Qatar’s Ministry of Business and Trade has completed a new draft company law that aims to facilitate making business in the country more straightforward, attracting more foreign investment.
The proposed law would modernise existing legislation by simplifying the formalities for setting up businesses in Qatar. In a press statement, the Minister of Business and Trade, Sheikh Jassim bin Abdul Aziz Al Thani, said that the 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.
He also added that the draft law meets the requirements of the political, economic and social changes in line with the goals of the Qatar National Vision 2030, keeping pace with modern developments and leaps in businesses.
The 340 article draft was prepared by a high-level legal committee composed by members from 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 experts from other institutions.
The draft law was posted on the ministry’s website so concerned parties can contribute their opinions, but there is no deadline for its approval and enforcement.