The Ministry of Commerce has confirmed the entry into force of the new Chambers of Commerce system, which includes exempting those wishing to issue a new commercial register from the financial fee for participation in the Chambers of Commerce for three years from the date of registration in the commercial register, in addition to the reduction for the following two years in support of entrepreneurs and small and medium enterprises.

Ministry of Commerce It also canceled the multiple subscriptions in the same chamber, regardless of the number of branches, as long as this branch bears the same name as the record that holds an existing subscription.
The Ministry explained that the exemption decision saves the private sector large sums of money and reduces the cost of starting a business.

Ministry explained that the exemption decision saves the private sector large sums of money and reduces the cost of starting a business.

The Ministry indicated that starting from the fourth and fifth year there will be reduced fees, which will be 500 riyals for institutions and 200 riyals for companies whose capital is less than 375,000 riyals and the number of employees does not exceed five, which makes the costs of starting a business for the first five years decrease for limited liability companies between 33% and 75% and decrease for institutions by 96%.

The Ministry indicated that the exemption decision saves the private sector large sums of money and reduces the cost of starting a business. The regulation also stipulates taking advantage of modern technology means in elections and voting, and providing the option of individual voting and group voting for board members.

The “Commerce” urged those wishing to start their business and benefit from the exemption to visit the website of the Commercial Register via the link: ecr.mci.gov.sa