The Ministry of Commerce and Industry (MOCI) has called on all public shareholding companies and private shareholding companies in the State of Qatar to rectify their statuses in accordance with the provisions of Law No. 8 of 2021 amending some provisions of the Law of Commercial Companies enacted by Law No. 11 of 2015.
MOCI said, in a statement posted on its official Twitter account, that these companies must hold an extraordinary general meeting as soon as possible to approve the mandatory amendments stipulated in Law No. 8 of 2021 and amend their articles of association accordingly.
The decision to extend the deadline of the rectification of the statuses of commercial companies comes in line with the strategic directions of the Government of the State of Qatar. These directions are about facilitating the practice of businesses, bolstering the national economy's flexibility and empowering its competitiveness locally and internationally, and promoting the private sector’s role and contribution to the economic development of the country.
The decision also comes out of the Ministry's keenness toward providing all helpful and flexible means to the existing commercial companies. Thus, this will lead to raising the level of confidence in Qatari business environment and bolstering partnership with the private sector and realizing Qatar National Vision 2030 toward a diversified and sustainable competitive economy.