<The National Program to Combat Commercial Concealment confirmed the continuation of the correction of all applicants to benefit from the corrective period until its end on August 23, 2021, regardless of the size and income of the establishment and its commercial activity.
The program announced the relaxation of the requirements for beneficiaries of the corrective period by reducing the requirement for establishments to achieve annual revenues from 40 million to 10 million Saudi riyals, and increasing the deadline for achieving the required capital for restricted activities from 3 to 5 years.
The approval of His Excellency the Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih was issued to start working from yesterday, Sunday, to apply these requirements to the correctors through the investment license by agreeing between the Saudi and the non-Saudi to partner in the establishment or register the establishment in the name of the non-Saudi.
The program confirmed the continuation of the correction process with all other options suitable for all sizes of establishments and their sectors, which include the continuation of the Saudi in the practice of economic activity by introducing a new partner in the establishment, the disposal of the Saudi in the establishment, the acquisition of the distinctive residence and the final departure of the non-Saudi from the Kingdom of Saudi Arabia.
The program enables those wishing to correct their status and whose establishment does not meet the requirements for the size of the mentioned establishment to make the correction through the acquisition of privileged residency by the non-Saudi.
According to the updated requirements of the regulation for the correction of violators of the anti-coverage system, the beneficiaries of the corrective period through the Ministry of Investment are exempt from the requirement of the international presence of the beneficiary establishment, if a number of conditions and requirements are met, including that the number of employees of the establishment requesting correction is 50 and above or the revenues of the establishment for the last year 10 million riyals and above, and registered in the commercial register before the start of the correction campaign, and that the foreign partner resides in the Kingdom before the start of the correction period, and the foreign partner's employer has no objection to the foreign partner.
The National Anti-Cover-Up Program renewed its invitation to all those wishing to correct their situation, to take advantage of this opportunity by applying to the Ministry of Commerce with a request for correction before the end of the corrective period on 23/8/2021, and to benefit from the advantages decided by the regulation, which include exemption from the penalties prescribed in the system and other consequential penalties, and exemption from paying income tax retroactively, in order to ensure the practice of economic activities legally.
The steps of correction are done through multiple options through the website of the Ministry of Commerce: mc.gov.sa.
The program announced the relaxation of the requirements for beneficiaries of the corrective period by reducing the requirement for establishments to achieve annual revenues from 40 million to 10 million Saudi riyals, and increasing the deadline for achieving the required capital for restricted activities from 3 to 5 years.
The approval of His Excellency the Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih was issued to start working from yesterday, Sunday, to apply these requirements to the correctors through the investment license by agreeing between the Saudi and the non-Saudi to partner in the establishment or register the establishment in the name of the non-Saudi.
The program confirmed the continuation of the correction process with all other options suitable for all sizes of establishments and their sectors, which include the continuation of the Saudi in the practice of economic activity by introducing a new partner in the establishment, the disposal of the Saudi in the establishment, the acquisition of the distinctive residence and the final departure of the non-Saudi from the Kingdom of Saudi Arabia.
The program enables those wishing to correct their status and whose establishment does not meet the requirements for the size of the mentioned establishment to make the correction through the acquisition of privileged residency by the non-Saudi.
According to the updated requirements of the regulation for the correction of violators of the anti-coverage system, the beneficiaries of the corrective period through the Ministry of Investment are exempt from the requirement of the international presence of the beneficiary establishment, if a number of conditions and requirements are met, including that the number of employees of the establishment requesting correction is 50 and above or the revenues of the establishment for the last year 10 million riyals and above, and registered in the commercial register before the start of the correction campaign, and that the foreign partner resides in the Kingdom before the start of the correction period, and the foreign partner's employer has no objection to the foreign partner.
The National Anti-Cover-Up Program renewed its invitation to all those wishing to correct their situation, to take advantage of this opportunity by applying to the Ministry of Commerce with a request for correction before the end of the corrective period on 23/8/2021, and to benefit from the advantages decided by the regulation, which include exemption from the penalties prescribed in the system and other consequential penalties, and exemption from paying income tax retroactively, in order to ensure the practice of economic activities legally.
The steps of correction are done through multiple options through the website of the Ministry of Commerce: mc.gov.sa.
