Draft companies law amendments are consistent with investment objectives

(File photo: Ameer Khalifeh/Jordan News)
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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