Article 123 of Companies Law

The establishment of the company shall be approved by a decision of the Minister issued within thirty days from the date of submission of the application and completion of the particulars and documents specified in the preceding Article. If the application is rejected, the decision must state reasons. Home Page 1487 Law Index Companies Law Law No. 1 of 2016 Promulgating the Companies Law A person whose application has been rejected may challenge the rejection decision before the competent court within sixty days from the date of his notification of the rejection of the application. The founders shall not be entitled to submit an application to establish the same company again until the reason for rejection has ceased to exist.