Corporate Current Account
Requirements to Open Corporate Account:
Companies Registration Department shall provide the following documents according to a bank letter:
- Administrative order in appointing the Authorized Director (Newest).
- Updating the administrative order (if any).
- Foundation Certificate.
- Memorandum of incorporation certificate (if any).
- Letter of approval from the Companies Registration Department.
- Lease or Ownership Bond.
- Incorporation contract and any annexes to the contract / minutes of meeting.
The Customer Shall Provide the following documents:
- Request letter to open a bank account.
- Authorization letter from the company that mentions the powers of the authorized person/s (with the limits of their responsibilities, for example: authorized to withdraw and deposit, collectively, individually ....)
- Taxation or tax exemption if the customer is not covered by tax.
- Financial Statements.
- A recent annual report.
- Authorized Director's Documents + Chamber of Commerce Identity.
Account of Non Governmental Organizations (NGOs account)
NGOs are organizations with no profit working independently apart from any government and usually financed by donations. Some of them avoid official financing as they are administered by volunteers.
Requirements to open an account for Organizations:
- Application to open a bank account
- Submitting a letter issued by the organizing party that mentions the Identity of the Organization, its nationality, the founding members, permanent address, number of branches in the world, contact addresses, telephone numbers and email address.
- Minutes of Meeting
- Registration letter in the mother country, tax accounting in the mother country.
- Letter of the decision of opening a branch in Iraq and Kurdistan and a proof of non cancellation to the license by the concerned authority.
- Letter of appointing the Head of the Organization along with mentioning his powers, and a letter that mentions the authorized persons towards the account and their powers.
- All documents and credentials related to the Head of the Organization and all authorized persons and 2 photos for each of them.
- Articles of Association of the organization.
- Official Name of NGO and its Legal form.
- Rules of Procedure Stamped (Exact Copy) by the Organization.
- Documents of mother Organization authenticated by Iraqi Ministry of Foreign Affairs
- Exact Copy of Decision of License / Baghdad
- Certificate of Registration issued by the General Secretariat of the Council of Ministers / Baghdad.
- Completion of KYC form regarding account opening , including signature specimen of all authorized personnel
- Clarification to the purpose for the bank account, origin of funds, usage and any other related information
- To exert the necessary diligence to ensure the real existence of NGO and personnel requesting the bank account opening are the real responsible about the organization.
- Annual reports for the latest three years
- Approvals of the NGOs Dept. and Central Bank - Kurdistan
Remark: NGO has to inform the bank immediately about any change in the permanent address, Head of the Mission, Authorized Personnel or any of the above mentioned paragraphs.