Ministry of Commerce has clarified that the board of directors in joint stock companies (unlisted shareholding) is responsible for preparing the company's financial statements, with the obligation to prepare them at the end of each fiscal year. <The Ministry clarified that the Board of Directors in joint stock companies (unlisted) is responsible for preparing the financial statements of the company, with the obligation to prepare them at the end of each fiscal year, and placing the financial documents at the disposal of the auditor (if any) 45 days before the date of the General Assembly, and the Chairman of the Board of Directors, CEO and CFO (if any) are required to sign the financial statements and deposit a copy of them at the company's head office, while the Chairman of the Board of Directors shall deposit the financial statements and provide shareholders with a copy of them 21 days before the annual ordinary general assembly and shall also deposit the financial statements for the annual ordinary general assembly. For limited liability companies, the preparation and filing of financial statements is the responsibility of the company's director or board of directors, with the obligation to prepare the company's financial statements for the past fiscal year, place the financial statements at the disposal of the auditor (if any) at least 45 days before the annual general assembly, provide the partners with the financial statements 21 days before the annual general assembly, and deposit the financial statements with the Saudi Center for Economic Business through the electronic filing program for financial statements.
In simplified joint stock companies, the responsibility lies with the company's president, director, or board of directors, as the case may be, provided that the financial statements and the auditor's report (if any) are presented to the shareholders within 6 months after the end of the fiscal year.
In solidarity companies, the director shall provide the partners with the financial statements before the General Assembly. In solidarity companies, the director, directors, or partners shall prepare and file the financial statements, while the director, directors, or partners (if no director is appointed) shall be responsible for preparing and filing the financial statements of the simplified recommendation company.”
The Ministry revealed that the financial statements shall be presented to the shareholders within one month after the end of the fiscal year. <The Ministry revealed that the filing of financial statements is done within 6 months from the end of the fiscal year, for all forms of companies, noting that the filing process is done electronically through the “Qawm” platform via the link: http://qawaem.bc.gov.sa.
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