Riyadh: The Saudi Ministry of Commerce announced on Tuesday that business owners will now be able to cancel commercial records for business establishments and their subsidiaries electronically without requiring a review by other authorities after clearing any overdue registration fees. The service came into effect on March 1.
However, companies must complete the requirements for the liquidation of the business before writing off the records.
The ministry explained that this procedure saves time and effort for owners of commercial records who wish to cancel their records. The move fits the ministry’s objective of creating a stimulative and fair environment for investors.
In the past, canceling commercial records required several procedures involving various government agencies; such as paying taxes and fees, canceling licenses related to the register, and transferring labor services before writing off the record; all of which took much time and effort on the part of investors.
Recommended: Saudi Arabia’s major exports and imports
The new service allowed business owners to close their business while canceling records formally is in process. If other parties’ reviews were required, these would be done after the record was written off.
The service is available at http://e.mc.gov.sa