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HomeBusinessSaudi Arabia’s New Business Laws Boost Efficiency

Saudi Arabia’s New Business Laws Boost Efficiency

Streamlined commercial registration and trade names to enhance business environment

September 19, 2024
in Business
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Saudi Arabia has introduced new laws for commercial registration and trade names to streamline business operations and improve the business environment.

Announced during a Cabinet meeting led by Crown Prince Mohammed Bin Salman, these changes aim to simplify processes and reduce burdens on commercial establishments.

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In early 2024, the trade sector saw 104,000 new commercial registrations, marking a 59% increase from the previous year. Additionally, 44% of these registrations were granted to women, contributing to over 1.45 million certificates issued nationwide.

The new regulations establish a unified national registration system, allowing business owners to obtain a single registration for multiple activities or businesses across the country. Registrations will remain valid indefinitely, provided business information is updated annually.

All businesses are now required to maintain a designated bank account for financial transactions. Existing sub-registers have a five-year grace period for owners to transfer or cancel their registrations.

These reforms are expected to significantly enhance the ease of doing business in Saudi Arabia.

Tags: business lawscommercial registrationsaudi arabiatrade names
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