Main New Economic Laws and Regulations (2005)...
Main Economic laws and Regulations and the amendments thereof during 2005 are:
1. On 30th of January 2005, the ministerial decree No. (11) for year 2005 was issued by the Ministry of Economy and Commerce concerning the establishment of some new administrative units within the Ministry and specifying the functions thereof. Also, the law has introduced some re-organization of the Ministry functions aiming at achieving more efficiency in serving national economy ,as well as, Qatar's economic relations with other countries.
2. On the 6th of February 2005, the law No. (2) for the year 2005, was issued. The law has amended some provisions of law No (13) for the year 2000 that organizing the foreign capital investment in economic activities. Such amendments permit Non-Qatari investors to own up to 25% of shares of Qatari share holding companies circulated in Doha Securities Market.
3. On the 9th of March 2005, law No. (7) for the year 2005, was issued concerning the establishment of Qatar Business and Financial Centre as a polar for international banks, insurance activities and head offices of other business and financial services big companies.
4. On the 5th of May 2005, law No. (21) for the year 2005 was issued invalidating law No. (13) for the year 2002 that regulating the Ministry of Public Health and specifying its functions.
5. On the 5th of May 2005, also an Emiri decree was issued concerning the establishment of National Health Authority .
6. On the 19th of May 2005, a Cabinet Decree No. (4) for the year 2005 was issued specifying the temporary location of Qatar Financial Centre in Doha city at the 14th floor of the Ministry of Economy and Commerce premises, so that the centre could start activities.
7. On the 30th of May 2005, law No. (25) for the year 2005 was issued concerning the obtaining of Commercial Register within the state.
8. On the 2nd of June 2005, law No. (26) for the year 2005 was issued regulating public tenders and bids, activating the process thereof and maximizing transparency.
9. On the 25th of July 2005, law No. (27) for the year 2005 was issued, amending some provisions of the law No. (25) for the year 2004 ,concerning anti-concealment of non-Qatari illegal practicing of economic and commercial activities in the state.
The law stipulates the establishment of a committee named "Anti-Commercial Concealment Committee", at the Ministry of Economy and Commerce to be constituted by a Cabinet decree. The committee will have a juridical status in checking and proving cases which take place in violation of the provisions of anti-commercial concealment law.
10.On the 23rd of June 2005, the Emiri decree No. (22) for the year 2005 was issued for the establishment of Qatar Investment Authority as an affiliate of the Supreme Council for Economic Affairs and Investment. The authority aims at developing, investing and managing the state financial reserves and other financial resources committed to it by the Supreme Council.
11. On the 14th of September 2005, law No. (33) for the year 2005 was issued for establishing Qatar Securities Markets Authority and Doha Securities Market Company. The law stipulates the establishment of a Public authority named “ Qatar Securities Market Authority” to be directly supervised by the Cabinet and is in charge of organizing and supervising securities markets in the state in a way that ensures stability and reducing risks. Also, the law stipulates the establishment of a Qatari Share Holding Company with a capital of QRs 20 millions, owned completely by the State. Such company should be established in accordance with the law of commercial companies No. (5) for the year 2002. The company will be in charge of regulating investment in securities and providing services to regulate and manage transactions, clearance, registration and any other required services. All current assets and liabilities of Doha Securities Market should be shifted to the company. The law specifies ordinary shares and one special share for Doha Securities Market Company, whereas, the company is permitted to offer some of its ordinary shares to be subscribed by individuals, as well as registering the shares in Doha Securities Market, provided the approval of the Minister of Economy and Commerce in both two cases.
12. On the 14th of September 2005, law No (34) for the year 2005 was issued concerning the establishment of Investment Free Zones aiming at encouraging and attracting investment in industrial, agricultural, technological, tourism fields and any other fields to be determined by the Cabinet.
13. On the 26th of September 2005, law No (36) for the year 2005 was issued concerning the establishment a free zone for Science and Technology Park which is an affiliate of Qatar Foundation. The free zone aims at enhancing and supporting scientific, applied and technological researches and managing any other investment activities to serve the Science and Technology Park objectives.