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Legal Forms of Companies

Sole Owner Company

Number of partners: One person
Capital (max/min): IQD 500.000
Shareholders and liability: Personal and unlimited liability

Simple Company

Number of partners: Minimum 2, maximum 5
Capital (max/min): IQD 500.000
Shareholders and liability: Liability is limited to the amount contributed, if not otherwise agreed between the partners

Limited Liability Company

Number of partners: Minimum 1, maximum 25
Capital (max/min): IQD 1 million (IQD 2 billion for the oil sector)
Shareholders and liability: Limited to the capital contribution

Joint Liability Company

Number of partners: Minimum 2, maximum 25
Capital (max/min): IQD 500.000
Shareholders and liability: Personal and unlimited liability in respect of the obligations of the company

Joint Stock Company

Number of partners: Minimum 5 members (no-cap) who participate by owning shares through a public subscription, maximum 100
Capital (max/min): IQD 2 million
Shareholders and liability: The liability of the shareholders is limited to the nominal value of the shares to which they have subscribed

Business Setup Procedures

Source: Doing Business - Latest available data.