The Legal Legislation of the Holding Companies in the Iraqi Law in Light of Amendment No. (17) of 2019

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Aseen Farhan Jassim

Abstract

      The aim of the research is to shed light on the legal rules regulating holding companies in light of the provisions of the Iraqi Companies Law in force No. 21 of 1997 amended by Law No. 17 of 2019 and published in Issue No. (4554) of the Iraqi Gazette published on 9/9/ 2019, as the amendment added a new type to the types of commercial companies in the Iraqi law, namely holding companies and defined their form and activity, and the holding companies are of great importance as they form an economic unit that has great financial capabilities in establishing large and influential projects in the economies of countries as they represent a type of company that simplifies Its control over companies that are financially and administratively affiliated with it, and for the sake of understanding the most important legal aspects related to the topic of the research, we will also shed light on the issue of the foreign person’s contribution to Iraqi companies and the amendment that accompanied the addition of holding companies as a new type of commercial company. Amending the text of Article (12) of the Iraqi Companies Law in force in a manner that guarantees preventing the foreign person from controlling Iraqi national companies and forming economic entities affiliated with A companies By restricting the share of the foreign person to no more than (49%) of the capital of the company. Paragraphs (second and third) of Article (12) of the Companies Law were suspended according to the (dissolved) Coalition Provisional Authority Order No. (74) of 2004. And that the period prior to the amendment of the Iraqi Companies Law in 2019, the foreign person’s contribution rate was not restricted, and that this amendment coincided with the addition of holding companies as a new type, which is a step to protect the national economy from the control of foreign companies, despite all the above, there are some aspects that need more legal regulation. Accuracy, consistency and reformulation to preserve the legal order and complementarity between the legal texts that regulate an important aspect of economic life represented by commercial companies, and all of this will be addressed through our modest research


 

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How to Cite
[1]
A. F. . Jassim, “The Legal Legislation of the Holding Companies in the Iraqi Law in Light of Amendment No. (17) of 2019”, JUBH, vol. 29, no. 7, pp. 37-54, Jul. 2021.
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