Page 430 - MOE ENGLISH PR

Page 430 - MOE ENGLISH PR - MAY 2024

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5/28/24, 4:32 PM Ministry of Economy starts accepting applications for registration of family businesses in the unified registry

The Ministry further explained that as per cabinet decision No. 106 of 2023 concerning the
submission of the family charter, family businesses have the option to voluntarily register

their family charters with the Ministry. This charter encompasses specific details pertaining

to the ownership, objectives, family values, as well as mechanisms for evaluating shares
and methods of distributing profits.

The Ministry affirmed that the registration of family companies in the unified registry
contributes to enhancing business continuity through intergenerational transitions. This is

particularly crucial as the family business law governs the ownership of companies by

defining their capital, how partners can dispose of their shares and the mechanisms to
relinquish them, in addition to organizing the right to redemption and evaluation of shares

and their categories and their purchases.

-Ends-

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