LOC19:30
16:30 GMT
KUWAIT, Sept 29 (KUNA) -- Minister of Commerce and Industry Anas Al-Saleh
announced on Sunday issuance of executive statute of the law on commercial
companies (NO 424/2013) as a fulfillment by the ministry for law requirements,
and compliance to the prescribed six-month duration of its issuance.
The statute works on organizing all procedures, which the law entrusted the
statute to organize, noting that major subjects addressed by the statute is
organizing the single window, through which all corporate dealings can be
accomplished, Minister Al-Saleh said in a press statement.
He added that these transactions include founding companies, licenses,
company's contract amendment and its statute, general assembly formation, as
well as meeting the requirements of all bodies concerned for founding a
company, amending its statute, granting it the proper license to practice its
activity, and expiration by dissolving and clearing.
The statute had handled organizing ways of documenting conditions of
existing companies prior to issuance of the law, as well as organizing matters
related to shares, stocks, bonds, and instruments, noted the Minister.
Also, he mentioned that the executive statute aims to simplify and
facilitate procedures for addressees of commercial companies' law and its
executive statute of companies and relevant regulatory bodies.
In addition, the draft executive statute had been previously posted on the
ministry's website, Minister Al-Saleh pointed out, adding that copies of the
draft were also sent to 18 state bodies, some private sectors bodies and NGOs.
(end)
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KUNA 291930 Sep 13NNNN