Short guide to doing business in Iraq
Iraq, a country of about 37 millions of people, is quite a resourceful business environment, contrary to popular belief. While most people are not actually aware of the significant opportunities this region has to offer, others choose to give it a shot and launch their own business in the area. In order for you to understand this, there are some relevant facts you must know. To begin with, keep in mind that Iraq has the second largest oil reserves in the world and by the year of 2017, it plans to quadruple the industry’s production. This is a great proof of the fact that the country’s development is just beginning and you can speculate this evolution by starting your own business in the area. In addition to this, it seems that was far as diversity is concerned, there is nothing to worry about because there are plenty fruitful projects initiated in several industrial sectors. What is more, the continuous development of infrastructure is a plus for all those interested in investing in the corporate domain.
As you can see, doing business in Iraq is something quite promising. However, if you want to be successful and also safe, you need to follow a short guide, which will explain you step by step what you have to do. For starters, you must understand the political and economic environment. The country has some particularities that may not be found in other regions, which is why you have to pay a lot of attention to social, cultural and financial matters. You can use the professional services of a commercial advisor, who will provide you a comprehensive look at Iraq’s corporate environment. A specialized marketing analysis may also be necessary, because this way you assess the situation and learn what you have to do to reach your target audience.
As far as legal matters are concerned, these may be way more important than anything else. Iraq’s rules and regulations are quite strict, and this is definitely a drawback for those who are just beginning their corporate journey. Fortunately, there are some dedicated companies, such as Spectrum Integrated Solutions, offering legal support and advice for those interested in starting a business under Iraqi jurisdiction. Taking into consideration that these firms have employers with plenty of expertise and a diverse background, they can provide you with suitable strategies, so that you can develop your activity in accordance with the local laws and regulations. Whether you need visa for Kurdistan, tax or social security solutions, legal assistance or information about import and export requirements, the best thing you could do is hire a professional company to take care of all these actions. This way, you make sure you are not doing anything that may affect your business in the upcoming years. Having a team of legal experts by your side ensures you are up to date with all the changes in the sector and you can successfully integrate your company in the local environment.