The Coalition Provisional Authority (CPA) on 7 March issued Order 64, which limits the state's ability to interfere in the operation of private companies. The statute updates the existing Company Law no 21 enacted in 1997, which gave the former government of Saddam Hussein sweeping powers.
The order also simplifies the procedure for company registration and affirms legislation set out in CPA Order 39, which allows foreign investors to own shares in Iraqi companies. Foreign investors operating in Iraq not as official coalition contractors or subcontractors have until 1 June to register a legal local subsidiary.
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