When a restaurant is opened there, the appropriate business creation procedures outlined in the Iraq Company Law must be fulfilled. You must choose a legal structure for your company and apply for a license proving that the space and resources are appropriate for operating a food business.
A guide to opening a restaurant
Starting a restaurant involves several steps, both before and after business starts.
Pick an easy concept
This is the initial stage for company owners who wish to start this sort of enterprise. For a restaurant to successfully position itself in the market and carry out efficient branding and marketing strategies, it is important to consider both the type of cuisine it serves as well as the restaurant’s style and design.
Choose the menu
Another crucial decision when beginning a food company is the menu; initially, investors may only select from the basic categories of menu items that the restaurant will provide.
Create a business plan
As soon as decisions about the restaurant profile are made, investors should start creating a business plan. Market analysis for the city or region where the restaurant will be located should now be produced by the investor. The investor should also take a financial prognosis and marketing strategies into account at this stage.
Select a location
Carefully choose the location because it might have a significant impact on the overall performance of the firm. It must be both visible and accessible, and it must consider the adjacent rivals. Additionally, investors should confirm that the planned consumers’ demographics and the demographics of the area where the restaurant will be placed are compatible.
Get the permits
Although there may be no requirements for the qualifications of restaurant owners in Iraq, the institution itself and the premises should comply with any applicable legislation. For reasons related to public health, fire safety, and other issues, specific licenses will be necessary.
Registering the restaurant
Companies Law No. 21 of 1997 (as amended by CPA No. 64 in 2004) permits the registration of a variety of business companies in Iraq. Before beginning operations, investors wishing to join the Iraqi market must first register their company. The procedures to register your restaurant are as follows.
Find the business name
The applicant must look for a company name. Get a letter confirming your name reservation from the Baghdad Chamber of Commerce. This will cost IQD 500,000 and take two days.
Articles of incorporation draft
For the writing of the Articles of Association, you should contact a lawyer. It will cost IQD 1,500,000 and take one day to complete.
Place the initial investment
To deposit the initial capital, get a confirmation receipt from a commercial bank. This will need two days. The cost to pay is 5,000 IQD.
Register at the business register
Register yourself with the Commercial Registry. There will be a 14-day wait. Charges range from IQD 250,000 to IQD 350,000.
Obtain the certificate of registration
The registration certificate should subsequently be obtained from the business register. This will need one day.
Become a registered taxpayer
Establish tax registration and report to the tax authority. It will take two days to do this, and it will cost IQD 450,000.
Legalize the company’s financial records
The company’s accounting records must then be legalized, which will take two days. The total is USD 150.
Register with the social security
Create a social security account for each employee of the organization. It will cost IQD 20,000 and take 3 days.
Obtain a trade license
Finally, apply for a trade license to legally start your restaurant in Iraq. It might take between 30 and 60 days to complete this. The related expenses will total IQD 200,000.
