The Ministry of Economy and Commerce has extended the grace period for another six months for companies to comply with the new commercial companies law no 11 of 2015.
The new grace period will start from February 2. The extension came following the decision of the Minister of Economy and Commerce No. (485) for the year 2016 issued on December, 26, 2016 to extend the grace period for the companies to upgrade themselves as per provisions of new Commercial Companies Law.
The Council of Ministers had approved this decision during the ordinary meeting No. (22) for the year 2016 that was held on June 1, 2016 to extend the grace period, said a statement.
The decision to extend the grace period comes to a third term, that is consistent with the strategic directions of the government to facilitate the act of practicing and setting up business, to enhance the resilience of the national economy and enable its competitiveness both locally and abroad, and improve the role of the private sector and its contribution to the economic development of the country. The decision aims at providing all means of support and flexibility for businesses before implementing the new Labor Act through giving them additional period of time to amend their contracts, documents and its basic regulations in line with the new provisions of the Commercial Companies Law and to avoid the imposition of sanctions on such companies as part of not modifying their conditions within the specified time period which will raise the confidence level of the business environment in the country and will strengthen the partnership with the private sector, thus achieving the Qatar National Vision 2030, that comprises a competitive, diverse and sustainable economy.
The new Commercial Companies Law has granted the existing businesses in the state before the law was passed six months to adjust their situation in accordance with its terms, from the date of its application which ended on February 7, 2017.
