The Ministry of Economy grants companies a one-year deadline to settle their legal capital status.

The Ministry of Economy and Industry has granted companies a one-year deadline to settle their capital dues and take necessary legal actions to rectify their status, according to a circular issued by the ministry yesterday. This directive is based on Articles 56 and 92 of Companies Law No. 29 of 2011, as well as Article 224 prohibiting the issuance of certified copies of commercial records for non-compliant companies without legal correction. The decision aims to streamline administrative procedures, expedite workflow, encourage increased commercial activity, and effective market entry, especially amidst the lifting of economic sanctions facing the country. The circular also seeks to create a fair competitive environment among traders and support the national economy in various sectors by obliging companies to comply with laws and regulations related to their capital. The ministry emphasizes that this measure reflects its commitment to enhancing transparency, regulating the market to ensure the rights of all parties, and stimulating sustainable economic growth, urging companies to expedite compliance with legal requirements to avoid any penalties or administrative restrictions. This decision is part of the ministry's ongoing efforts to support economic development and enhance institutional performance in the country.