Kurdistan Region Registers Over 2,300 New Companies in 2024, Total Reaches 38,273
Official data
2,328 new companies registered in Kurdistan Region last year
BAGHDAD — The Kurdistan Regional Government’s General Directorate of Companies Registration announced Tuesday that 2,328 new companies were registered in 2024, bringing the total number of registered companies in the region to 38,273. The surge in registrations was attributed to reforms, including the introduction of a digital registration platform and reduced fees.
“During 2024, we registered 2,328 new companies, including 66 Iraqi and 30 foreign firms, with a combined capital of 168 billion dinars,” Bilind Mohammed, head of the General Directorate of Companies Registration, said in an interview with state-run newspaper Al-Sabah. “Of these, 416 companies are involved in general trade, 89 operate in real estate, and others span various sectors,” he added.
Mohammed noted that of the total 38,273 companies, 33,335 are local to the Kurdistan Region, 3,527 are foreign, and 210 are classified as Iraqi companies operating in the region. “The rise in company registrations is a direct result of improvements in the registration process,” he said. “What previously took over a week can now be completed in just a few hours, with registrations finalized in a single day. Registration fees were also reduced from 3 million dinars to 165,000 dinars.”
The report highlighted the diversity of foreign investments in the region. Turkish companies leading the way with 1,593 firms, followed by Iranian companies with 392, UAE firms at 212, Lebanese at 185, British at 178, and American companies also at 185. The majority of these businesses are concentrated in Kurdistan Region capital Erbil.
The directorate emphasized that the digital registration platform has transformed the business environment in the Kurdistan Region. “This platform is central to the government’s digital transformation strategy,” Mohammed explained. “It simplifies the process of registering business entities and trade names, facilitates the growth of commercial projects, and accelerates data sharing between government institutions, providing efficient services tailored to the needs of citizens and businesspeople.”
On June 4, 2023, the the KRG introduced an online portal to streamline and expedite the business registration process. This initiative aims to reduce costs and simplify procedures, making it easier for entrepreneurs to establish their companies in the region.
Previously, registering a business in the Kurdistan Region was both time-consuming and costly, often requiring multiple visits to the General Directorate of Company Registration. Entrepreneurs faced expenses ranging from 500,000 dinars (approximately $333) to over one million dinars (approximately $667), and the process could extend over a week.
The newly introduced digital platform allows business owners to submit applications online, reducing registration costs by 80% and enabling completion within a single day. Upon registration, businesses receive a Unique Entity Number, granting access to various government services.