Parliament Unanimously Approved The Proposal To Amend Companies Law

The Parliament unanimously approved the proposal to amend Companies Law No. 1/2016 in its first and second readings on Wednesday. A total of 45 members voted in favor of the bill in the first reading while 48 voted in favor in the second reading.

The explanatory note of the bill states that it is aimed at making adjustments to certain provisions of the law in order to improve the business environment by simplifying procedures for establishing limited liability companies.

Article One of the bill stipulates amendment of Item Three in Article 96 requiring companies to add their e-mail addresses or mailboxes in line with international practices and nature of modern companies.

The bill also aims to eliminate the requirement to deposit capital in the bank before establishing a company by amending Article 97 as this related to the type of license issued upon the establishment of the company. According to the explanatory note, the minimum cash share amounting to KD 100 is cancelled and the partners will take decision in this regard as per the revised version of Article 98, whereas the condition for a company to have sufficient capital to serve its purpose will be eliminated as per the amended Article 147.

 

SOURCE : ARABTIMES

Comments Post Comment

Leave a Comment

Submit