Latest news with #CommercialRegistryLaw
Daily Tribune
13-06-2025
- Business
- Daily Tribune
Electronic payment now mandatory for all Bahrain businesses
Every business in Bahrain must give customers a way to pay by card or phone from today, as the Ministry of Industry and Commerce brings in rules that make e-payment a requirement for every trade licence. Each firm must open one bank account in its own name, lodge the details on the ministry's Sijilat register and channel all takings through that account; personal accounts are not allowed. Any payment outside the registered account will break the law. Penalties in Article 20 of the Commercial Registry Law run from a six-month freeze on the licence to daily fines of up to BD1,000 for a first breach, rising to BD2,000 for a second within three years. Daily fines may add up to BD50,000, and a one-off levy can reach BD100,000. The rule applies to sole traders and companies alike, whatever the number of branches. The ministry says the change will make cash flows easier to trace, protect buyers from online fraud and nudge the market towards cash-free trade. By tying payments to business accounts it also hopes to strengthen checks on value-added tax and other dues.
Muscat Daily
26-05-2025
- Business
- Muscat Daily
Public feedback invited to modernise Oman's commercial rules
Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has invited public feedback on proposed amendments to the Commercial Law and Commercial Registry Law, as part of efforts to modernise the sultanate's legal framework and support economic growth. The move aims to bring regulations in line with global business practices and increase confidence in commercial transactions. The Commercial Law under review was issued via Royal Decree 55/90. In a statement, the ministry said the initiative is intended to ensure that the law keeps pace with developments in the business environment and contributes to the sultanate's economic advancement. Business owners, stakeholders and members of the public have until May 31, 2025 to submit comments. Proposed changes include revising the definition of a 'merchant' to cover digital commerce, digitising procedures related to commercial ledgers, and updating regulations governing sale and mortgage transactions. Rules for commercial agencies and the use of commercial papers are also being reviewed to reflect technological developments and improve legal clarity. MoCIIP is also looking to reform the Commercial Registry Law to simplify registration and update processes, reduce paperwork, and integrate the registry with other government platforms. Other proposals include adjusting penalties for violations to make them proportionate and improving accuracy of records by removing outdated data. The public can review current laws and submit suggestions via email to [email protected] before the May 31 deadline.
Saudi Gazette
25-05-2025
- Business
- Saudi Gazette
Commerce Ministry unveils updated digital commercial registration with QR code access
Saudi Gazette report RIYADH — The Ministry of Commerce has introduced a redesigned digital commercial registration (CR) certificate for businesses in Saudi Arabia, featuring a more streamlined format and improved data accessibility. The updated CR now consists of a single-page electronic certificate containing all relevant business information. Users can instantly access detailed data by scanning a QR code displayed on the left side of the certificate. This update coincides with the implementation of the new Commercial Registry Law and its executive regulations. Among the key changes is the transition to a unified national CR per establishment, consolidating all activities under one license regardless of geographic location within the revised system also eliminates the traditional expiration date for the businesses are now required to electronically confirm their registry information annually through a new verification process, replacing the previous renewal new CR format displays essential information such as business activities, date of registration, date of annual confirmation, official address, list of company managers, capital value, and certificate in its new digital form is recognized and accepted by all government agencies, private entities, and financial institutions across the Ministry of Commerce emphasized that the redesigned registry improves transparency, reduces paperwork, and enhances efficiency for both businesses and regulatory bodies.
Observer
19-05-2025
- Business
- Observer
Workshop addresses draft commercial Law
MUSCAT: Oman Chamber of Commerce and Industry (OCCI), in cooperation with the Ministry of Commerce, Industry and Investment Promotion, organised a workshop to discuss the draft Commercial Law and Commercial Transactions Law, as well as the draft Commercial Registry Law. This initiative falls within the OCCI efforts to strengthen partnerships between the public and private sectors in developing the legislative environment for the business sector in the Sultanate of Oman. — ONA
