Avail Licenses For Real Estate Business

In a desperate bid to make available the basic needs of a roof to the people of the country, the government of the republic of Iraq has come out with various schemes and offers to lure the maximum amount of foreign investment from the countries across the globe. Policies have been formulated which place these investors at an advantage. In order to keep its upper hand and to keep in the interests of the citizens of the country safe, the government has designed a specific licensing mechanism which needs to be adhered to before any foreign investor gets the right to go ahead and enjoy all the privileges allocated to them.

1) The first and foremost is that the investor is supposed to acquire the license from the government agency looking after the development work. Only after this is complete can further steps be taken.

2) While applying for the license, the investor has to send a request to the commission agreeing to all the terms and conditions that are mentioned in the rule books. Along with the application, the applicant also has to send a list of all the earlier development works that have been undertaken by it in the past, the extent of development in wishes to undertake and the amount of investment it is willing to take. Subject to the approval of the development plans, what is the time frame under which the project would be completed? And the complete details of its financial competency have to be submitted.

3) The commission responsible for the sanctioning of the license must do so within a period of 15 days from the date of submission of the application. Failure to do so would considered as an approval. If the commission disallows a firm to participate in the development process, it should have valid reasons to do so. All help required by the investor in this front would be paid heed to by the commission.

4) If there happens to be a disagreement over some provision between two bodies upon the licensing agreement, the same can be resolved by contacting the prime minister who would be the supreme judge of the complete procedure.

5) If the developing company is rejected by all the authorities, they can register a complaint with the region's chairman explaining their stand and the reason for rejection. This has to be done within a period of 15 days from the date of receiving the notification. The reply can be sought within 7 days from the submission of the compliant under which, the chairman would review the stand and take a decision. If it petition is rejected again, one can finally approach the commission under which the chairman works whose decision would be final and abiding. This again has to be done within a time frame of 15 days.

This procedure is a standard that is followed in all the regions into which Iraq has been divided to carry out the real estate development. All applicants should be well versed with them in case they face rejection at the hands of the commission to carry out their plans in Iraq.