-Up Department for documentation.

14 o The approval Department, which consist of OSS leadership, prepares the Ministry-approved investment license package. o Once the Chairman grants the investment license, a license certificate is issued, granting the project the benefits defined in Investment Law 13. o The OSS also issues a license addendum. The license addendum outlines the additional required permits or approvals.

15 o The Reception Department notifies the investor that the license is granted. o The Coordination and Follow-Up Department continues to follow-up with the investor to monitor progress at periodic intervals. o The Coordination and Follow-Up Department also works with the investor to help ensure that the requirements laid out in the license addendum are met.

16 Obtaining an Investment Licence o Straightforward procedure o One simple application format o Standard supplementary information o Basic project, company & financial details o Decision within 45 days of application

17 National Investment Commission Support to take the next steps of your investment provided by The National Investment Commission & The One Stop Shop

18 شكرا Thank You