Saudi Minister of Commerce Dr. Majid Al-Qasabi emphasized the importance of the new Companies Law, which was approved by the Council of Ministers yesterday, Tuesday. He highlighted its comprehensiveness and its consolidation of all forms and types of companies—«commercial, professional, and nonprofit»—into a single legislative document, as well as its alignment with all economic developments in the business environment.
Dr. Al-Qasabi explained that the law, which was developed under the direct supervision of Crown Prince Mohammed bin Salman, is characterized by a high degree of flexibility to protect companies and empower the private sector to play a key role in achieving the goals of «Saudi Vision 2030,» adding that it will help stimulate and develop the commercial ecosystem, encourage bold investment, and play a vital role in fulfilling the aspirations of family-owned businesses and regulating their operations through the conclusion of a «family charter,» It will also address the challenges faced by entrepreneurs through the adoption of the «Simplified Joint Stock Company» to meet the needs and requirements of entrepreneurship and the growth of venture capital.