Latest news with #AbdulrahmanAl-Hussein
Asharq Al-Awsat
03-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Enacts Reforms to Boost Business Climate, Investment Appeal
Saudi Arabia will enforce two major regulatory frameworks, the Law of Commercial Register and Law of Trade Names, starting Thursday, marking a significant overhaul of its business registration process. The reforms are part of the kingdom's ongoing efforts to modernize its regulatory environment, create a more business-friendly ecosystem, and strengthen its position as a global investment hub in line with Vision 2030. Approved by the Saudi government on Sept. 17, the new laws represent a major regulatory shift aimed at empowering investors, facilitating business growth, and unlocking investment opportunities nationwide. They form part of a broader, ongoing regulatory transformation designed to enhance transparency, improve the business climate, and align with the kingdom's economic and technological advancements. Commerce Minister Majid Al-Kassabi said the Cabinet's approval of the laws aims to streamline business operations and ease the burden on enterprises by consolidating their registration into a single nationwide record. The new framework also standardizes the reservation and registration of trade names to protect and enhance their value, aligning with Saudi Arabia's economic and technological advancements under Vision 2030. Saudi Arabia ranks 62nd out of 190 economies in the World Bank's latest annual Ease of Doing Business index. Ministry of Commerce official spokesperson Abdulrahman Al-Hussein noted that the new commercial register law introduces major changes. Among the key changes are the elimination of subsidiary registers, with a single commercial register now being sufficient. Additionally, the law removes the requirement to specify the city of registration, allowing one commercial registration to apply across all regions of the Kingdom. The new law also obligated commercial establishments in Saudi Arabia to open bank accounts linked to the establishment in order to enhance its reliability and ensure the integrity of its transactions. In addition, the law cancels the expiration date for the commercial register, requiring only an annual confirmation of the data, the spokesman stated. Under the law, the commercial registration number will serve as the establishment's unified number, starting with (7). The ministry will grant existing subsidiary registers a five-year grace period to rectify their status in accordance with the new regulations. Meanwhile, the new Law of Trade Names in Saudi Arabia, which consists of 23 articles, aims to regulate the procedures for reserving and recording names in the commercial register, maximizing their value, and protecting them and their rights. The law allows a trade name to be reserved before it is recorded for a specific period that can be extended. It also sets the requirements that must be met by trade names to be registered or reserved, and the criteria for prohibited names. Al-Hussein explained that the new regulations also allow for the reservation and registration of trade names in English, including letters or numbers. This marks a departure from the previous law, which permitted only Arabic names without foreign characters or numbers. The new law will enable the management of trade names independently from the establishment, allowing for the transfer of their ownership while prohibiting the registration of identical or similar names for different establishments in Saudi Arabia, even if their activities differ. Al-Hussein noted that the law also includes regulations for reserving family names as trade names and establishes criteria for prohibited or misleading names.
Leaders
01-04-2025
- Business
- Leaders
Saudi Commerce Ministry: New Trade Laws Effective Thursday
Abdulrahman Al-Hussein, official spokesperson for the Ministry of Commerce, highlighted that next Thursday, Shawwal 5, marks a pivotal moment for Saudi Arabia's business sector as the Kingdom's new Commercial Register Law and Trade Names Law come into force. Al-Hussein outlined key reforms under the Commercial Register Law , including the elimination of subsidiary registers, consolidating all entries into a single, unified commercial register. The law also removes the need to specify a registration city, allowing one commercial registration to be valid nationwide. Additionally, the law abolishes expiration dates for commercial registrations, requiring only an annual data confirmation. The commercial registration number will now serve as the establishment's unified identifier, beginning with the digit (7). Existing subsidiary registries have a five-year grace period to comply with the new regulations. Regarding the Trade Names Law , Al-Hussein explained that businesses can now reserve and register trade names in English, including letters and numbers—a shift from the previous Arabic-only policy. The law also permits trade names to be managed separately from establishments, enabling ownership transfers while preventing duplicate or similar names across businesses, even if their activities differ. Further provisions allow family names to be reserved as trade names and establish clear criteria to prohibit misleading or inappropriate names. Related Topics: Saudi Commerce Ministry Recalls 28,806 Ford Explorer Vehicles The volume of trade exchange between Japan & the Kingdom over 5 years is $175.25 Bn: Saudi Commerce Ministry Saudi Commerce Ministry suspends 4000 accounts at 'MAROOF' App Saudi Theater Celebrates Joy, Togetherness During Eid Al-Fitr Short link : Post Views: 1
Arab News
01-04-2025
- Business
- Arab News
New law simplifying Saudi business registration to take effect
RIYADH: Saudi Arabia is set to introduce significant changes to its business registration system when the new Law of Commercial Register and Law of Trade Names take effect on April 3. Abdulrahman Al-Hussein, the Ministry of Commerce's official spokesperson, highlighted that one of the major changes includes the abolition of subsidiary registers, making a single commercial register sufficient, the Saudi Press Agency reported. The laws, announced in September, also eliminate the requirement to specify the city of registration, meaning a single commercial registration will be valid across all regions of the Kingdom, Al-Hussein added. The changes comes as Saudi Arabia saw a 60 percent increase in commercial records in 2024, with 521,969 issued compared to the previous year, according to the Ministry of Commerce. The moves also align with the Kingdom's economic diversification efforts, aimed at reducing reliance on oil and increasing the private sector's contribution to the gross domestic product from 40 percent to 65 percent by 2030. Al-Hussein said the Law of Commercial Register 'cancels the expiration date for the commercial register, requiring only an annual confirmation of the data.' He underlined that the commercial registration number will now serve as the establishment's unified number, starting with '7.' Existing subsidiary registers will have a five-year grace period to comply with the new regulations. Additionally, the updated Trade Names Law now permits the reservation and registration of trade names in English, including letters and numbers, a shift from the previous rule, which only allowed Arabic names without foreign characters or digits. The change also allows trade names to be managed separately from the establishment, enabling their ownership transfer. It prevents the registration of identical or similar names for different businesses, regardless of their activities. Al-Hussein added that this law includes provisions for reserving family names as trade names and sets standards for prohibited or misleading names. The Saudi Cabinet approved these changes on Sept. 17, with the government aiming to streamline business operations and improve the overall working environment. In a post on his X account at the time, Commerce Minister Majid bin Abdullah Al-Qasabi emphasized that the changes would streamline the procedures for reserving and registering trade names, thus protecting and enhancing their value, in line with the economic and technological advancements outlined in Vision 2030.
Saudi Gazette
18-03-2025
- Business
- Saudi Gazette
Commerce ministry: Shoppers can refuse receiving shipment if product is defective
Saudi Gazette report RIYADH — The Ministry of Commerce spokesman Abdulrahman Al-Hussein said that shoppers have the right to refuse receiving a shipment if the product is defective or does not conform to the agreed-upon specifications. He explained that the e-commerce shipment delivery code, given to the delivery company representative upon receipt of the consignment, is an acknowledgment from the shopper that the products were received in a proper and orderly manner. The spokesman emphasized the importance of verifying the shipment and its conformity to the order, as well as the safety and quality of the products before providing the representative with the delivery code. Al-Hussein urged shoppers to know their rights in e-commerce through the Consumer Rights and Duties Guide on the ministry's website in the following link:
