(MENAFN - Gulf Times) The Ministry of Economy and Commerce (MEC) has issued its report on the progress of domestic business in December 2016. The report indicates that 1,568 new companies were registered last month with 1,056 new main registrations and 509 sub-registrations.
The companies with limited liabilities comprised 77% of the newly registered companies, individual companies 15% and single person companies 7%. The contracting companies topped the list as 330 new commercial registrations were issued, followed by building material companies (183), restaurants and fast food outlets (162), and general items, clothes and fabrics (118).
The report pointed out that the MEC issued, modified and reneed a total of 6,306 commercial licences, including 1,390 new licences, 835 modified and 4,081 renewed in December.
A total of 273 companies closed in December, accounting for 17.4% of the newly registered companies. Around 31% of the closed companies were contracting companies, followed by building materials trade (20%), and food outlets (18%).
In the field of intellectual property rights, 54 patent applications were received and 107 applications renewed in December.
Also, 2,743 applications for the registration of trademarks were received during the same period. In addition, 19 certificates for authors' rights and related rights were issued.