Over 1,700 new firms registered in Oct, says MEC

As many as 1,767 new companies were registered in Qatar during the month of October 2016, according to the Business Progress Report on the Commerce Sector, released by the Ministry of Economy and Commerce (MEC).

Among the new registrations, there were 1,097 new main commercial records and 670 new subsidiary commercial records.

Limited liability companies accounted for 61% of the new commercial records.

While 23% of the companies were registered in the category of Single-Person Company, 15% were registered in the category of Individual Corporations.

Contracting companies topped the list of the most common business activities, with 416 commercial records issued.

At least 187 commercial records were issued in the field of construction materials trading while 197 commercial records were issued for restaurants and groceries.

The report pointed out that 7,281 commercial licences were issued, amended or renewed during October, as the ministry issued 1,421 commercial licences while 663 commercial licences were modified and 5,197 commercial licences were renewed.

The total number of closed companies in October was 369.

Regarding write-off activities, contracting companies topped the list at 26%, restaurants and groceries came in second with 21%, followed by electronics and electrical trading companies (20%).

The report has indicated that the total number of transactions that took place during the month at the ministry’s headquarters in Lusail Tower and other branches reached 29,343, including 3,939 that were processed at Lusail Tower and 25,404 at other branches.

In the area of intellectual property rights, the report indicated that there were 34 new patent applications during October while 138 patent applications were renewed.

In addition, 3,838 trademarks have been registered during the month, while eight certificates were issued in the field of copyright and related rights.

As seen on GulfTimes  Image Credits GulfTimes