By: Hussein Salim
Below are the regulations specific to companies trading in precious metals:
1- Managing Director
- The company’s Managing Director must be an Iraqi national.
- Must hold a license for practicing metal crafting from the Central Organization for Standardization and Quality Control (COSQC) in the Ministry of Planning.
2- Capital
- The company’s minimum capital is (500,000,000) five hundred million Iraqi dinars.
- This amount should correspond to the value of gold and keep pace with global gold prices.
3- Opening Branches
- The company has the right to open branches in the governorates or in the same governorate, provided that it obtains approval from COSQC.
- The branch manager must hold a license for practicing metal crafting.
- The company must install a signboard bearing the company’s name and the name of the area where the branch is located.
4- Workshops for crafting and Repair
- The company has the right to establish workshops for crafting and repairing gold, provided that the workshop’s owner holds a license to practice metal crafting.
5- Branches of Foreign Companies
- The manager of the foreign company’s branch in Iraq must be an Iraqi national and hold a license for practicing metal crafting.
6- Company Activity
- It is not permitted to add any activity other than gold trading, except for commercial agencies related to jewelry and gold artifacts.
7- Management
- The Managing Director of the company shall not be a director for another company engaged in the same activity.
8- Trade Name
- The term “export” is prohibited in the company’s trade name.
- The company may reprocess gold outside Iraq according to the Council of Ministers Decision No. 23671 of 2023, and this activity shall be included in the company’s registered activities.
9- Companies in the Kurdistan Region
- Companies registered in the Kurdistan Region of Iraq, wishing to open branches in other governorates, shall provide documents verifying the registration of their main office in the Ministry of Trade.
- Submitting a decision confirming that the branch’s manager holds a license for practicing the metal crafting from COSQC in the Ministry of Planning.
