New law for commercial firms ready

Qatar is expected to have a new law for commercial companies soon.

HE the Minister of Business and Trade Sheikh Jassim bin Abdul Aziz al-Thani yesterday received  the law’s final draft from the drafting committee.

The Ministry of Business and Trade will now proceed with the necessary steps to pass the law, a statement said.

The committee that had prepared the law briefed the minister on its preparations as well as on its consultations with various institutions

The Minister expressed his delight over developing a new law for commercial companies “that reflected the state’s aspirations for economic development”.

He pointed out that it would help in increasing competitiveness in Qatar and improve the business atmosphere. It would also eliminate red tape in establishing a new company.

He said the law would meet the economic and social changes required for the realisation of Qatar National Vision 2030, as it had taken into consideration necessary international standards.

Sheikh Jassim said  the Ministry would proceed with the necessary legalities to issue the new law according to the stipulated legal course in the country. He appreciated the efforts of all who had taken part in reviewing the draft of the law.

The Ministry said in a statement that the  draft law was a result of a full year’s work that involved co-operating with many other state entities.

There has been joint work with the Ministry’s technical departments  and an international law firm to prepare a preliminary draft. A high-level legal committee was created from different entities of the country  including the  Ministry of Business and Trade, Cabinet General Secretariat, Qatar Financial Markets Authority, the Ministry of Economy and Finance, Qatar Central Bank, the Emiri Diwan and experts  from other organisations.

As the second draft of the law was finalised, it was open for all interested parties and individuals in the country to submit their comments and suggestions. Members of Qatar University, Qatar Chambers and Qatari Lawyers Society participated at this stage, which was conducted last month. Qatar Chambers  held a forum to discuss the law at its headquarters on January 29.

During this  period, the Ministry received 21 e-mails on its websites with related remarks. It also received eight written messages, in addition to QC remarks submitted by businessmen during the said forum.