||Legislative Decree 29/2011
|DATE OF PROMULGATION
||Promulgated by President Bashar Al-Assad on February 14, 2011
- Permits the establishment of certain business entities, the most important of which are:
- Public Joint Stock Company
- Private Joint Stock Company
- Limited Liability Company
- General Partnership
- Limited Partnership
- In general, no foreign ownership restrictions apply to the incorporation of these business entities.
- Companies incorporated by foreign shareholders face no restrictions with regards to property ownership.
- Public JSCs must offer a minimum of 25% of their shares to public subscribers.
- Regulates board and shareholder meetings.
- The Companies Law was originally part of the old Commercial Code found in Legislative Decree 149/1949 before it was enacted as separate legislation in Law 3/2008.
- Legislative Decree 29/2011 repeals Law 3/2008 and provides for the reintroduction of private JSCs, which did not feature in Law 3/2008.
- With the changes in economic policy towards a social market economy taking place, the Companies Law 3/2008 sought to promote the Syrian market as a potential base for local and foreign investors.
- Legislative Decree 29/2011 builds on the more liberalized approach towards the incorporation of companies adopted by Law 3/2008.