Commerce Ministry reinstates expired licenses following "regularization of status" review

The Ministry of Commerce and Industry has amended the service for requesting the License Status Regularization Committee to allow the license holder to submit a request for committee review in cases where the license is suspended.

This measure was introduced after the Ministry had suspended all procedures except for settlement, liquidation, and license cancellation, with the system automatically lifting the suspension upon the committee’s approval.

The Ministry’s report for last year showed that the number of transactions for reissuing licenses based on the decision of the Status Regularization Committee reached approximately 17 in the statistics for joint-stock companies. Regarding the statistics for service and commercial licenses of principal companies, the number of transactions for reissuing licenses based on the committee’s decision reached 204 licenses.

The report also indicated that the service for reissuing licenses based on the decision of the Status Regularization Committee was amended to allow reissuance upon submission of all financial statements.

It is worth noting that the Status Regularization Committee at the Ministry of Commerce and Industry requires license holders whose licenses have been expired for extended periods to submit a letter explaining the reason for the delay in renewing the commercial license, along with a recent social security certificate, in order to approve the renewal. The committee reviews these letters and responds with either acceptance or rejection, provided that a comprehensive explanation is submitted clarifying the reason for non-renewal, as part of its efforts to regulate the commercial companies sector.