It oversees projects at a federal and strategic level, with a particular emphasis on housing schemes.

The National Investment Commission (NIC) operates as a one-stop shop to process investment licence applications, issue licences, allocate land, secure tax exemptions, and facilitate the entry and exit of investors and their employees.

The 2006 investment law also created provincial investment commissions. It gives regions and provinces the right to form commissions, to grant investment licences, undertake investment planning, encourage investment and open branches under the NIC.

The NIC produces an ‘Investment Map’, which lists and expands on  the opportunities within each province, and also publishes an investor guide to the investment law and the often-changing entry and exit procedures for Iraq.

To obtain an investment licence, an investor should submit:

• A request to invest in a project in Iraq, including the proposed sector and region for the investment. This can be done through a form available on the NIC website
• A financing plan supported by a letter from a bank to show the investor is able to implement the project and complete it on time
• A preliminary economic feasibility study of the project and technical details of how it will be implemented
• A timetable for the project
• A list of similar completed projects, either inside or outside Iraq.

If all submissions are in order, the NIC should gain approval to grant the licence from the relevant authorities within 45 days. Once issued, the investor must notify the NIC in writing of the date the project is started, and must maintain accounting records approved by a licensed Iraqi accountant. They must keep a record of any imported items that are exempt from import fees. They are also required to adhere to environmental and quality standards and Iraqi labour laws, and must commit to sticking to a schedule of work. They are also encouraged to train Iraqi employees.