Company Law

LAW

Companies Law

REFERENCE Legislative Decree 29/2011
DATE OF PROMULGATION Promulgated by President Bashar Al-Assad on February 14, 2011
RELEVANT PROVISIONS
  • Permits the establishment of certain business entities, the most important of which are:
    1. Public Joint Stock Company
    2. Private Joint Stock Company
    3. Limited Liability Company
    4. General Partnership
    5. Limited Partnership
  • In general, no foreign ownership restrictions apply to the incorporation of these business entities.
  • Companies incorporated by foreign shareholders face no restrictions with regards to property ownership.
  • Public JSCs must offer a minimum of 25% of their shares to public subscribers.
  • Regulates board and shareholder meetings.
RELATED LEGISLATION
  • The Companies Law was originally part of the old Commercial Code found in Legislative Decree 149/1949 before it was enacted as separate legislation in Law 3/2008.
  • Legislative Decree 29/2011 repeals Law 3/2008 and provides for the reintroduction of private JSCs, which did not feature in Law 3/2008.
HISTORICAL CONTEXT
  • With the changes in economic policy towards a social market economy taking place, the Companies Law 3/2008 sought to promote the Syrian market as a potential base for local and foreign investors.
  • Legislative Decree 29/2011 builds on the more liberalized approach towards the incorporation of companies adopted by Law 3/2008.

LAW

Foreign Businesses Law

REFERENCE Law 34/2008
DATE OF PROMULGATION Approved by the People’s Assembly on December 18, 2008
Promulgated by President Bashar Al-Assad on December 24, 2008
RELEVANT PROVISIONS
  • Recognizes four entities that foreign businesses may establish in Syria, which are the:
    1. Branch Office
    2. Temporary Office
    3. Representative Office
    4. Regional Office
RELATED LEGISLATION
HISTORICAL CONTEXT
  • With the changes in economic policy towards a social market economy taking place, this Law sought to promote the Syrian market as a potential base for local and foreign investors.