Registration Act Aeetmashy Companies With a Free Economy
|December 26, 2011||Filled under Iraq Daily News|
Facing business owners procedures imbroglio, and routine in registering their companies in the Companies Registration Department of the Ministry of Commerce, contrary to the objectives of the government during the current stage and to encourage the private sector and large companies that singled out an important role in the reconstruction of the country, and acknowledged the Registrar of Companies the existence of difficulties and obstacles and routine, but they confirmed their intention to curtail the difficulties until the completion of e-government project that will be working with departments related to the registration of companies as a union of chambers of commerce and taxation.
The absence of the investment environment
In an interview (morning), said a spokesman of the Ministry of Planning Abdul-Zahra al-Hindawi said Iraq since the middle of the last century has not seen stability in the distribution of economic activity between the public and private sectors, since the establishment of the Iraqi state until 1950, occupied the private sector a privileged position in the hierarchy of interests of the state and gave him plenty of support and material aid and taking exercise its economic parental care under the umbrella of the state, but this role was taken by the receding of different policies that toppled this role.
He explained that this fact led most of the industrialists and businessmen in Iraq to turn to imports rather than investment in industry and big business because of the low level of risk and to limit its business and the continued demand for them.
He said the most important challenges facing the development of the private sector is the absence of appropriate investment environment that encourages the mobilization of the possibilities and capabilities of the local private sector or foreign support for the national economy and the lack of clarity of any
role for the private sector in development effectiveness.
The Hindawi a failure in the Iraqi market for securities and distancing itself from the rules and principles developed financial and universally adopted, eventually, to weaken the financial strength of the investor Iraq and the high interest rate, which is a constraint in cash on the movement of credit to the private sector for investment purposes by the government banks and reliance on the protection systems and support provided by the state rather than competitive systems, making the private sector to fall from its accounts and its investment criteria of efficiency and competition.
He noted that the economic reform programs are completely free from the requirements of economic, financial, legal and administrative measures for the restructuring of public institutions, which limited the possibility of starting with privatization or merger between public or private institutions.
In an interview with economist Dr. Ali Anbure said that the country after 2003 moved towards a market economy, and religion of Iraq’s economic now changed from a centralized economy to a free, expressing his regret at the existence of legislation regulating this process and still emanating from a central tenet in addition to not update the old procedures during the the past years.
He adds »that the investment process in Iraq and development need to be reviewed; the sense that it can not be expected that there will be investment in the country, and open market economy without being there is a legislative review of the first step for the registration of companies, adding that therefore we need a legislative review of laws that regulate the registration process and there are more than the law has to do with this process ».
As a member of the National Business Council, Adel Rahim al-Moussawi was among the companies in Iraq suffers from many difficulties most notably the large number of routine checks and the law of registration of companies, hoping that overcome these difficulties and be more facilities to the private sector to register local companies in Iraq.
Review of legal frameworks
Legal expert Iyad Muhsin explained that the mechanisms imposed on the registration of companies is long and complex and expensive at the same time, the need for access to the mechanisms of simplified and the Court for the registration of companies to review the legal framework governing the registration process, including law firms and law ministries of transport and industry, who are available by the provisions impose requirements and limitations on companies may work for Ivredha the Companies Act.
The Companies Act
Member of the Board of Trustees of the Iraqi Institute for Economic Reform contrary Reza jeweler said that there were a number of obstacles facing the registration of companies, which confuses the investor, so it is important to determine who in a clear and explicit law and the abolition of the plurality of sides, pointing out that when the back of the Companies Act was the law of the State central or legally dependent on the centrality of economic performance, although we are working according to standards of the market economy must reproduce the law in line with these standards.
Disrupt the economy
Shows the jeweler that hinder the establishment of the company hinders our economic performance in terms of Landry in addition to a multiplicity of proceedings and the large Almtdakhlin with them, which creates a favorable environment for corruption because those who wish to register a specific company and see sterile procedures will have to resort to persons known abilities hidden in solving the intractable problems of the citizen when you stop treatment in Department highlights its unlimited in solving these problems through bribery and thus create an environment that is proper and improper and harmful to the applicant and the institution and take away their rights because the money rather than give it to someone who is corrupt can be part of the proceedings to be paying fees for the benefit of state revenues, certain.
And alert to the need for a lot that must be dealt in terms of re-drafting the law and the rehabilitation of workers to this area and reducing the procedures and to identify the third party one and work the window one and therefore many things we hope to resonate lead to the creation of new thinking in regards to doing business in Iraq.
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