Page 442 - MOE ENGLISH PR - MAY 2024

5/28/24, 4:34 PM Latest News
stipulated in the family companies law and related decisions. Once the review is successfully

completed, the Ministry proceeds to register the applicant in the 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.

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