DOHA: The Ministry of Economy and Commerce organised a session to familiarise auditors and lawyers in Qatar with the provisions of the new commercial companies’ law.
Discussions touched on the new legislations pertaining to the incorporation of public and private joint stock companies and the required legal measures to be taken by companies in accordance with the provisions of the new commercial companies’ law. The law makes it mandatory for the public and private joint stock companies to launch an initial public offering within 60 days from the date of their incorporation.
The new law also reduces the enforceability of liability lawsuits against members of the Board of Directors to three years from the date the General Assembly issues a resolution, approving the Board of Directors’ report as opposed to five years under the previous law.
The session, which took place this week is the fourth out of a series of sessions that were held by the Ministry as part of its efforts to shed light on the new commercial companies’ law. The session brought together auditors and lawyers along with representatives of Qatar Lawyers Association and Qatar University.
The session highlighted the new law’s role in bolstering Qatar’s economic competitiveness and attracting private investments into the country.
Lawyers and auditors inquired about the particulars of the new law and exchanged views with officials from the Ministry of Economy and Commerce.
Discussions touched on the new legislations pertaining to the incorporation of public and private joint stock companies and the required legal measures to be taken by companies in accordance with the provisions of the new commercial companies’ law.
Discussions also touched on the supervisory role of auditors under the provisions of the new companies’ law, which requires both public and private joint stock companies as well as limited liability companies to appoint auditors.
According to the provisions of the law, auditors are required to attend ordinary and extraordinary General Assembly meetings, thereby reinforcing their supervisory role and enhancing transparency.
Discussions were followed by a Q&A session during which speakers elaborated on the new provisions adopted in the commercial companies’ law and responded to inquiries by lawyers and auditors.
Both lawyers and auditors applauded the new law, saying it supports their supervisory role and praised the Ministry of Economy and Commerce for initiating dialogue with all concerned parties. The Ministry will hold its next session to shed light on the provisions of the new commercial companies’ law on Wednesday, December 2, 2015.
The new law is part of a comprehensive plan by the Ministry to reform legislation and streamline incorporation procedures for companies in a bid to bolster the private sector’s contribution to sustainable development in Qatar.
The law incorporates international standards applied in determining the ranking of countries in terms of the ease of doing business to support investors through the establishment of a business-friendly environment.
The Peninsula
