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Business and Finance

MOCI Announces the Possibility of Renewing the Commercial Registration, License for a Maximum Period of 5 Years

05 Oct, 2020 12:00 AMAl Sharq Newspaper, Gulf TimesIntended Audience
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The Ministry of Commerce and Industry (MOCI) has announced that it is now possible to renew commercial registrations and licenses for a period of one year, or other durations up to a maximum of five years (optional), through the "Single Window" or Ministry’s website, provided that the validity period of the commercial license is identical to that of the commercial registration.

The Ministry said in a statement on its website that this step comes within the framework of the Ministry's efforts to regulate the business environment, promote investment and streamline procedures for investors.

It should be noted that MOCI had previously announced that it would take the necessary measures towards reducing the period of renewing the commercial license for commercial stores, as investors can renew commercial licenses for commercial stores immediately instead of the 48 hours it took to renew the license earlier.

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