Doing Business 2018, a World Bank Report: Recent Reforms in Iraq Pave the Way for More Progress Going Forward
The newly released Doing Business Report 2018 titled Reforming to Create Jobs finds that Iraq has implemented in 2016/17 substantive changes in the local regulatory framework in two main areas: Starting a Business and Getting credit.
In fact, starting a business in Iraq has become easier by combining multiple registration procedures and reducing the time to register a company. Entrepreneurs are no longer required to register separately with the tax authority. Furthermore, the time required to register a company has declined due to an increase in resources at the registry, and an improvement of the online registration system.
Iraq has also improved access to credit information by launching a new credit registry managed by the Central Bank of Iraq. As of January 1, 2017, the registry listed 234,967 consumers and 4,877 commercial borrowers with information on their borrowing history within the past five years.
“Doing Business data show that fragile economies are reforming and approaching crises as opportunities
for better business regulations,” said Saroj Kumar Jha, World Bank Mashreq Regional Director. “As part of its Vision 2030 program, the Government of Iraq is embarking on a substantive reform agenda that builds on the Governmental General Framework Program (2014-2018) which prioritizes institutional economic reforms and private sector development. The World Bank Group is committed to support its efforts in identifying and pushing forward priority reforms that can help foster the business environment and generate growth and better opportunities for all Iraqis.”
Iraq simplified the process of starting a business by combining multiple registration procedures and reducing the time to register a company. It also launched a new credit registry, improving access to credit information.
- Simplified preregistration and registration formalities (publication, notarization, inspection, and other requirements)
- Cut or simplified postregistration procedures (tax registration, social security registration, licensing)
- Established a new credit bureau or registry
Source: World Bank
Read the full report here.