(MENAFN- The Peninsula) A new Commercial Registration law passed last November aims to expedite business registration and renewal procedures in response to demands from the business community, says a prominent law firm.
The law, Number 20 of 2014, hopes to achieve this in a number of ways, including removing the need for an applicant to challenge in court the economy ministry's decision rejecting a registration request.
The new law gives the Minister of Economy and Commerce the authority to hear an application after rejection and he must decide within 15 days, says Seem Maleh.
Maleh said in a December 2014-Janaury 2015 issue of an in-house magazine of Al Tamimi & Co titled 'Law Update', that such applications being heard by the economy minister will be a more efficient process as he must decide within 15 days.
The law regulates the process for Commercial Registrations at the Ministry of Economy and Commerce for persons (whether individuals or juristic) to allow them to carry out commercial activities in the country.
The amended law introduces a more time-efficient system in terms of accepting or rejecting a request for registration and the process of appealing to the Ministry of Economy and Commerce directly in the event of rejection.
Under the previous law (Number 25 of 2005) appeals were to be made in the courts.
Under the new legislation, the Commercial Registration Department of the ministry is required to respond to a registration request on the same day (on the day the application is made) provided paperwork is complete.
According to Maleh, the documents needed for registration are trade name's approval by the ministry, a letter from a bank confirming that the minimum capital for the company as required under the Commercial Companies Law has been properly deposited and the approval and authentication of the articles of association.
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