In its Monthly Business Progress Report on the Commerce Sector, the Ministry of Economy and Commerce announced the registration of 1,590 new companies during July.
The Ministry of Economy and Commerce has issued its Business Progress Report on the Commerce Sector for July 2017. The report indicated the registration of 1,590 new companies including 1241 main commercial records and 349 branch commercial records.
Limited liability companies accounted for 61% of new commercial records followed by limited liability companies in the category of single-person companies at 24% while 14% of new companies were registered in the category of Individual Corporations. Contracting companies topped the list of most common activities in July, with 182 commercial records issued in this field. 170 commercial records were issued for grocery and supply stores, while 110 commercial records were issued for service activities and transaction processing. The field of construction materials trading followed with 107 records.
The report pointed out that a total of 9744 commercial licenses were issued, amended or renewed during the month of July 2017. 952 new commercial licenses were issued while 804 were modified and 7988 commercial licenses were renewed. A total of 331 companies closed in July, representing 21% of newly registered companies.
Regarding write-off activities, contracting companies topped the list at 27%, followed by electrical appliances and electronics trading at 20%. Trading in commodities followed in third place at 19%.
The report has indicated that the total number of transactions that took place during July 2017 at the ministry’s branches reached 30448 transactions. In the area of intellectual property rights, the report indicated that 52 new patent applications were issued in July 2017 while 149 patent applications were renewed. In addition, 3261 trademarks have been registered during July, while 11 certificates were issued in the field of copyright and related rights.
