The draft regulations are based on the Commercial Register Law issued by the Royal Decree on 19/3/1446H.
<The draft regulation is based on the Commercial Registry Law issued by the Royal Decree dated 19/3/1446 H. The project aims to organize registration procedures in the Commercial Registry, facilitate the practice of business, achieve transparency and reliability, facilitate registration procedures and reduce the time for deciding on registration applications.
In order to achieve its objectives, the draft regulation included a number of provisions, most notably defining the powers of the registrar to enable him to raise the level of compliance and services provided and enhance technical linkage with government agencies, in addition to the data contained in the system, the regulation specified the data to be registered, including the type of activity that the trader wishes to practice.
In order to achieve transparency and reliability, the draft regulations mandate the registrar to update the data in the event of a final court ruling or a final decision issued by any competent authority that results in a change or amendment in the registration data. The regulations also allow access to a large number of data recorded in the commercial register as basic data that can be accessed by any person without financial charge, and the project has regulated the financial compensation for services related to the commercial register and took into account the size of commercial establishments.
The draft regulations also include a schedule for the commercial register and the financial compensation for services related to the commercial register. The project also included a schedule of classification of violations and decided for each penalty according to its seriousness and impact and made it mostly to apply a warning to the violator before imposing the penalty in order to mitigate the business sector and ensure the assistance of commercial establishments to ensure compliance and avoid violations.
In the framework of mitigation and avoidance of violations. <Within the framework of mitigating and facilitating the most vulnerable groups and encouraging innovation, the regulation identifies those who are exempted from registration in the commercial register for some categories. <The Ministry invites interested and concerned parties to participate and express their views on the draft executive regulations of the Commercial Registration System as well as the mechanism for correcting the status of sub-registers through the unified electronic platform for surveying the opinions of the public and government agencies (Survey Platform) through the electronic link: https://istitlaa.ncc.gov.sa/ar/Trade/mci/Commercial
