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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
In August 2021, the Law No. 10 of 2021 on the measures to host the FIFA World Cup Qatar 2022 was issued. Article 23 of the law allowed FIFA, its affiliates, its associated commercial partners, contractors, suppliers, service providers, and broadcasters of events to establish companies in Qatar with 100% foreign capital to undertake activities related to the events and matches officially organised in the tournament, adopted or approved by FIFA, and other activities related to the World Cup.
The latest Qatari Official Gazette (published on 18 May 2021) included the Decision No. 39 of 2022 issued by the Minister of Commerce and Industry on the mechanisms of registration, establishment and liquidation of companies that undertake activities related to hosting the FIFA World Cup Qatar 2022. We set out below the key highlights of such decision, stressing out its importance to all businesses that are keen to take advantage of the tournament being hosted in Qatar.
Companies that are intending to provide services related to the FIFA World Cup in Qatar can now advantage from the fast track procedures introduced by the Ministry of Commerce and Industry in relation to registering or establishing their business in Qatar.
Companies established under the mentioned law to undertake activities related to the FIFA World Cup Qatar 2022 are exempt from government fees and shall be registered with the Ministry of Commerce and Industry free of charge.
90 days following the end of the FIFA World Cup, all companies established under the special decision must be dissolved and liquidated, unless such companies decide to continue doing business in Qatar by fulfilling the ordinary requirements to register a company. The law provides that all concerned authorities shall facilitate the procedures of liquidating the FIFA World Cup related companies.
Al Tamimi & Company has an unrivalled experience in the Middle East and North Africa region advising local and international companies in terms of setting up, restructuring of companies, licensing, compliance with laws and dealing with local authorities. In particular, we have a distinctive experience in setting up and registering companies for special occasions, as we have assisted a number of clients to set up entities in Qatar before and during the Asian Games (Asiad) that took place in Qatar in 2006.
If you require further information, please feel free to contact us.
Partner, Head of Corporate Structuring - Qatara.email@example.com
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