The Ministry of Economy and Commerce has issued its Business Progress Report on the Commerce Sector for November 2017. The report indicated the registration of 2429 new companies including 1787 main commercial records and 642 branch commercial records.
Limited liability companies accounted for 62% of new commercial records followed by limited liability companies in the category of single-person companies at 27% while 10% of new companies were registered in the category of Individual Corporations.
Contracting companies topped the list of most common activities in November, with 1225 commercial records issued in this field. 980 commercial records were issued for restaurants, cafeterias and ice cream shops while 864 records were issued for grocery stores and supply shops. The field of public trading followed with 837 records while construction material trading accounted for 750 records.
The report pointed out that a total of 9536 commercial licenses were issued, amended or renewed in November. 1712 new commercial licenses were issued while 1019 were modified and 6805 commercial licenses were renewed.
A total of 309 companies closed in November, representing 13% of newly registered companies.
Regarding write-off activities, contracting companies topped the list at 27%, followed by public trading companies at 21%. Trading in construction materials, electrical appliances and electronics followed in third place at 18% while grocery stores and supplies came at 16%.
The report has indicated that the total number of transactions that took place during November 2017 at the ministry's branches reached 33576 transactions.
In the area of intellectual property rights, the report indicated that 59 new patent applications were issued in November while 181 patent applications were renewed. In addition, 4448 trademarks have been registered during November, while 14 certificates were issued in the field of copyright and related rights.