Posted on September 14, 2017

The Ministry of Economy and Commerce announced the registration of 1,766 new companies during August in its Monthly Business Progress Report on the Commerce Sector.

The report indicated the registration of 1,409 main commercial records and 357 branch commercial records, QNA reported. Limited liability companies accounted for 61 percent of new commercial records followed by limited liability companies in the category of single-person companies at 25 percent while 13 percent of new companies were registered in the category of Individual Corporations.

Contracting companies topped the list of most common activities in August, with 193 commercial records issued in this field. A total of 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 pointed out that a total of 7,168 commercial licences 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 1,241, while 949 were modified and 4,978 were renewed. A total of 322 companies closed in August, representing 18.2 percent of newly registered companies.

Regarding write-off activities, contracting companies topped the list at 32 percent, followed by construction materials trading at 19 percent. Electrical appliances, electronics, grocery stores and supplies trading came in third place at 17 percent each. The report also indicated that the total number of transactions that took place during August at the ministry’s branches reached 24,490 transactions.

source: The Peninsula