The Ministry of Commerce the draft commercial transactions system for interested parties and the public to express their views and suggestions on the project, based on the principle of participation and transparency, and improving the commercial legislative environment in the Kingdom, and the Ministry set 6/24/1443 AH as the deadline for receiving the visuals.
.
In order to achieve its objectives, the draft law included provisions that regulated the methods of business theory, the theory of the merchant, the shop, the general obligations of merchants, commercial obligations, accounting records, commercial contracts, commercial papers, and the draft law came with provisions regulating the conduct of business, as it described professional business and individual business. The draft law included provisions that regulated the conduct of business, as it described professional business and sole proprietorship business.
The draft law includes provisions related to the merchant and the store. The draft law clarifies who acquires the status of a merchant and the provisions related to him. The draft law also touches on the provisions of the store, where it clarifies the material and immaterial elements of the store, the provisions of the store's branches and dispositions, and the draft law adopts the principle that the store does not enjoy a personality independent of the merchant's personality, nor a liability independent of his liability.
The Law clarifies the obligations of a trader and commercial obligations in general, by establishing the obligation of a trader to take a commercial name, register in the commercial register, and keep the correspondence and invoices issued or received during his business practice.
In order to facilitate doing business, the draft law includes exempting some categories of traders from registering in the commercial register and keeping accounting records, based on criteria determined by the Ministry, to facilitate individuals who engage in small businesses.
The draft system pays attention to modern technology in accounting records by allowing documents to be kept by any electronic means instead of keeping the original, and decides that the original is authentic in evidence. Retention of Accounting Records The draft system pays attention to modern technology in accounting records
One of the most prominent features of the draft system: It regulates the commercial contracts, as it regulates the commercial sale contract by stating the obligations of its parties and the issues related to determining the price and the form of the sale and others, the project also regulates the liquidation sale contract and public auction by defining it and stating the provisions related to it, in addition to regulating the supply sale contract and the obligations related to it. The draft law regulates the commercial sale contract.
The project dealt with the organization of the commercial agency contract, defining it in a general concept and providing for two types of subordinate contracts: The contract of contract agency and the contract of commission agency. The draft law also regulates the mediation contract by defining it and the provisions related to the appointment of the mediator's remuneration. The draft law also regulates the commercial representation contract and clarifies its provisions, and determines that the commercial representative is considered an authorized representative of the merchant.
The draft law also deals with commercial papers, defining them and explaining their types and provisions related to them, including the provisions of the bill of exchange, the check, and the bond for an order, in terms of their establishment, methods of circulation, guarantees of fulfillment, methods of termination of obligation, and the data that must be included in commercial papers. The draft law also deals with commercial papers, defining them and explaining their types and the provisions related to them.
The Ministry explained that the draft system was prepared based on monitoring challenges and obstacles and studying opportunities and areas of development in light of leading international experiences, in cooperation with relevant international organizations and specialized experts, with the aim of regulating commercial transactions to facilitate the practice of traders in their commercial business.
Business Organization
Provisions for merchant and store
Trade name registration
Keeping accounting records
Regulating commercial contracts
Commercial Agency Contracts
Defining Commercial Papers
