Correct Companies Status

The Prime Minister issued a decision in October 2023, exempting the registered companies from the delayed fines they owe as a result for not submitting the financial statements. This decision comes based on Article 46 of the amended Federal Financial Management Law of 2019, and Cabinet Resolution No. 23447 of 2023, which aims to correct the legal status of companies, as owners must pay fines due before and after the date of this decision, and this exemption ends on March 24, 2024.

Now, the Registrar of Companies has issued new circulation to extending the exemption period until 26 April 2024 to enable companies to correct their legal status.