Our Technical Assistance Consultancy
Our duly registered mandate and consequent comparative advantage enable us to both counsel our clients on Iraqi law matters, and also help them to ensure the ongoing regulatory and operational compliance of their in-country structures and activities; all through an efficient and confidential single-source solution.
We understand the still uniquely challenging nature of Iraq’s business regulatory environment, and the critical importance for ongoing operational regulatory compliance of our clients’ companies, branches and representative offices, contracts, projects, local employees, and related activities; all in conformity with applicable Iraqi laws, regulations, and policies—and we are professionally familiar with how these are actually applied in practice by the various branches, agencies, and administrative entities of the Iraqi State.
Therefore, and consistent with our single-source solution approach, our Firm has a dedicated “Consultancy Unit” that advises and supports our clients on the commercial, regulatory, and general day-to-day operational, business, and financial management matters arising from their legal structures, contracts, projects, employees’ status and conduct, and other activities in Iraq. It also advises international, regional, and bilateral developmental and financial organizations on their country strategies, technical assistance programs, sectoral assessments, and projects in Iraq.
Our Consultancy Unit is organized around the following 6 practice areas, and it operates in synergy with our law practice:
- Start-up Services: After advising our clients on the legal requirements and procedures for establishing a legal presence in Iraq, we provide business start-up support services to assist them in operationalizing their in-country presence; including by: identifying and securing appropriate office space (leases and utilities included); screening and hiring of competent local staff (including local subject-matter experts, support staff, and security details); establishing proper in-country office human resources, accounting, and auditing systems; and forging of local institutional and business partnerships.
- Regulatory Compliance: Once our clients are operational in-country, we help them keep track of changes in Iraq’s regulatory environment, and we assist them to regularly assess its impacts on their operations and employees, so they can ensure complete and timely compliance with local regulatory requirements; including through: general due diligence (inclusive of background checks); Iraq country and market entry strategies and assessments; public policy analysis and strategic guidance; corporate, payroll, and social security tax compliance; accounting and auditing systems compliance; statutory compliance programs; and risk analysis programs.
- Financial Management: Throughout their operational presence in Iraq, we assist our clients in all matters pertaining to the financial management (taxation, accounting, auditing, and social security obligations and processing) of their in-country structures, activities, and local employees; including: Iraqi law compliant tax and related accounting set-ups and systems; establishing Iraqi tax files and obtaining the corresponding Tax Identification Numbers (TIN); maintaining Iraq-based bookkeeping; converting financial statements to Iraqi unified accounting system; establishing the requisite protocols for language translation (including US GAAP to Iraqi GAAP); transforming financial statements based on GAAP accounting standard to Iraqi Unified Accounting System in compliance with local tax filing and record keeping requirements; translating the trial balance and financial statement to Arabic as required by Iraqi law; summarizing journal entries in tax schedules in compliance with Iraqi regulations; assigning account codes accepted by the Iraqi Unified Accounting System and trial balance; conducting payroll tax and social security calculations and payments; ensuring that business income tax and related matters comply with current filing requirements of the Iraqi tax authorities; financial control risk assessment and review; internal audits and investigations; procurement and supply chain audits; establishment and implementation of new financial controls and accounting procedures; and training of clients’ local employees in the foregoing.
- Business Development: We also assist our clients in identifying private- and public-sector business opportunities in Iraq, including Government of Iraq (“GoI”) tenders; and we assist them in arranging the necessary GoI meetings, preparing/reviewing and submitting the requisite proposals and feasibility studies, crafting the proper negotiation strategies, and providing key pre- and post-contractual support services (including pre-award/post-award contract adjustments and contractor claims).
- Performance Appraisal: We equally assist our clients in supervising their in-country projects, and in setting baseline indicators to ensure their projects deliverables are on schedule; and we recommend the necessary adjustments. We further help them to identify, and advise them on, any pending risks to better ensure the sustainability and success of their projects in Iraq.
- Technical Support: In addition to assisting our international, regional, and bilateral developmental and financial organizational clients on their Iraq country strategies, programs, assessments, and projects, we also advise them on: donor grants, loans, credits, and loan guarantees (including during their negotiations); sovereign guarantees; in-country resident representatives and implementing agents/agencies; technical capacity-building and training; governance; rule of law; anti-corruption; anti-money laundering and combatting terrorism financing; judicial, legal, and regulatory reform; private sector development; banking and financial sector reform; restructuring, commercialization, and privatization of state-owned enterprises; commercial law reform; strengthening public financial management capacity; and strengthening of national administrative functions.