AMMAN — Prime Minister Bisher Al-Khasawneh said on
Monday that three bills regulating the business environment are being discussed
by the Lower House, during its current session, adding that the draft companies
law submitted to Parliament includes amendments that are consistent with the
objectives of the draft law regulating the investment environment, Al-Mamlaka
TV reported.
اضافة اعلان
“Many of the
provisions of these laws mainly aim at facilitating procedures related to
companies’ registration and business conduct in a manner reduces time, saves
effort and cost for the shareholders of companies and contributes to enhancing
the competitiveness of the business environment in the Kingdom,” Khasawneh said
in the Lower House.
“An example of
the amendments to the draft law aimed at streamlining procedures is the
abolition of the requirement to deposit the capital of limited liability
companies when they register and to grant them a period of 60 days after
registration to complete this requirement,” the prime minister said.
He added that “a
text has been added giving the practicing lawyer the authority to ratify the
signatures of representatives of branches of foreign companies when registering
or amending them, in a way that eases the burden on foreign investors. The
notification of companies by electronic means has been approved and publication
in the daily newspapers was replaced with publication on the website of the
Companies Control Department, simplifying and amending many of the provisions
and procedures that constituted an obstacle, and this was the result of the
dialogues conducted by the government’s economic team with the business sector
and the various economic sectors,” Khasawneh said.
The bill also
gives suspended and ineffective companies an opportunity to correct their
situation in accordance with the provisions of the law and dividends to be
distributed every three months. This helps enhance liquidity in the market and
stimulates trading at the Amman Stock Exchange.
“The draft
competition law is part of the package regulating the business environment with
amendments in line with international best practices when it comes to
competition,” added Khasawneh.
He pointed out
that “amendments included transferring some of the powers of the minister of
industry and trade to the Council of Ministers, with the aim of ensuring
greater impartiality”.
The government
will provide an encouraging, stimulating and regulatory package for the
investment environment, as a genuine partnership with the private sector and
encouraging local, regional and foreign investment may be the only and primary
way to address the growing unemployment challenge,” he said.
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