Tribune News Network
Doha
As many as 1,767 new companies were registered in October this year, according to the business progress report released by the Ministry of Economy and Commerce (MEC) on Sunday.
The report indicated that out of the total registration, the number of new main commercial companies and subsidiary commercial companies were 1,097 and 670 respectively.
Limited Liability Companies (LLCs) accounted for 61 percent of the new commercial registrations. A total of 23 percent of the companies were registered in the category of One Person Company (OPC) and 15 percent of the companies were registered in the category of individual corporations.
Contracting sector companies topped the list with 416 new registrations. While 187 commercial registrations were issued in the field of construction materials and trading, 197 commercial registrations were issued in restaurants and groceries section.
The report pointed out that 7,281 total commercial licences were issued, amended or renewed during October as the ministry issued 1,421 commercial licences while 663 commercial licences were modified and 5,197 commercial licenses were renewed.
The ministry has also revealed in the report that a total of 369 companies were closed in October, representing 21 percent of newly registered companies.
Regarding write-off activities, the report said that contracting companies topped the list with 26 percent. While restaurants and groceries came in second with 21 percent, Electronics and Electrical trading companies followed at 20 percent.
The report has indicated that the total number of transactions that took place during October at the ministry's headquarters in Lusail Tower and other branches reached 29,343 transactions, including 3,939 transactions at Lusail Tower and 25,404 transactions at other branches.
In the area of intellectual property rights, the report indicated that there were 34 new patent applications during October, while 138 patent applications were renewed.
In addition, 3,838 trademarks were registered during October, while eight certificates were issued in the field of copyright and related rights.