Yemen Observer: http://www.yobserver.com
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Written By: Abu Ryan
Article Date: Jul 5, 2008 - 12:47:04 AM
The Yemeni Government is moving to improve the business environment in the country. The latest measure is the amendment of article 248 of the 1997 Commercial Companies Law. The new law stipulates that the initial capital of the limited company must be sufficient to achieve its purposes and the company’s partners can determine how much of the initial capital is in the agreement of its establishment. Yemen is currently ranked number 175 out of 178 in the business start-up ranking and is ranked number 113 out of 178 in the ranking of the ease of doing business report, published by the World Bank. “Such reforms will greatly improve the investment legal framework, encouraging more Foreign Direct Investment” said Salah al-Attar, Chairman of the General Investment Authority. Mr. Munir Ali Daair, General Manager of Dome Trading and Contracting, commended the ongoing reforms and concluded that they should supersede short-term fixes that improve the business ranking.
The Yemeni Government has begun to send out signals about imminent reforms. Baider Mohammed, project officer from Business Start-Up Simplification said “The IFC and other donors are encouraged and committed to a three-year program of ongoing reform in all sectors.”
Currently Egypt, Croatia, Ghana, Macedonia, Georgia, Colombia, Saudi Arabia, Kenya, China, Bulgaria are the top ten business reformers in the world.
