Moci Has Introduced An Amendment To The Fee Structure For License Issuance

The Ministry of Commerce and Industry (MoCI) has introduced an amendment to the fee structure for license issuance and re-licensing of companies as per the Situation Adjustment Committee’s decision, reports Al-Rai daily quoting sources.

Sources disclosed the amendment stipulates that companies should pay special fees and save the record number and commercial name of the entity. Sources said the new fees will be applied by the ministry on company owners applying for re-licensing, in addition to the fees paid by the companies that renew their licenses on the specified date.

Sources pointed out that re-licensing of companies entails maintenance of old records; thereby, retaining their financial and legal positions.

According to the new structure, the extra fees will include re-licensing of individual corporations, partnerships, corporations and joint stock companies (closed and general).

Amendment

Sources said the amendment is in coordination with the State Audit Bureau that stressed the need to impose fine on companies which did not renew their licenses for a year.

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