The National Program to Combat Front Companies confirmed that it will continue to rectify the situations of all applicants who have submitted requests for rectification in order to take advantage of the rectification period until its conclusion on August 23, 2021, regardless of the size, income, or business activity of the establishment.
The program announced that it would ease the requirements for beneficiaries during the adjustment period by lowering the annual revenue requirement for businesses from 40 million to 10 million Saudi riyals and extending the deadline for raising the required capital for restricted activities from 3 to 5 years.
His Excellency the Minister of Investment, Engineer Khalid bin Abdulaziz Al-Falih, has approved the implementation of these requirements, effective as of yesterday, Sunday, for investors through an investment license based on an agreement between a Saudi and a non-Saudi partner regarding the partnership in the facility or the registration of the facility in the name of the non-Saudi partner.
The program confirmed that the rectification process will continue through all other appropriate options for businesses of all sizes and across all sectors, including allowing Saudis to continue their economic activities by bringing in a new partner to the business, the Saudi owner\u2019s disposal of the business, the granting of special residency to non-Saudis, and the permanent departure of non-Saudis from the Kingdom.
The program allows those who wish to rectify their status\u2014and whose facilities do not meet the specified size requirements\u2014to do so by having a non-Saudi national obtain a Special Residence Permit.
According to the updated requirements of the regulations governing the rectification of violations of the Anti-Fronting Law, beneficiaries undergoing the rectification period through the Ministry of Investment are exempt from the requirement that the beneficiary entity have an international presence, provided that a number of conditions and requirements are met, including that the entity seeking rectification have 50 or more employees or that the entity\u2019s revenue for the most recent fiscal year be 10 million riyals or more, and that the entity be registered in the Commercial Register prior to the start of the rectification campaign; that the foreign partner be a resident of the Kingdom prior to the start of the rectification period; and that the foreign partner\u2019s employer has no objection.
The National Program to Combat Fronting has renewed its call to all those wishing to rectify their situations to take advantage of this opportunity by submitting a rectification request to the Ministry of Commerce before the end of the rectification period on August 23, 2021, and to benefit from the advantages stipulated in the regulations, which include exemption from the penalties prescribed by law and any resulting additional penalties, as well as retroactive exemption from income tax, in order to ensure that economic activities are conducted in accordance with the law.
The correction process can be completed in several ways through the Ministry of Commerce\u2019s website: mc.gov.sa.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The National Program to Combat Fronting has confirmed that it will continue to review the status of all applicants who have submitted requests for correction to take advantage of the correction period until its conclusion on August 23, 2021, regardless of the size, income, or business activity of the establishment.The program announced that it is easing the requirements for beneficiaries of the rectification period by lowering the annual revenue threshold for establishments from 40 million to 10 million Saudi riyals, \u2026 Read 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