DAMASCUS - Syrian President Bashar Al-Assad issued on March 13, 2008, Law No. 3 of 2008, to regulate the work of companies in Syria, according to the Syrian Arab News Agency (SANA).
The new law, which will enter into force on April 1, includes 227 articles that lay down the legal framework for various economic and commercial activities carried out by all forms of companies.
Companies registered under this law shall be divided into the following forms: commercial companies, joint ventures, companies operating in free zones, holding companies, foreign companies and civil companies.
A special register for each form shall be prepared where all information and transactions related to the company’s activities shall be recorded.
The law also stipulates that every company registered under this law shall be considered a Syrian corporate entity, where it enjoys all the rights Syrians are entitled to, regardless of the nationality of its partners.
Other provisions of the law regulate several matters related to companies’ nationality, registration procedures, liquidation and dissolution.
Aiming at providing companies operating in Syria with flexibility, the law is expected to contribute to the development of the Syrian economy, as it is consistent with the economic and legal developments Syria has been witnessing.