Ministry of Economy Says 1,766 New Firms Registered in August

Doha, September 13 (QNA) - In its Monthly Business Progress Report on the Commerce Sector, the Ministry of Economy and Commerce announced the registration of 1,766 new companies during August. The report indicated the registration of 1,409 main commercial records and 357 branch commercial records. Limited liability companies accounted for 61% of new commercial records followed by limited liability companies in the category of single-person companies at 25% while 13% of new companies were registered in the category of Individual Corporations, according to the report. Contracting companies topped the list of most common activities in August, with 193 commercial records issued in this field. 162 commercial records were issued for grocery and supply stores, while 154 commercial records were issued for restaurants, cafeterias and ice cream shops, as well as 123 commercial records were issued for construction materials trading, the report showed. The report pointed out that a total of 7168 commercial licenses were issued, amended or renewed during the month of August 2017. According to the report, the number of licenses issued by the Ministry of Economy and Commerce reached 1241, while 949 were modified and 4978 were renewed. A total of 322 companies closed in August, representing 18.2% of newly registered companies. Regarding write-off activities, contracting companies topped the list at 32%, followed by construction materials trading at 19%. Electrical appliances, electronics, grocery stores and supplies trading came in third place at 17% each. The report also indicated that the total number of transactions that took place during August at the ministry's branches reached 24490 transactions. In the area of intellectual property rights, the report indicated that 41 new patent applications were issued in August 2017, while 146 patent applications were renewed. In addition, 3552 trademarks have been registered during August, while 30 certificates were issued in the field of copyright and related rights. (QNA)