Doing business in Qatar will be much easier once a law, the draft of which is ready, comes into force soon. The proposed law would considerably simplify the formalities for setting up businesses here, says the Ministry of Business and Trade.
The Minister of Business and Trade, H E Sheikh Jassim bin Abdul Aziz Al Thani said the ministry has completed a draft of commercial companies law which meets the requirements of the political, economic and social changes that have taken place here and is in line with the goals of the Qatar National Vision 2030.
The draft reflects the ministry’s keenness to modernise the existing legislation in order to simplify and facilitate the process of setting up commercial companies.
The minister said in a statement yesterday that the draft takes into consideration international standards on the basis of which countries are classified in terms of ease of starting and doing business, explaining that it will contribute to improving Qatar’s rank and will attract more foreign investment.
A high-level legal committee has prepared the draft law in consultation with experts at the ministry.
The committee was set up with members of law-related institutions, including the Trade Ministry, the Ministry of Economy and Finance, Ministry of Justice, Qatar Central Bank, the Qatar Financial Markets Authority, the Cabinet’s General Secretariat and the Emiri Diwan, in addition to some experts from other institutions. The draft law consists of 340 articles and 13 chapters. The Peninsula
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