Draft company law to provide climate for investment

MUSCAT: The State Council on Tuesday commenced discussing the Draft Commercial Company’s law at its fifth session, chaired by Dr Yahya bin Mahfoudh Al Mantheri, Chairman of the Council in the presence of the Council members and the Secretary General.
The draft Commercial Companies law was referred by the Council of Ministers, along with the report of the Economic Committee of the Council and the report of Majlis Ash’shura.
Dr Al Mantheri said that the session would be devoted to discussing of the draft law on Commercial Companies, transferred by the Council of Ministers with the report of the Economic Committee and the report of Majlis Ash’shura.
The discussions, he said would conclude at the sixth Regular session to be held today.
He added that the sixth session would discuss and approve the final version of the rules of procedure of the State Council, previously discussed by the Council Bureau.
It will also discuss the study on review of the land laws of the Sultanate, submitted by the Legal Committee, and a number of work related reports. In conclusion, he said that the Council would accomplish its tasks successfully, thereby accelerate Oman’s progress under the wise leadership of His Majesty Sultan Qaboos.
Shaikh Mohammed bin Abdullah Al Harthy, Head of the Economic Committee, referred to the Council Bureau’s statement on the draft law on Commercial Companies and stated that the draft Law contained 312 Articles, divided into five main parts, with sub-divisions.
Part one dealt with general provisions, part two was devoted to companies of solidarity and recommendation, the third part was related to the company contribution, part four deals with the articles on limited liability company, while the articles of part five includes inspection, penalties and final clauses.
The session witnessed extensive discussions and the members voiced their opinion to the new Law must provide a favourable climate for investment, encourage, and attract more domestic and foreign investment.
The Council will conclude discussions pertaining to the draft Commercial Company Law at its sixth meeting, today and additionally approve the final version of the Council’s rules of Procedure State provided by the Legal Committee.
In addition, it would discuss the proposal by the Legal Committee on the study and review of special laws of land in the Sultanate for study in the forthcoming period.
At the 6th session, the Council will note several reports and topics.
This includes a report on the 11th periodic meeting of the Legislative Assemblies of the States of the Gulf Cooperation Council held in Kuwait in January as well as a report pertaining to the Council’s participation in the Conference of the Union Member States of the Organization of Islamic Cooperation (OIC) held in Tehran in January.
It will further look at the report of the working group mechanisms for the empowerment of women to reach elected councils with the Committee for the follow-up to the implementation of the Convention on the Elimination of All Forms of Discrimination against Women (CEDAW).
The Council will also observe the secretariat report on the Council activities and a report on the functioning of the Standing Committees of the Council.