Qatari authorities drafting new companies’ law

HE Minister of Business and Trade Sheikh Jassim bin Abdul Aziz Al Thani received Monday the final draft law for commercial companies. A statement released on Monday by the Ministry of Business and Trade said that the legal committee briefed HE the Minister on the steps taken into consideration while drafting the law as well as its consultations with various institutions. For his part HE the Minister expressed his delight at the progress made so far for developing a new law for commercial companies to reflect the state’s aspirations for economic development, and added that the new draft law will help in increasing competitiveness in Qatar, and in improving the business cycle. It will also eliminate some of the red tape required for establishing a new commercial company, HE the Minister said. The law also meets the economic and social changes required by Qatar National Vision 2030. The Ministry said that the new draft law was a result of a full year’s work that involved cooperating with other state entities. The Ministry will now proceed with the legalities required to pass the draft law.