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Cabinet Resolution Promulgating the Executive Regulations of Federal Decree by Law Concerning the Commercial Register

The last update on this law was listed on 07 Dec 2022

Related legislations

Issued Date

07 Dec 2022

Effective Date

07 Dec 2022

Official Gazette Date

15 Dec 2022

Official Gazette No

741

Legislation State

Active

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Article (12) Liens on the Business Premises

The Competent Authority shall enter any mortgage created on the business premises or on any of its elements, such as the trade name, trademark, patents, industrial property rights, intellectual property rights and other elements of the business premises, in the Commercial Register according to the following procedures:
1. The mortgage applicant shall submit to the Competent Authority an application for mortgaging the business premises or any of its elements on the form designated for this purpose, accompanied by the documents supporting such application.
2. The Competent Authority shall scrutinize the application for mortgaging the business premises or any of its elements and shall issue its decision thereon within the period determined thereby under its regulations. If the application is approved, the Competent Authority shall issue a certificate of mortgage of the business premises or any of its elements, as the case may be.

Article (13) Economic Register

1. Taking into account the private data of the persons subject to the provisions of the Decree-Law and the present Resolution, the Economic Register shall contain the data related to trademarks, commercial agencies, protection of industrial property of patents, designs and models, and other data, provided that such data are determined in coordination with the entities concerned.
2. The Ministry shall create an Economic Register Number to be assigned to the establishment upon its registration. The establishment shall use such number in its procedures and dealings with government entities in the State. Furthermore, the Ministry shall use the Economic Register Number in the data it exchanges with government entities.

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