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Business and Finance

Issuing Circular on Mechanism of Publishing the Budgets of Companies

21 Apr, 2020 12:00 AMAl Sharq NewspaperIntended Audience
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The Ministry of Commerce and Industry (MOCI) has issued Circular No. (1) of the year 2020 regarding the mechanism and method of publishing the budgets of public shareholding companies and private shareholding companies.

The circular stipulates the following:

Firstly – Chairman of the board must submit a copy of budget and the profit and loss account, a detailed summary on the board’s report and full text of auditors’ report on the expired fiscal year to management before publication.

Secondly – Chairman of the board must send a copy of announcement to management at the same time as announcement is sent to newspapers.

Thirdly – In announcement, company’s name, its legal form and its registry number in commercial registration must be stated clearly, and the titles of these documents in announcement must be written clearly and legibly.

Fourthly – Publication must be via two daily local newspapers; one of them must be in Arabic language at least and must be posted on company’s website if found.

Fifthly – Publication must take place ahead of the set date of general association convening within 15 days at least. This must take place after obtaining all approvals stipulated in other laws in the State of Qatar.

Sixthly – This circular must be implemented from the date of its issue, and all public shareholding companies and private shareholding companies must follow the regulations of this circular.

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