The Director General of Companies Registration and the Director General of the Central Bank of the Kurdistan Region will facilitate the process of merger of foreign exchange companies

On Sunday 29/1/2023 Mr. Bland Mohammed Mawloud, Director Director General of Companies Registration, accompanied by Mr. Kazim Maghdid Braim, Director Director General of National Companies Registration, Soran Ahmad Ismail, Director of Sulaimani Companies, and Jawan Hamid Bakr, Head of Business Names visited Central Bank General Directorate/Sulaimani Then, in the presence of the council and representatives of currency exchange companies, a meeting was held on how to reduce routine in the process of the merge of currency exchange companies to obtain a license ( A or B ) where both parties agreed with the following points:
1. Facilitate the implementation of the request of the exchange companies so that each exchange company prepares a minute of the decision of the exchange company and submits it to the Registrar of Companies. After the audit of the request, the decision will be made to start the procedures of the company’s merger and a copy will be given to the Central Bank of the Region and the tax and social security departments in order to ensure that they do not have objection regarding the procedures.
2. The decision to end the procedures of the merging of companies will be issued after receiving an official letter from the offices mentioned in paragraph 1 above.
3. All the above steps will be carried out quickly and become the priority of both parties.
4. Notify the currency exchange companies to submit applications for the merger of their companies and implement the conditions for issuing a license from the Central Bank of Iraq
5- Creating a platform by the General Directorate of the Central Bank of the Kurdistan Region for currency exchange companies in order to monitor and coordinate with the relevant parties.
6. A special committee should be formed between the two sides for further coordination and speedy implementation of the work.