Internal trade: 1,814 companies have achieved their status since the issuance of the Companies Law

Damascus - Sana

The Director of the Companies Directorate at the Ministry of Internal Trade and Consumer Protection, Zain Safi, revealed that the number of companies that have achieved their status since the issuance of the Companies Law issued by Legislative Decree No. (29) of 2011 until the issuance of Law No. (36) of 2021 reached (1814) companies, while the number of companies which have not yet reconciled (1256).

Safi pointed out that the application of Law (36) contributes to ensuring the continuity of the work of companies, the rights of shareholders, partners and employees, and the rights of the state's public treasury by obligating these companies to adjust and reconcile their positions within a certain time limit, thus activating the commercial records of each company that reconciles its conditions, which is reflected positively in all its business. Because suspending the commercial registry of any company means stopping its activity completely.

According to Safi, there are a number of companies requesting the opening of the time period for them to reconcile and amend their conditions, indicating that the entry into force of the Companies Law coincided in the year 2011 with the exceptional emergency circumstances that Syria experienced and had a large and direct impact on the economic sector, specifically companies, where it became impossible to implement the provisions of Article The legal time limit, which is two years, requires opening the time period for companies to reconcile and amend their positions.

It is noteworthy that Law (36), which was issued on the 21st of last December, provides companies that have not reconciled their statuses in accordance with the provisions of Article 224 of the Companies Law promulgated by Legislative Decree No. its founding and articles of association.

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