Business in Erbil

Erbil (Arbil, Hawler) has been a melting pot since time immemorial. Today, several different nationalities live and work together in harmony here. The composition and style of the local working population reflects this. They are multilingual, multicultural, tolerant, consensus-oriented, and politically and culturally neutral. The Erbil metropolitan Area stands out from the crowd as a centre of international trade. The region combines transport and logistics expertise with an in-depth knowledge of all the relevant middle-East and European markets.

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The Investment Law of the Kurdistan Region

Monday, 27 December 2010

The investment law is one of the most friendly to foreign investors in the entire Middle East.

The Kurdistan Region investment law was passed in July 2006 and an Investment Board was created to manage and promote investment. For more details, please see the full text of the investment law on the official Kurdistan Regional Government website.

The Kurdistan Region investment law was passed in July 2006 and an Investment Board was created to manage and promote investment in Kurdistan. Some highlights of the law are:

  • Foreign and local investors and capital are treated equally under the law (Article 3).
  • Foreign and local investors are entitled to own all the capital of any project (Article 3).
  • The government allocates free or reduced-price land to investment projects that fulfil the criteria (Article 4).
  • Foreign and local investors are equally entitled to buy and own land for investment purposes (Article 4).
  • Investors get a 10-year non-custom tax break once they start production or service provision. Raw materials and equipment used in production also get customs relief (Article 5).

 

The Investment Board

The Kurdistan Region’s Investment Board, established in summer 2006, oversees and promotes foreign and local investment and is already issuing licences to suitable investors. The Investment Board was established by the investment law to help carry out the law’s provisions and to facilitate strategically important investment projects.