Saudi Arabia’s Ministry of Commerce has unveiled a noticeable 68% increase in company commercial records since the implementation of the New Companies Law.
According to the Ministry, the New Law has facilitated procedures and company establishments sinch its launch on January 19, 2023.
In addition, the law offered new innovative features such as simplified joint-stock companies and remote shareholder participation.
As a result, it achieved a remarkable progress and elevated the number of commercial records for companies to 389,413 by the end of the third quarter of 2024. This increase represents a noticeable surge from 230,762 commercial records before the implementation of the law.
This means that the law has revolutionized the business landscape and made a great difference in the commercial communities.
Crucially, it has provided limited liability companies with the ability to issue debt instruments which significantly supported businesses.
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