The Saudi Business Center, through the “Qawaem” program platform, has launched a service for filing financial statements for micro and small companies exempt from appointing an external auditor. This initiative aims to enable these companies to meet the requirement of filing their financial statements in a secure and convenient electronic manner.
This automated filing service for micro and small companies aligns with the center’s efforts to simplify the journey for business owners and improve the quality of government requirements directed at them. Moreover, the service seeks to reduce the time and cost associated with these processes.
The service requires companies, after verifying their eligibility as micro or small businesses for the filing year, to attach a declaration confirming the non-applicability of the requirement to appoint an external auditor. Additionally, this declaration must be authenticated by the Ministry of Commerce, the Chamber of Commerce, or a local bank, after being signed and stamped by the company.
It is worth noting that the Saudi Business Center strives to enhance the quality and efficiency of government services directed at the business sector. It does so by proposing the development of policies and procedures in coordination with relevant government agencies, reviewing and reengineering these processes to make them more streamlined and cost-effective, and adhering to global best practices. Finally, the ultimate goal is to create an attractive business environment that fosters national economic growth.
Related Topics:
Saudi Business Center Launches 2nd Phase’s QR-Code
Higher Education: Saudi Arabia’s Emergence as Global Destination
Saudi Business Center Launches Unified Electronic Code Service
Exclusive Interview: Meeting of the Saudi Estonian Business Council
