MISA: No minimum capital restrictions for cover-up campaign beneficiaries
The Ministry of Investment (MISA) announced that there are no restrictions on the minimum capital for the investors, who benefit from the corrective period for violators of the Anti-Commercial Cover-up Law.
These beneficiaries have the right to open new branches for their companies after the correction.
The ministry confirmed that this would be done after the investment license is issued through the license modification service if it is the same business activity, and another sub-license can be submitted if the activity is different.
The ministry stated that after correcting the status of the facility, and transforming it into a company having branches, various establishments under the facility can be converted into branches of the company.
This is through adding branches to the investment license if they are on the same activity, or issuing a sub-license for new activities through electronic services, and then completing the changes in the commercial registry at the Ministry of Commerce.