Companies Bill Passed by Majlis
The Companies Bill, passed during the 32nd Sitting of the 3rd Session of the People’s Majlis on December 5, 2023, introduces significant changes to the existing Companies Act of 1996.
Foremost among these changes is the introduction of single shareholder private companies and the composition of the Board of Directors with a single director for private companies.
Additionally, the Companies Bill has removed the mandatory requirement for companies to have a registered corporate seal and has introduced a “Registrar’s Gazette”. This Gazette will serve as the official platform for announcements and legal notices issued by the Registrar of Companies.
Once ratified by the President, the Companies Bill will become effective on 1 January 2024.