The transferring ownership of the company means that the ownership of the company is transferred to new individuals, therefore after going through the process, the shareholders and managers of the company would been changed.

One of the advantages of transferring the ownership of a company is that, the new owners aren’t obliged to go through the complexity of the establishing steps of registering company and the old owners don’t require to go through the time-consuming and expensive steps of liquidation of the company.

In order to transfer ownership of a company in Iraq, the company’s documents must be updated and legalized to current year, and if the company is subject of financial and legal penalties such as not appointing a legal advisor or not submitting annual financial statements, it must be settled and paid.

After settling all company’s account, company’s lawyer must go to the company registration office with required documents along with renewed the power of attorney, and submit a request for transferring the ownership.

It should be noted that if the company was registered before 2019 with 100% foreign shareholders was 51% of the shares should be allocated to the Iraqi partner according to the new Iraqi laws during transferring ownership.

1) Get the necessary inquiries about the company’s penalties and record through lawyer from the relevant offices at first.

2) Pay attention to the field of registered activity of the company and its initial capital and make sure that it matches your purpose and work field or can be changed.

3) Checking the reputation of the company considered cautious choice if it has a negative image in the mind of the audience.

The duration of transfer of ownership is about 60 working days and the cost of this varies depending on the status of the company’s accounts and crimes, initial capital, and the company’s field of activity.