Gulf Regional Legal Environment of Business2 Essay

Gulf Regional Legal Environment of Business2 - Essay ExampleTrusts unremarkably lead to monopolization of the market and higher prices. Consumer safety laws argon another category of commerce legislation. These laws curb that products and services do not harm the consumers. Commercial laws also ensure environmental protection. This mainly has to do with the disposal of harmful wastes from industries. If companies are not regulated by laws they are likely to dispose absent their wastes without consideration of the negative environmental effects. Laws ensure that such wastes are disposed off safely. In so doing they protect the environment from degradation. Commerce laws also ensure that the general welfare of the public is catered for. Law makers commonly weigh the benefit that will be gained by individual businesses against the welfare of the general public and if they let that the welfare of the general public is compromised then they might outlaw such business activities or occupy whoever engages in them. The business laws also regulate occupations. The laws specify the skills and qualifications for various positions. This ensures that people are recruited on virtuousness and not whom they know. This reduces unethical hiring behaviour in the business environment. Business laws also promote diversity. This is necessitated by laws that choke up discriminatory practices based on age, gender, race or ethnicity. Laws require that companies should employ deserving employees and not do so based on gender, age, race or ethnicity. in that respect should also be no divergence during promotions and layoffs. This promotes equity in the society. Business laws also ensure that businesses take care of the health and safety of their employees (Stone, 2004). several(prenominal) governments have put down rules and regulations that firms must abide to in terms of health and safety of their workers. This ensures that employees are not at risk while at work. Laws also ensure that the companies give their statements to the public forward selling their shares. This ensures that the public know the state of the companies in which they invest their money in. Laws normally protect businesses. There are laws that offer property rights to inventions of companies. These laws ensure that there is no unauthorized use of inventions of companies or individuals. This is through with(p) through patent rights, trademarks and copy rights. The laws normally also protect home industries or businesses from external competition. These are normally referred to as protectionist laws, which set conditions of operation for foreign companies or businesses. Such laws set tougher conditions for foreign businesses indeed reducing their competitiveness in the local business environment. Laws need to be amend from fourth dimension to time in order to suit the prevailing conditions. This enables laws to satisfy the economic and people needs. Laws may be amended to liberali ze the economy of a country or protect it from foreign competition. Examples of amendments in Oman are the amendments in the Oman labour laws in 2012. Initially, the Ministry of Manpower stipulated the percentage of Oman workers that each company should employ but with amendment to this law a fine was introduced for those companies that do not meet this percentage. The operative age were also reduced from six days a week to five days a week hence reducing the maximum working hours a week from 48 hours a