Qatar embarked on an ambitious program to improve its business regulations. 'Improving Qatar's Business Environment Forum' took place today in Doha where a number of issues discussed that include new law as well as a number of changes in the procedures to make business in Qatar easier.
Qatar is announcing a new law that will allow businesses to pledge their moveable assets thus enabling companies and SMEs to obtain financing. The law is modern and is based on international best practices.
Qatar has undertaken an overhaul change towards further enhancing the rights of minority shareholders in publicly listed companies.
The amendments to the Commercial Companies Law and the relevant Regulations of the Qatar Financial Markets Authority are based on international best practices and the recommendations of the World Bank. With such changes, more security is awarded to shareholders and particularly minority shareholders. Their legal rights are enhanced.
Examples of the provisions of this law include:
• Board members must disclose their interests in related party transactions if equal to or exceeds 10 % of the lesser of either the company's market value or the net value of its assets Approval for such transaction will be through the General Meeting following evaluation by the auditors
• In case of a breach, the shareholders may claim compensation and ask for the benefit or profit to be returned That Board Member will be disqualified Shareholders can recover legal ex: from the company.
A number of changes will be introduced to support a smooth as well as hassle-free business operation in Qatar. For example:
The single window provides a comprehensive service to establish businesses and factories that allows investors and businessmen to submit and sign applications and pay their fees electronically in order to obtain a license.
This initiative shortens the procedures of receipt and verification of documents through a single smart electronic platform as compared to the previous procedures which involved more than 40 departments and required visiting many government agencies for approvals.
This electronic platform will allow the investor to access the services of 18 government agencies in one place, thus incorporating all the procedures of venture establishment into a comprehensive procedure that shortens all the steps of establishing a firm.
Ministry of Commerce and Industry has launched recently the first phase of single window services at its headquarters in Lusail City. More than 30 services related to the management of companies and factories will be added during the first quarter of 2020 and the current phase includes the services of issuance of commercial license, registry for taxes and documentation of establishment contracts electronically, thus providing investors the opportunity to benefit from a unified and smart electronic platform to complete the business registration and licensing procedures.
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