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Iraq

The ISO code of Iraq is IQ according to the ISO 3166 standard. The local name of the country is the same as its English name. Iraq capital city is Baghdad. People in Iraq speak the Arabic, and Kurdish languages. On 28 June 2004, Iraq emerged as a sovereign political entity. In the year 06/28/2004, Iraq emerged as a sovereign political entity. The largest city in Iraq is Baghdad.

Iraq is located in the UTC +03:00 time zone, which is also called Atlantic Standard Time or AST. The internet country code top-level domain (ccTLD) for Iraq is .iq. Other domains assigned to Iraq are krd. , عراق., . The International dialing code for Iraq is 964. People in Iraq drive on the right side of the road. Total land area of Iraq is 438,317 km² (approx. 169,234 mi²). Iraq is not a landlocked country. It means that is is bordered by at least one major body of water.

A view in Iraq

Iraq is located in Asia. Iraq is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Iraq faces various issues, including water and air pollution, desertification, internal conflicts.

Doing business in Iraq

We offer various corporate services in Iraq jurisdiction. These services can serve both, people coming from Iraq and foreigners. If you plan on doing business in Iraq you might be interested in contacting us.

To find out about starting your business in Iraq click on company formation in Iraq.

To find out how to open a bank account in Iraq and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Iraq.

Choose preferred service below or continue reading to find out more about Iraq.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Iraq

The total population of Iraq is 39,339,753 people. In Iraq, the population density is 83 people per square kilometer (216 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Iraq is 0.3689. Iraq has approximately 95780 foreign immigrants. The median age is approximately 21.5 years. In Iraq, 7.1 in every 100 people use internet. Iraq has a Human Development Index (HDI) of 0.642.

The majority religion of Iraq is Islam, Iraq is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Iraq.

Culture of Iraq

People in Iraq speak the Arabic, and Kurdish languages. According to data on inbound tourists in Iraq, 892,000 tourists arrive in the country each year. The first McDonalds in Iraq was opened on 10 August 2006, and it was located in Baghdad. One of the most popular national dishes of Iraq is samak masgouf. To read more click on culture of Iraq.

Geography of Iraq

Iraq is considered to be a large nation because of its total area. Its total land area is 438,317 km² (approx. 169,234 mi²). Iraq is located in Asia. Its capital city is Baghdad. Iraq has 6 neighbouring countries. Its neighbours include Iran, Jordan, Kuwait, Saudi Arabia, Syria, and Turkey. Total length of land borders of Iraq is 3809 kilometers (~1,471 miles).

The highest point of Iraq is Cheekha Dar, with its official height being 3611 m (11,848 ft). Including land mass and EEZ, the total area of Iraq is approximately 439,088 km² (~169,532 mi²). The most notable natural resources found in Iraq are petroleum, natural gas, phosphates, sulfur.To read more click on geography of Iraq.

Economy of Iraq

The currency of the country is Iraqi dinar. The symbol used for this currency is ع.د, and it is abbreviated as IQD. 8.2% of population in the country are unemployed. The total number of unemployed people in Iraq is 3,225,860. Each year, Iraq exports around $91.99 billion and imports roughly $66.61 billion. The Gini Index of the country is 29.5. Iraq has a Human Development Index (HDI) of 0.642.The Global Peace Index (GPI) for Iraq is 3.444. Iraq has a government debt of 23.3% of the country's Gross Domestic Product (GDP), as assessed in 2012. Iraq is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Iraq is $526,090 billion. Each year, consumers spend around $14,003 million. The ratio of consumer spending to GDP in Iraq is 0%, and the ratio of consumer spending to the world consumer market is 0.0404. The corporate tax in Iraq is set at 15%. Personal income tax ranges from 3% to 15%, depending on your specific situation and income level. VAT in Iraq is 10%. In 2013, Iraq received 1300.7 million USD in foreign aid.In 2014, the foreign aid amounted to 1908 USD.To read more click on economy of Iraq.

Infrastructure of Iraq

Infrastructure quality in Iraq is rated to be at 2.18. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.

In Iraq, 100% of the population has access to electricity. There are 26 internet hosts in Iraq. Iraq has 102 airports nationwide.

The logistics performance index of Iraq is 2.3. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.

Tracking possibilities for shipments are rated at 2.31. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.

The number of road motor vehicles per 1000 inhabitants in Iraq is 588. To read more click on infrastructure of Iraq.

Politics of Iraq

Iraq, is a federal parliamentary republic. With regard to political and civil freedoms, Iraq is 3. Citizens in Iraq experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Fuad Masum.

According to the World Bank Group, the government effectiveness index of Iraq is -1.13. This indicates that the government of Iraq is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Iraq, the legislative power is vested in a Council of Representatives. The Global Peace Index (GPI) for Iraq is 3.444. The strength of legal rights index for Iraq is 1. Overall, it is considered to be rather weak - bankruptcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible. In 2013, Iraq received 1300.7 million USD in foreign aid. In 2014, the foreign aid amounted to 1908 USD. Iraq is a member of the United Nations (UN). On 21 December 1945, it joined the UN at it inception date as a full member state. Iraq is one of the original UN member states who founded the organization. Iraq is a member of the World Bank. To read more click on politics of Iraq.

Environment of Iraq

Iraq emits 4.2 metric tons per capita of CO2. 8220 km² of Iraq's territory is covered in forests. and forest land comprises 2% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Iraq is 588. To read more click on environment of Iraq.

Company formation in Iraq

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Iraq.

When establishing a company in Iraq, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Iraq that will affect the establishment and growth of one's business. Contact us or click on company formation in Iraq to read additional information when setting up a business.

Bank account opening in Iraq

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Iraq. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Iraq, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Iraq or contact us.