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BIOGH’s International Oil and Gas Free Zone offers substantial benefits for a significant opportunity. – Benefits – Security

Banking and finance

  • No capital gains or corporation tax
  • No VAT regime
  • No foreign exchange restrictions and off-shore banking is permitted
  • Free repatriation of capital and profit
  • Significant cost savings through centrally provided services

Customs

  • Dedicated customs facilities and administration
  • All imports into the Free Zone are exempt from customs duties with on-site expedited Iraq customs clearance facilities
  • In bond transfer of goods from any Iraqi customs centre to the Free Zone
  • On-site expedited South Oil Company goods approval process

Certificates

  • Certificates of origin and quality inspection certificates not required for goods
  • Certificates of origin and testing for quality inspection certificates available on site for goods exiting

Corporate

  • Foreign owned and/or domiciled companies permitted to operate
  • No requirement to establish a company in Iraq or have a local partner

Arbitration/Mediation

  • International arbitration under the DIFC/UNCITRAL Arbitration Service in Dubai

Tenant/Operations Approval

  • Fast track operator approval process of approximately 30 days
  • Fast track planning permission and building regulations of approximately 30 days for any operator construction requirements

Employment

  • Freedom to employ foreign nationals
  • Dedicated immigration office
  • Expedited procedures for Iraqi visas, work permits and employee processing
  • Foreign employees are exempt from tax; Iraqi employee salaries are taxed at only 50% of the prevailing tax rate

Equipment and motor vehicles

  • Duty Free importation of mobile equipment and motor vehicles for use inside and outside of Free Zone permitted with special license plates

Amenities

  • On-site residential accommodation with catering facilities and health and leisure amenities
  • On-site internationally staffed medical and dental clinic (Medivac)
  • 24/7, 365 day operations permitted
  • Industry leading security force with advanced technical support and screening
  • Full range of utilities and maintenance
  • On-site banking and insurance facilities
  • On-site transport and construction companies.