Launch of online company registration service
The Directorate of Internal Trade and Consumer Protection at the Syrian Ministry of Economy and Foreign Trade announced the imminent launch of a program for establishing companies electronically. The system is currently undergoing an internal testing phase, in preparation for its official inauguration after ensuring its full technical efficiency and readiness.
Government Commitment to Digital Transformation
The Deputy Minister of Economy and Industry, Maher Al-Hassan, emphasized the project's importance as a strategic step within the digital transformation path for ministry services. Al-Hassan affirmed that no technical or administrative obstacles would be allowed to disrupt this vital project, obliging the administration to set a specific timeline for completing the tests.
Facilitating procedures and improving the business environment
Al-Hassan affirmed that the Ministry will not accept any justifications for delaying the full transition to digital services, with the aim of enabling service applicants to complete their transactions smoothly, transparently, and quickly. This step aims to simplify company registration procedures and reduce direct interaction with official departments, thereby improving the business environment.
Reversal of the decision to raise company capital
This government trend comes after the Ministry of Economy and Industry reversed a previous decision at the beginning of last January to raise the minimum capital for company formation. This reversal followed widespread debate and warnings about its negative impacts on small and medium-sized enterprises.
Details of the canceled decision
Regulatory Decision No. 70 had stipulated raising the minimum capital for partnerships, including general partnerships and limited partnerships, to one million new Syrian Pounds. It also raised the capital of limited liability companies to 2.5 million Pounds, and set the capital of public joint-stock companies and holding companies at 20 million Syrian Pounds.
Concerns over the exclusion of small projects
Loay Al-Ashqar, a member of the Board of Directors of the Damascus Chamber of Commerce, explained to Al-Thawra Syrian newspaper that the decision was met with widespread criticism. There were fears that raising capital would lead to the exclusion of a large number of small and medium-sized enterprises, especially given the current economic conditions.
Keywords
- Syrian Economic News
- Company Formation in Syria
- Syrian companies
- Syrian Ministry of Economy and Industry
- Digital Transformation
- Business Environment
- Maher Al-Hassan
- Luay Al-Ashqar
- Damascus Chamber of Commerce
- Regulatory Decision No. 70
- Corporate capital
