Government facilitates measures of setting up companies

The government approved in its meeting held on Tuesday a draft law presented by Minister of Industry and Trade over amending Commercial Companies Law as a step to facilitate measures of setting up companies.

According to the amendments, there is no minimum capital of company but this capital must be enough for implement all goals of this company. In the past there is minimum capital when you want to established limit company.

The draft law aims at easing measures of setting out businesses and trade activities and mixing many procedures via dealing with one window system. 

The cabinet then directed ministry of law affairs to present the draft law to Shoura Council and the Parliament for completing constitutional measures needed for approval.  On the other hand, the government issued a number of decisions to supply markets with oil derivatives, especially diesel. 

The government decided in abolishing mediators of the process of supplying electricity and cement factories with diesel and fuel oil and affirmed providing operation reserve of diesel estimated at 70 thousands tons and 50 thousands of benzene. 

The meeting also approved raising domestic consumption of diesel to 40 thousands tons for covering shortage of this material in local market and improving Aden Oil Refinery by adding additional refinery energy exceeds 150 thousands tons of oil derivatives daily. 

The Cabinet also approved making strategic reserve of oil derivatives for covering country’s needs of diesel for at least two months. It also directed conducting studies for naming adequate alternatives for building this reserve through constructing institutions regarding strategic reserving and looking for other alternatives. 

The government also approved providing banking facilitations to Aden Refinery Company to have $300-400 million for importing diesel and oil fuel from abroad to cover needs of domestic market of these two substances. 

The government stressed on binding foreign companies working in Yemen to buy their needs of oil derivatives from the Yemeni Oil Company directly according to international prices.

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