Image Credit: The Saudi Ministry of Tourism
Dubai: Saudi Arabia enacts new laws for commercial registration and trade names, designed to streamline business operations and enhance the overall working environment.
These changes were announced during the Cabinet meeting in Riyadh on September 17, chaired by Crown Prince Mohammed Bin Salman (MBS), according to the Saudi Press Agency.
In the first quarter of 2024, the country’s trade sector recorded 104,000 commercial registrations, a 59 per cent increase compared to the same period last year.
The ministry of commerce issued 65,363 permits during the first three months of 2023.
44 per cent of the registrations in early 2024 were granted to women, as reported in the quarterly business sector bulletin.
This surge has brought the total number of certificates issued to over 1.45 million across the country.
The new commercial registration and trade name regulations aim to simplify business operations and alleviate burdens on commercial establishments by providing a unified national registration system.
Abdulrahman Al Hussein, spokesperson for the ministry of commerce explained in the cabinet meeting that business owners can now obtain a single registration, regardless of how many activities or businesses they manage nationwide.
Furthermore, registrations will remain valid indefinitely as long as owners annually update their business information.
Al Hussein said that all businesses must maintain a designated bank account for financial transactions. Existing sub-registers will have a five-year grace period for owners to either transfer or cancel their registrations.
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