Tentmaker Reports

Iraq Report

Entrepreneurial Missions Index

42.6

General Information

Population

32,030,823 (38th most populous country in the world)

RELIGIONS
Muslim97%
Other3%
LANGUAGES
Arabic
Kurdish
Turkoman
Assyrian
Armenian

Industries

Petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Iraq, visit https://www.cia.gov/library/publications/the-world-factbook/geos/iq.html.

Business Information

The World Bank ranks Iraq as 159 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Iraq.

In order to start a business in Iraq, one must follow these procedures:

  1. Search for a company name; obtain a name reservation letter from the Baghdad Chamber of Commerce
  2. Hire a lawyer to draft articles of association
  3. Deposit initial capital at commercial bank and obtain confirmation receipt
  4. File for registration at the Commercial Registry
  5. Advertise incorporation notice in the newspaper
  6. Make company seal
  7. Obtain registration certificate
  8. Report to tax authority to establish tax registration
  9. Legalize accounting books
  10. Register employees for social security
  11. Apply for a trade license

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Iraq, visit http://www.doingbusiness.org/.

 

 

Iraq Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

 

Iraq Summary

 

1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project

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