Iraq Politics, Economy, and Culture

Iraq is a country in the Middle East, neighboring the Persian Gulf between Iran and Kuwait. Although known more recently as a battlefield for rival forces since the United States ousted President Saddam Hussein in the year 2003, Iraq’s history led to it being named the cradle of civilization. It is believed that the oldest human civilizations began in this region, since the 6th century B.C., including ones that led to literacy and the establishment of the rule of law for organized governance. After an extended rule under the Ottoman Empire, modern Iraq was created by Britain in the early 20th century.

Nowadays, Iraq’s economic growth relies on oil exports, which provides about 85% of the country’s revenue. As a result of its conflict-ridden recent history, Iraq continues to face various challenges such as social stability, a lack of security, an unstable political system, massive corruption, insufficient essential services, and a shortage of skilled labors.

With a population of 39.2 million, Iraq’s major ethnic groups include Arab and Kurdish, with Islam as the predominant religion, with mixed Sunni and Shia followers.

May 1Labor Day
May 13Eid al-Fitr
May 14Eid al-Fitr holiday
May 15Eid al-Fitr holiday
July 14Republic Day
July 20Eid al-Adha
July 21Eid al-Adha holiday
July 22Eid al-Adha holiday
July 23Eid al-Adha holiday
August 10Islamic New Year
August 19Ashura
October 3Iraqi Independence Day
October 19The Prophet’s Birthday
December 10Anniversary of Victory over ISIS
December 25Christmas Day
  • Limited Liability
  • Corporation
  • Partnership
  • Corporate Tax: 15%
  • Income Tax (Lowest Marginal Rate): 3%
  • Income Tax (Highest Marginal Rate): 15%
  • VAT/GST/Sales Tax: 0-300%
  • Rafidain Bank (State Bank)
  • Rasheed Bank (State Bank)
  • Industrial Bank of Iraq (State Bank)
  • Agricultural Cooperative Bank of Iraq (State Bank)
  • Real Estate Bank of Iraq (State Bank)
  • Bank of Iraq (State Bank)
  • Trade Bank of Iraq (State Bank)
  • International Development Bank of Iraq (IDB) (Private Bank)
  • Ashur International Bank for Investment (Private Bank)
  • Albaraka Bank Turkey (Private Bank)
  • Kurdistan International Bank (Private Bank)
  • Ghana Bank (Private Bank)
  • Babylon Bank (Private Bank)
  • Bank of Baghdad (Private Bank)
  • Basrah International Bank for Investment (Private Bank)
  • Commercial Bank of Iraq (Private Bank)
  • Credit Bank of Iraq (Private Bank)
  • Dar Es Salaam Investment Bank (Private Bank)
  • Dijlah & Furat Bank (Private Bank)
  • Economy Bank Iraq (Private Bank)
  • Gulf Commercial Bank (Private Bank)
  • Industrial Union Investment Bank (Private Bank)
  • Investment Bank of Iraq (Private Bank)
  • Iraqi Middle East Investment Bank (Private Bank)
  • Islamic Bank (Private Bank)
  • Mosul Bank (Private Bank)
  • National Bank of Iraq (Private Bank)
  • North Bank (Private Bank)
  • Sumer Bank (Private Bank)
  • Union Bank of Iraq (Private Bank)
  • United Investment Bank (Private Bank)
  • T.C. Ziraat Bankasi of Turkey (the Turkish state agricultural bank)
  • (Private Bank)
  • Bank Mili Iran (the national bank of Iran) (Private Bank)
  • Byblos Bank (Lebanese) (Private Bank)
  • Arab Banking Corporation (ABC) from Bahrain (Private Bank)

Aadmi can support you with your expansion to Iraq. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

December 01, 2023
Brazil offers many business opportunities as one of the world’s largest economies. However, its intricate regulatory framework and tax system can be challenging for d...
November 21, 2023
In the complex landscape of the business world, company directors play a pivotal role in ensuring the success and longevity of their organizations. They are entrusted with ...
November 14, 2023
With its rich cultural heritage, stunning landscapes, and growing economy, Portugal has become an attractive destination for businesses seeking to expand their operations i...
November 07, 2023
New Zealand is known not only for its breathtaking landscapes but also for its well-established business environment. Whether you are a local entrepreneur or an internation...
Not found