– The Saudi Cabinet approved the Law of Commercial Registration and the Law of Trade Names to streamline business operations across the Kingdom.

– The Law of Commercial Registration consolidates all business activities under a single registration, eliminating the need for sub-registrations, reducing administrative burdens, and offering a five-year grace period for compliance.

– These reforms align with Saudi Vision 2030, enhancing business transparency through the requirement of linked bank accounts and making registration data more accessible and accurate.

The Saudi Cabinet session approved the Law of Commercial Registration and the Law of Trade Names, according to a statement obtained by the Saudi Press Agency.

The new Law of Commercial Registration requires only one commercial registration for businesses across Saudi Arabia, according to Minister of Commerce Dr. Majed Al-Qasabi.

He noted that the Law of Commercial Registration and the Law of Trade Names, recently approved by the Council of Ministers, aim to ease business operations and reduce burdens on commercial establishments.

Dr. Al-Qasabi emphasized that these laws align with Saudi Arabia’s economic and technological advancements, supporting the Kingdom’s Vision 2030 transformation.

The Law of Commercial Registration, which comprises 29 articles, streamlines business processes by organizing registration procedures, ensuring data accuracy, and making it accessible for easy reference.

The law eliminates the need for sub-registrations by allowing businesses to operate under a single commercial register, covering all their activities nationwide, reducing financial costs. A five-year grace period has been provided for businesses to update their sub-registrations. Additionally, the law mandates that businesses open bank accounts linked to their registrations to enhance transaction reliability and transparency.