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Iraq Update

 

April 2003 - Iraq Update:

The recent extensively reported downfall of the Regime in Iraq is expected to have a dramatic impact on the legal business and commercial environment in Iraq. The likely liberalization of the Iraqi economy will involve changes and amendments of major presently applied laws.

While the main laws of general application such as the Civil Code Law No. (40) of 1951, which regulates civil and general contractual transactions are not expected to be substantially changed particularly since this Civil Code was promulgated during the monarchy based on Islamic law (Shariah) and European legal concepts mainly the French laws incorporated into the Egyptian Civil Code.

However, other important laws regulating specific aspects of business will probably be revoked and replaced. We provide below our some of the laws that in our opinion have to be replaced.

1. The Commercial Agency Law No. (51) of 2000, which provides strict regulation of agency has to be moderated and practical in line with Middle Eastern Agency laws.

2. The Central Bank Law No. 64 of 1976, which provides strict foreign exchange controls that should be revised.

3. The Commercial Companies Law No. (21) of 1997, to facilitate companies registration and the establishment of branches of foreign companies.

4. Arab Investments Law No. (46) of 1988, to encourage Arab and foreign investments in development projects.

Furthermore, this web site will continue to provide regular updates on legal and practical developments on the Iraqi economy.

Contact Gulf Law for further detailed advice on specific aspects of these developments.

CAVEAT The above update is a guideline not intended to be a legal opinion or advice. For opinions and/or advice on developments or specific legal matters in Iraq, kindly contact us by e-mail to sm@gulf-law.com for the advice required.

Other Updates:

Iraq Update: December 2010

Iraq Update: December 2008

Iraq Update: August 2004

Iraq Update: October 2003

Iraq Update: Agency Law

Iraq Update: July 2003

Iraq Update: April 2003

Iraq Update on Agency Law: March 2001

Iraq Law latest update from Gulf Law December 2008

 

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