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Ministry of Commerce issues corporate law statute
September 30, 2013, 10:10 am

Minister of Commerce and Industry Anas Al-Saleh announced on Sunday issuance of executive statute of the law on commercial companies (NO 424/2013) as a fulfillment by the ministry for law requirements, and compliance to the prescribed six-month duration of its issuance.

The statute works on organizing all procedures, which the law entrusted the statute to organize, noting that major subjects addressed by the statute is organizing the single window, through which all corporate dealings can be accomplished, Minister Al-Saleh said in a press statement.

He added that these transactions include founding companies, licenses, company's contract amendment and its statute, general assembly formation, as well as meeting the requirements of all bodies concerned for founding a company, amending its statute, granting it the proper license to practice its activity, and expiration by dissolving and clearing.

The statute had handled organizing ways of documenting conditions of existing companies prior to issuance of the law, as well as organizing matters related to shares, stocks, bonds, and instruments, noted the Minister.

Also, he mentioned that the executive statute aims to simplify and facilitate procedures for addressees of commercial companies' law and its executive statute of companies and relevant regulatory bodies.

In addition, the draft executive statute had been previously posted on the ministry's website, Minister Al-Saleh pointed out, adding that copies of the draft were also sent to 18 state bodies, some private sectors bodies and NGOs.

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