MOCI places ban on expat ownership unless residence under Article 19

The Ministry of Commerce and Industry (MOCI) has banned the entry of any resident or expatriate holding a residency permit under Article (18) into companies or institutions as a partner or managing partner, or to be registered in the commercial register, unless it is confirmed that the person falls under Article (19).

Informed sources revealed that the suspension decided includes the establishment, renewal and amendment of existing entities in all companies and institutions on a temporary basis, and all existing licenses in which one of the partners or managers does not fall under Article 19 will be suspended.