{"id":712,"date":"2024-12-04T09:54:58","date_gmt":"2024-12-04T09:54:58","guid":{"rendered":"https:\/\/iraq-localize.com\/?p=712"},"modified":"2024-12-04T10:02:49","modified_gmt":"2024-12-04T10:02:49","slug":"announcement-regulations-for-the-operation-of-precious-metals-trading-companies","status":"publish","type":"post","link":"https:\/\/iraq-localize.com\/ar\/announcement-regulations-for-the-operation-of-precious-metals-trading-companies\/","title":{"rendered":"Announcement: Regulations for the Operation of Precious Metals Trading Companies"},"content":{"rendered":"<p><strong>By: Hussein Salim<\/strong><\/p>\n\n\n\n<p>Below are the regulations specific to companies trading in precious metals:<\/p>\n\n\n\n<p><strong>1- Managing Director<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The company&#8217;s Managing Director must be an Iraqi national.<\/li>\n\n\n\n<li>Must hold a license for practicing metal crafting from the Central Organization for Standardization and Quality Control (COSQC) in the Ministry of Planning.<\/li>\n<\/ul>\n\n\n\n<p><strong>2- Capital<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The company&#8217;s minimum capital is (500,000,000) five hundred million Iraqi dinars.<\/li>\n\n\n\n<li>This amount should correspond to the value of gold and keep pace with global gold prices.<\/li>\n<\/ul>\n\n\n\n<p><strong>3- Opening Branches<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The company has the right to open branches in the governorates or in the same governorate, provided that it obtains approval from COSQC.<\/li>\n\n\n\n<li>The branch manager must hold a license for practicing metal crafting.<\/li>\n\n\n\n<li>The company must install a signboard bearing the company&#8217;s name and the name of the area where the branch is located.<\/li>\n<\/ul>\n\n\n\n<p><strong>4- Workshops for crafting<\/strong> <strong>and Repair<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The company has the right to establish workshops for crafting and repairing gold, provided that the workshop\u2019s owner holds a license to practice metal crafting.<\/li>\n<\/ul>\n\n\n\n<p><strong>5- Branches of Foreign Companies<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The manager of the foreign company&#8217;s branch in Iraq must be an Iraqi national and hold a license for practicing metal crafting.<\/li>\n<\/ul>\n\n\n\n<p><strong>6- Company Activity<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is not permitted to add any activity other than gold trading, except for commercial agencies related to jewelry and gold artifacts.<\/li>\n<\/ul>\n\n\n\n<p><strong>7- Management<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Managing Director of the company shall not be a director for another company engaged in the same activity.<\/li>\n<\/ul>\n\n\n\n<p><strong>8- Trade Name<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The term &#8220;export&#8221; is prohibited in the company&#8217;s trade name.<\/li>\n\n\n\n<li>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\u2019s registered activities.<\/li>\n<\/ul>\n\n\n\n<p><strong>9- Companies in the Kurdistan Region<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>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.<\/li>\n\n\n\n<li>Submitting a decision confirming that the branch\u2019s manager holds a license for practicing the metal crafting from COSQC in the Ministry of Planning.<\/li>\n<\/ul>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>By: Hussein Salim Below are the regulations specific to companies trading in precious metals: 1- Managing Director 2- Capital 3- Opening Branches 4- Workshops for crafting and Repair 5- Branches of Foreign Companies 6- Company Activity 7- Management 8- Trade Name 9- Companies in the Kurdistan Region<\/p>","protected":false},"author":2,"featured_media":716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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