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Sultan revamps Sharjah Chamber of Commerce
June 14, 2018
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SHARJAH: His Highness Dr. Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued Law No. 09 of 2018 to re-organise the Sharjah Chamber of Commerce and Industry, SCCI.

The Law stipulates that SCCI is an independent, non-profit organisation, and shall enjoy the legal personality and the full legal capacity necessary to achieve its objectives. The chamber shall also enjoy financial and administrative independence owned by the Government of the Emirate of Sharjah.

The main headquarters of the chamber shall be in Sharjah and by a resolution from the council, it can set up branches outside the emirate.

SCCI aims to develop the private business sectors while protecting the rights of members and safeguarding their interests, enhancing the capacity and status of the local economy of the emirate and establishing partnership and cooperation frameworks between the public and private sectors.

 The Chamber is prohibited from carrying out financial speculation or any activity that adversely affects confidence in the markets.

 Sharjah International Commercial Arbitration Centre, TAHKEEM, and the Expo Centre Sharjah shall follow SCCI.

 Pursuant to the Law, the term of membership will be four years, and may be extended for a similar period or periods, and the Board’s members may be re-elected when their mandate expires.

Annual budget

The chamber shall have an annual budget begin its financial year from the first of January and end on the end of December of each year, first financial year shall commence from the date of entry into force of this Law and shall end on the 31st of December of the same year.

 The law further states that the financial resources of the Chamber shall be obtained through government allocations, savings of the council’s budget, Council’s own revenues resulting from the exercise of its competences in addition to any other resources approved by the Council.

 Money funds are considered as public funds and shall be exempt from all local government taxes and fees in all their forms and types.

 The Decree shall be effective from the date of issuance and shall be published in the Official Gazette. Any provision contrary to the provisions of this law shall be repealed.

WAM
 

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