Qatar Ministry of Business and Trade Prepares New Draft Law for Companies

Doha, January 14 (QNA) - HE the Minister of Business and Trade Sheikh Jassim bin Abdul-Aziz Al Thani said that the Ministry has completed a new draft company law, adding that the draft law will meet the requirements of the political, economic and social changes in accordance with Qatar National Vision 2030 and will keep pace with modern developments and leaps in businesses. The new draft law comes in the context of the Ministry's keenness to modernize the existing legislation in order to simplify and facilitate the procedures of establishing commercial companies. In a press statement today, HE the Minister said that the new draft law took into consideration the international standards on which countries are classified in terms of ease of starting and doing business, explaining that it will contribute to raising the ranking of Qatar and will attract foreign investment. The Ministry of Business and Trade gives special attention to the opinions of the concerned parties before introducing any amendments to the legislative tools that serve the business and trade environment in Qatar, he said pointing out that the draft law was posted on the ministry's web site to enable all concerned parties to contribute their opinions. The statement said that HE the Minister gave directives to a high-level legal committee to prepare the draft law in consultation with specialists and technicians in the ministry. The committee was set up with members of law-related institutions including the Ministry of Business and Trade, Ministry of Economy and Finance, Ministry of Justice, Qatar Central Bank, Qatar Financial Markets Authority, the Cabinet General Secretariat and the Emiri Diwan in addition to some experts and specialists form other institutions. The draft law consists of (340) articles in thirteen sections, in addition to an explanatory note. (QNA)