The high-level legal committee set up by the Ministry of Business and Trade submitted the amended draft law to Minister H E Sheikh Jassim bin Abdul- Aziz Al Thani yesterday, Monday 18/02/2013.
 
The legal committee briefed HE the Minister on the steps taken into consideration while drafting the law as well as its consultations with various institutions.
 
The new draft law was a result of a full year’s work that involved cooperating with other state entities, as the existing company law is eight years old and the ministry wanted to come out with a fresh law of international standards.
 
There has been joint work with the Ministry’s technical departments and an international law firm to prepare a preliminary draft. A high-level legal committee was created from different entities of the country including the Ministry of Business and Trade, Cabinet General Secretariat, Qatar Financial Markets Authority, the Ministry of Economy and Finance, Qatar Central Bank, the Emiri Diwan and experts from other organizations.
 
As the second draft of the law was finalized, it was open for all interested parties and individuals in the country to submit their comments and suggestions. Members of Qatar University, Qatar Chambers and Qatari Lawyers Society participated at this stage, which was conducted last month. Qatar Chambers held a forum to discuss the law at its headquarters on January 29.
 
During this period, the Ministry received 21 e-mails on its website with related remarks. It also received eight written messages, in addition to QC remarks submitted by businessmen during the said forum.
 
For his part, HE the Minister expressed his delight at the progress made so far for developing a new law for commercial companies to reflect the state’s aspirations for economic development.
 
HE added that the new draft law will help in increasing competitiveness in Qatar, and in improving the business cycle. It will also eliminate some of the red tape required for establishing a new commercial company, HE the Minister said. The law also meets the economic and social changes required by Qatar National Vision 2030, as it had taken into consideration necessary international standards.
 
Sheikh Jassim said the Ministry would proceed with the necessary legalities to issue the new law according to the stipulated legal course in the country. He appreciated the efforts of all who had taken part in reviewing the draft of the law.