The National Anti-Benami Project in Saudi Arabia has issued ten conditions to be satisfied by commercial establishments in Saudi Arabia.
The deadline for correction of benami status of commercial establishments in the Kingdom expired on February 16th, 2022. The authorities have issued these conditions as part of completion of the commercial status correction drive.
The 10 conditions –
- The business must have a valid commercial registration (CR).
- It must have all the valid licenses and data to run the firm.
- The business must have opened a bank account.
- Should not use personal bank accounts for commercial transactions.
- Renew licenses on time.
- The business must have registered with the wage protection program.
- They must ensure illegal workers are not hired.
- It is proposed that non-natives should not be given full control of the business.
- Use electronic system for financial transactions.
- Electronic invoicing system should be used.
With the booming opportunities in the Kingdom, it is really a welcoming move by the authorities to clean up the economy and legalise businesses. However, along with the opportunities, comes the responsibilities too. Businesses should ensure legal matters are complied and management is as per the rules and regulations of the Kingdom.
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