• COMP 3 COMP 3 Incorporation of an LLC(G)

    • COMP 3.1 COMP 3.1 Application for incorporation of an LLC(G)

      • COMP 3.1.1

        An applicant for the incorporation of an LLC(G) must:

        (A) complete the Prescribed Form and file it with the CRO;
        (B) provide such additional material as may be required by the CRO; and
        (C) pay the Fee prescribed in Appendix 4 to the CRO.
        Inserted (as from 5th April 2015).

      • COMP 3.1.2

        The CRO may not register a Company as an LLC(G) unless the articles of association of the Company comply with the conditions stated in Article 92S of the Companies Regulations and Rule 3.2 below.

        Inserted (as from 5th April 2015).

    • COMP 3.2 COMP 3.2 Articles of Association of an LLC(G)

      • COMP 3.2.1

        For the purposes of Article 92S of the Companies Regulations, the articles of association set out in Appendix 2 are prescribed as the standard LLC(G) articles of association.

        Inserted (as from 5th April 2015).

      • COMP 3.2.2

        If the standard LLC(G) articles of association are not adopted, then the articles filed by the LLC(G) with the application for a certificate of incorporation must, at least, provide for:

        (A) the purpose for which the LLC(G) is being formed;
        (B) the extent to which the Members have undertaken to contribute towards the assets of the LLC(G);
        (C) accounts and other information to be provided to members;
        (D) the maximum number of directors;
        (E) the appointment, retirement, disqualification and removal of directors and other officers;
        (F) the remuneration of directors;
        (G) the powers of directors, including powers to borrow on behalf of the company and the delegation of those powers;
        (H) proceedings of directors meetings;
        (I) appointment of the secretary; and
        (J) the keeping of minutes.
        Inserted (as from 5th April 2015).

    • COMP 3.3 Members' undertaking

      For the purposes of Article 92B of the Companies Regulations the terms and minimum level of undertaking that a Member of an LLC(G) shall be required to provide shall be as follows:

      The Member's undertaking must state that each Member undertakes that, if the LLC(G) is wound up while he is a Member or within one year after he ceases to be a Member, he will contribute to the assets of the LLC(G) such amount as may be required for:—

      (A) payment of the debts and liabilities of the LLC(G) contracted before he ceases to be a Member;
      (B) payment of the costs, charges and expenses of winding up; and
      (C) adjustment of the rights of the contributories among themselves not exceeding a specified amount.
      The value of a Member's undertaking shall be no less than QAR1000.
      Inserted (as from 5th April 2015).

    • COMP 3.4 Registered Office of an LLC(G)

      For the purposes of Article 92L of the Companies Regulations, the CRO may waive the requirement for an LLC(G) to maintain a Registered Office situated in the QFC where the LLC(G) appoints and retains a Support Services Provider and the Support Services Provider has a Registered Office in the QFC, in which case the LLC(G) may use that office as its Registered Office.

      Inserted (as from 5th April 2015).