Our visit to Iraq Finance Expo (IFEX) 2022

Officially sponsored by the Central Bank of Iraq and the Iraqi Ministry of Finance & and Iraq Private Banks League besides other reputable financial institutions, the 5th Annual Iraq Finance Expo (IFEX) is devoted to revealing the latest financial technologies and innovations in the Iraqi financial market. Now in its 5th year, IFEX is hosted at the Baghdad International Fairground from 2nd till 4th of July, 2022. The full range of Iraqi Financial service institutions is represented at the exhibition including Iraqi and International Banks, payment service providers, FinTech start-Ups, digital technologies, investment companies, capital markets, etc.
Our visit was on the 2nd day to focus and shine a spotlight on Iraq’s rapidly developing banking and financial services industry and our UpToDate exposure to such field in terms of its legal and compliance positions from the traditional banking methods to the new technologies which are leading the charge in global growth trends and how Iraq is poised to take advantage of such innovations.
Also, we have provided our insights and suggestions on the Iraqi financial laws to explore new opportunities and provide solutions to big financial challenges.

The IFEX was held with wide participation by the financial and banking institutions such as Trade Bank of Iraq “TBI”, S2M for digital payment, Al Taif Islamic Bank, Al Janoob Islamic Bank, International Development Bank, National Bank of Iraq, IRAQNA IBTS, TNFX, Arab Payment Services “APS”, BHTC for Training & Consulting and many more.

Below are some highlights of our visit.

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Our participation in the 7th Iraq Energy Exhibition & Conference

In June 2022, the 7th Iraq Energy Exhibition & Conference IEE is focusing on the breakthroughs in the generation, distribution, storage and use of power to meet domestic needs and international requirements. The 7-year-old event brings together the world’s leading manufacturers, global experts, governments, procurement, project managers and contractors to drive cost-effectiveness and efficiency and move projects forward. Discover the thousands of power products and innovative technologies that are energizing the industry in the 7th Iraq Energy Exhibition & Conference “IEE”

Our Firm in Iraq proudly was one of the exhibitors in the IEE which was sponsored by the Iraqi Ministry of Electricity besides many reputable energy firms such as General Electric, Hitachi Energy, Alfanar along with other esteemed companies and organizations such as Schneider Electric, MASS Group, SCATEC, Al Hamra Insurance and KEPPT; the conference has been an outstanding chance to meet up vis-a-vis and have valuable discussions with clients, partners, and other stakeholders on how we can assist the Energy sector investments in Iraq in terms of all its legal aspects

During the inauguration, his Excellency Eng. Adel Kareem (Minister of Electricity) was keen to visit and get to know all the exhibitors’ representatives. His highness emphasized how significant is the investment in such sector and its positive impact on the Iraqi economy, especially when it is fully assisted by the collateral legal aspects and their contribution to raising awareness about the Energy, power and renewable energy fields

In addition, we were proud to witness the appointment of the actress Ms.Ala’a Hussein as the ambassador of the Iraqi renewable energy and it will be a great move in the industry

Lastly, we were honored, among other esteemed exhibitors and sponsors, to receive an appreciation shield for our contribution to the sector from his Excellency Eng. Nizar Qahtan Hassan Al-Tamimi, Deputy Minister of Electricity for Distribution and Transportation Affairs

For more information about the Conference and our participation, please press below link

7TH IEE GUIDE

7TH IEE GUIDE_OUR PART

 

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Our Firm is ranked in the Legal 500 for two consecutive years 2021 and 2022 EMEA Guide

Al Muhamoon Al Mutahidoon Firm for Legal Consultancies is ranked for a consecutive year in the Legal 500 2021 and 2022. Legal 500 is one of the most prominent legal directories globally. The Legal 500 series contacts over 300,000 clients globally to obtain feedback on which law firms meet the criteria required by today’s in-house counsel and business leaders, wherever in the world their work takes them. All of this is used to benchmark each law firm versus competitors in the practice area in question.

In order to obtain such rank, we have been interviewed in person and by telephone with our specialist attorneys in each division– generally, the heads of departments or partner which helped to obtaining a clear picture of the firm direction and adopted policies.

Furthermore, we have submitted examples of legal projects our firm rendered in all legal aspects taking in consideration the confidentiality and non-Disclosure our firm commits towards its clients, as well as securing contact between Legal 500 and our firm clients enabling the specialists working on our firm rank to closely verify the quality of our services fulfilling the standards internationally adopted in the legal profession serving an accurate and fair evaluation.

Our attorneys’ professional coordination and intelligent quality management system were playing the significant role in obtaining such honor of ranking by providing the pre-requisites of Legal 500 in a flawless smooth way without any interruption or hindering our daily workload with our clients.

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Guidebook for Doing Business in IRAQ in cooperation with The German Liaison Office for Industry and Commerce in Iraq “AHK”

It is always crucial for investors to understand the business environment they are intending to enter for addressing the factors that best serve the growth of their investment further maintain a secure operation circumstances. With respect to the Iraqi market and besides the economic aspect; the legal environment may be the most significant concern for foreign investors.

Serving the objective of encouraging foreign investment in Iraq and considering the above understanding, our firm (Al Muhamoon Al Mutahidoon) in direct coordination with The German Liaison Office for Industry and Commerce in Iraq, a member of the Global Network of German Chambers Abroad “AHK”, has a productive participation, besides other high level experts in variant fields and sectors, in the preparation of a Guidebook for Doing Business in Iraq covering the best practices and FAQ’s for doing business in the country under the laws and regulations of Federal Iraq & Kurdistan Government of Iraq.

Al Muhamoon Al Mutahidoon contribution consisting of (36 pages) in English Language out of the Guidebook total pages (322), is focused on corporate sector, tax system and social security and employment under the Iraqi laws, prepared by a qualified and dedicated team of the firm, they are:

  1. Ms.Hiba Basim Khaza’al
  2. Attorney Othman Ayad
  3. Attorney Mohammed Hasan Hashim

In terms of corporate sector, our firm has presented an inclusive detailing on the forms of legal entities in Iraq available for foreigners and related requirements including share capital, shareholders and ownership limitation (where applicable), management and reporting, together with the involved estimated costs for incorporating the most popular forms of legal entities. It

While the report has presented an overview on applicable taxes in Iraq, both corporates and individuals, together with the allowances and exemptions addressing the most popular FAQ’s on this topic.

The labor law in Iraq is another topic that was covered by our firm under the Guidebook, in terms of the rights and obligations stipulated for the employee and the employer under the Iraqi law, the terms governing the relation between the two parties, in addition stating the taxes (social security subscriptions and income tax) implied to each party depending on the paid-up salary and the allowances applicable for employees under the Iraqi law.

Al Muhamoon Al Mutahidoon strongly adopts the Guidebook initiative that combines wide range of contributions providing a comprehensive and practical overview of the economic situation and legal system in Iraq highlighting the opportunities and challenges facing business representatives in Iraq at the same time, it provides assistance in developing solutions for the complex day-to-day operations on the ground, and our firm is willing to continue its usual legal support serving healthy business environment.

A copy of the guidebook could be downloaded via below link of AHK official website:

BEST PRACTICES AND FAQ FOR DOING BUSINESS IN IRAQ (ahk.de)

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Signing cooperation agreement nasser al-awar

As a part of our company’s (Al Muhamoon Al Mutahidoon Firm for Legal Consultancies, Advocacy and Accounting Management) endeavors to develop and maintain its cooperation with law firms and offices operating in the region, we are pleased to announce signing a Strategic Cooperation Agreement with Nasser Al-Awar Advocates & Legal Consultants incorporated and operating in the United Arab Emirates “UAE”. Nasser Al-Awar law office is one of the leading law offices in Dubai having more than (30) years of experience providing variant legal services including litigation & dispute resolution, and legal consultancies in relation to commercial law and corporates, real estate law and real estate management, and family law.

Given the mutual economic interests between the two countries and the developing commercial relations, the parties, through signing the subject cooperation agreement, seek to secure the legal assistance required by investors, corporates and individuals in each country in relation to the mutual interests for the clients of each party in the country of the other party which would effectively contribute a prompt and smooth provision of the required legal assistance for corporates and individuals via a reliable single point of contact.

More information about the Cooperation Agreement as well as Nassr Al-Awar office experiences and services, you may visit the following link:

Memorandum of cooperation with Al- Muhamoon Al-Mutahidoon for Legal Consulting | Nasser Alawar (alawarlaw.ae)

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Organizing workshop as part of WINVESTOR program

Al Muhamoon Al Mutahidoon firm has recently and with the cooperation and coordination with its partner (The Station Foundation) organized a workshop intended to spread the legal knowledge and provide guidance and mentorship to Startups and entrepreneurs through WINVESTOR program funded by the Embassy of Netherland in Iraq.

The workshop was preceded by conducting a questionnaire by our firm that was shared with the attendees by email serving the initial evaluation of the attendees’ knowledge with legal requirements needed for the establishment and operation of their projects and maintaining the same in accordance with each project circumstances and needs, as the workshop has covered below three main topics:

  1. Company incorporation including related requirements, procedures and fees, as well as providing the professional advice in arranging the company Articles of Association in a professional manner the covers the company activities and goes in line with the perspectives and capabilities of its shareholders.
  2. Taxes and significance of having a Tax No. for companies to operate and develop its operations notwithstanding the obligations arising to it towards the General Commission of Taxes and means to fulfill those within the time periods specified by law.
  3. Social security registration of the company and its employees as a legal requirement together with the obligations required by projects towards the Social Security and Pension Directorate for Workers, as well as the mutual obligations between the company and its employees and the rights entitled to each party.

The workshop has also addressed the attendees’ questions in relation to the above listed topics as an open discussion panel and providing the needed advice and mentorship under the applicable laws and regulations.

The workshop was followed by single and group free discussion panels established between the trainers from Al Muhamoon Al Mutahidoon and entrepreneurs & startups attending the workshop where they have presented the existing challenges facing their projects as the trainers, form their side, have presented the suggested means to resolve/overcome these challenges in compliance with each project unique circumstances always affirming our firm (Al Muhamoon Al Mutahidoon) full support for Startups operating in Iraq as well as their shareholders serving the development of entrepreneurial ecosystem in Iraq.

Pictures of the workshop are below:

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New partnership with The Station Foundation

Al Muhamoon Al Mutahidoon firm announces a new partnership with The Station foundation. This collaboration was established for the purpose of creating a legal and official framework under which the two parties’ endeavors to support startups and SME’s, mainly those operating at The Station Co-working space, to comply with local laws and regulations, could be organized and developed.

During the launch of partnership ceremony held at Al Muhamoon Al Mutahidoon premises on the 30th of May 2021; both parties have emphasized their willingness to integrate their efforts serving the development of entrepreneurial ecosystem in Iraq by utilizing their experiences, resources and network serving that purpose. The partnership represents a reflection to Al Muhamoon Al Mutahidoon essential principles aiming to support startups and SME’s based on our firm faith in the Iraqi youth and their having promising potentials and abilities that will take a considerable, increasing and positively effective part of the Iraqi upcoming economy system.

It should be mentioned that The Station foundation was established in 2018, as an independent, non-governmental, and non-profit organization, and rapidly became the cornerstone for Iraqi youth with fresh and inventive ideas to set a first foot into the business world and entrepreneurial projects. The role of The Station goes beyond merely a physical space; rather, it builds communities, drive acceleration, and inspire a culture of collaboration.

Selective pictures of the partnership ceremony are attached.

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legal 500 ranking

Our firm (Al Muhamoon Al Mutahidoon Firm for Legal Consultancies, Advocacy and Accounts Management, ltd.) is proud to announce it ranking officially as a Leading Firm in Iraq/2021 by the Legal 500, a research, ranking and publishing firm based in UK. Legal 500 rankings are merit-based, relying on the outcomes of studying and analyzing the services rendered by firms for their clients as well as studying and analyzing the clients’ feedback regarding these services and their compliance with international standards, lawyers’ expertise, standards and policies adopted by the firm whether in providing the firm services or as related to administrative, management and accounting systems adopted by the firm, the reliability and integrity of the firm services towards its clients in addition to other criteria that regulates the firm practice.

The ranking came as a result of unremitting efforts made by the firm staff at all levels to leverage the firm services to unprecedented level of integrity and excellence, as well as a reflection of proven success achieved whether with local or international entities.

In this occasion; our firm would like to extend its thanks and appreciation to its staff for their distinctive efforts and dedication leading to this remarkable achievement ranking Al Muhamoon Al Mutahidoon as a leading firm besides other well-known international firms, as well as the firm precious clients for being a significant part of this success and maintaining it.

For more information about Al Muhamoon Al Mutahidoon ranking; you may visit below link:

https://www.legal500.com/c/iraq/leading-firms/

 

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Takween accelerator spring cohort 2021

No matter of what size any start-up whether registered as a company or otherwise is; the legal aspect always requires special attention by the project founders or those operating the project. Based on Social Corporate Responsibility principle that our firm adopt and serving the purpose of spreading legal knowledge among all society levels, whether individuals or corporates; our firm has recently participated Takween Accelerator Spring Cohort 2021 as a trainer. The program is intended to select a number of start-ups and work on providing training on different aspects supporting building capacity and developing these projects, including legal training.

Our firm participation (in cooperation with Hawre Surchi Firm for Attorneyship and Legal Consultancies, in Kurdistan region of Iraq) has presented a brief for requirements and procedures involved in registering a project as a company together with related obligations, highlighting the optimum legal means for reducing incurred costs and emphasizing the proper legal and sustainable grounds for the incorporation serving the expansion and development of these projects. The session also included a general presentation for the official fees incurred for the incorporation, taxation obligations and labor rights, also allocating a part of the session for answering the attendees related questions.

It is worth mentioning that Takween is the first accelerator in Iraq that provides intensive training program, international mentorship, and access to an exclusive investors and ecosystem partners’ network. Takween Accelerator is part of the Yanhad project which aims at promoting civic engagement and entrepreneurship for youth in Iraq, funded by the European Union and the Crisis and Support Centre of the French Ministry for Europe and Foreign Affairs. The project is implemented by Expertise France with the support of the American University of Iraq, Sulaimani.

Below are pictures of the session

 

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Iraqi Bar raising legal adviser fees, and fines imposed to companies operating in Iraq

The Iraqi Bar Association has issued the administrative order no. (3021) on 11 April 2021 stating approximately 100% raise to the minimum fees for appointing a lawyer as a legal adviser for local companies, industrial projects and foreign companies branches, the order has specified the lawyer minimum fees for being appointed as the legal adviser for local companies and industrial projects to (300,000 IQD) Three Hundred Thousand Iraqi Dinars per month, while it has specified the minimum fees for the lawyer being appointed as the legal adviser for the foreign companies branches to (600,000 IQD) Six Hundred Thousand Iraqi Dinars per month.

On the same level; the mentioned order has stated the duplication of fines imposed to the companies for not appointing a legal adviser, as it has specified the monthly fines due to the local companies and industrial projects to an amount of (750,000 IQD) Seven Hundred and Fifty Thousand Iraqi Dinar, and an amount of (1,500,00 IQD) One Million and Five Hundred Thousand Iraqi Dinar monthly fines to foreign companies branches.

While it has obliged all local companies, industrial projects and foreign companies branches to deduct an amount equaling to (5%) of the appointed legal adviser monthly fees to be paid with the Bar fund in cash.

The decision comes as part of the Bar endeavors to leverage the lawyers’ standard of living and adding more reliability with regard the necessity of appointing a legal adviser by the companies operating in Iraq and to achieve balance between the interests of the lawyers and those of the companies and industrial projects. Principally that this decision was issued following considerable facilities provided by the Bar for the local companies, industrial projects and foreign companies branches during the past couple of years via applying different allowances and discounts to encourage updating their status with the Bar in appointing a legal adviser. While the Bar has obliged all its departments to strictly implement the decision contents while explicitly assuring that the Bar shall not allow any allowances or discounts after the decision effective date 01 May 2021.

A copy of the Bar order together with its English translation is enclosed.

Iraqi bar association_administrative order_11 04 2021

Iraqi bar association_administrative order_11 04 2021_English

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About Us

Al Muhamoon Al Mutahidoon Firm, incorporated in Iraq offering more than 32 years of diversified experiences in the legal, consultancies and accounts management sectors. Providing its services Iraq wide and internationally through its affiliates of reputable firms.

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