Ministry of Commerce official spokesperson Abdulrahman Al-Hussein explained the advantages of the new commercial registry system, noting that holders of existing sub-registries are granted a 5-year period to either update their records to comply with the new system by opting to transfer ownership or cancel the sub-registry.
He highlighted the main benefits of the new commercial registry system, which include the requirement of only one commercial registry for all business activities across the Kingdom, the abolition of sub-registries for institutions and companies, and the ability to operate a business with a single commercial registry in various regions of the Kingdom of Saudi Arabia.
Al-Hussein added that the new system removes the restriction of registering a business in only one city or region and allows individuals to own one sole proprietorship for conducting various business activities, regardless of their diversity.
The benefits also include the removal of a fixed validity period for the commercial
registry, requiring only an annual update to confirm its information.
Additionally, commercial establishments are mandated to open a bank account linked to their business for conducting their operations.
The Cabinet approved the issuance of the commercial registry and trade names systems in its session held on Tuesday.
Source: Saudi Press Agency
