Section I: Procedures & Project Licensing
Article (16):1. In order to benefit from the exemptions and privileges mentioned in this Law, an Investor should obtain a License issued by the Board for setting up the project.
2. The Board shall give the License for setting up the Project pursuant to an application submitted by the Investor in accordance with the conditions set by the Board. The Board will have to decide on the application within 30 days from the date of fulfillment of the technical, legal and economic conditions and requirements, in accordance with the provisions of this Law, and without prejudice to the standards and controls set by the Board.
3. The Board shall consult Competent Authorities on the advantages of issuing the License, and such authorities will have to give their viewpoint for the acceptance, rejection or amendment request, within thirty days from the date of the Board’s referral of the application to them. Failure to reply shall be considered as an acceptance, and in the event of rejection, the decision will have to be justified.
4. When an application is rejected, the applicant may raise an objection to the President of the Council within 15 days from the date of notification of the rejection decision. The President of the Council will have to decide on the objection within 30 days, and his decision on this matter shall be conclusive.
Section II: Arbitration
Article (17):Investment disputes shall be settled in accordance with the contract concluded between both parties, and if there is no clause in the contract on this regard, the disputes shall be settled amicably between both parties. If they fail to reach an
amicable settlement, they may refer the matter to arbitration whose regulations are stated in the laws applicable in the Region, or in accordance with the rules of dispute settlement mentioned in any of the mutual or international conventions of which Iraq is a member.
Section III: Final Provisions
Article (18):1. The Prime Minister’s Decree (Suleimaniah Administration) no. 89 of 2004 regarding the promotion of investment in Kurdistan Region is hereby nullified. The Investment Promotion Board and its structure under Article 16 of the aforementioned Decree shall be dissolved, and its rights, obligations, and all its movable and immovable properties shall revert to the Investment Board formed under the provisions of this Law.
2. All investment Projects licensed by the Investment Promotion Board formed under the nullified Decree mentioned in paragraph (1) above, and the investment projects licensed by the Erbil Administration in accordance with applicable laws, shall be considered as legal investment Projects, and shall continue to enjoy the advantages and incentives granted to them.
3. All other Projects that are being studied and assessed, and on which no final decision has been made by the dissolved Board, shall be referred as investment Projects to the Investment Board formed under the provisions of this Law, and the Competent Authorities within the Board shall carry on with the procedures taken by the dissolved Board.
Article (19):An Investor shall not be allowed to own plots of land that contain oil, gas, or any expensive or heavy mineral resources.
Article (20):An Investor who implements joint-stock investment Projects shall offer the necessary security to protect the funds of the shareholders. The Board shall take the insurance and banking measures necessary to guarantee their rights.
Article (21):The Board's accounts shall be subject to auditing by the Board of Supreme Audit.
Article (22):The cases for which there are no provisions in this Law shall be governed by the general rules mentioned in other relevant laws, provided that their provisions do not contradict the provisions of this law. If there is any contradiction, the provisions of this Law shall apply.
Article (23):The President of the Council shall issue the necessary instructions to facilitate the implementation of this Law.
Article (24):The Council of Ministers and the Competent Authorities shall implement the provisions of this Law.
Article (25):This Law shall take effect as of the date of its issuance, and it will be published in the official gazette 'Kurdistan Gazette'.