Saudi private companies and institutions are currently identifying challenges facing the commercial sector and proposing solutions to submit to the relevant authorities.
The Saudi government is implementing regular reforms in regulations and legislation to improve the business environment, empower private companies and institutions, and involve them in various projects.
According to information made available to Asharq Al-Awsat, the National Commercial Committee within the Saudi Chambers Federation is intensifying efforts to identify and address the challenges facing commerce.
The proposed solutions will be reviewed and studied before being submitted to the relevant authorities, including the Ministries of Commerce, Human Resources and Social Development, Finance, Municipal and Rural Affairs and Housing, along with the Civil Defense. Other involved entities include the Saudi Standards, Metrology and Quality Organization, the Food and Drug Authority, the Ports Authority, the Zakat, Tax, and Customs Authority, and the Ministry of Transport.
The National Committee has called on all companies and institutions affiliated with the chambers of commerce across the Kingdom to participate in identifying challenges in the commercial sector and proposing solutions.
Recently, the Council of Ministers approved the new Commercial Register Law and Trade Names Law. These reforms aim to streamline business operations and ease the burdens on commercial enterprises by allowing them to operate under a single national commercial register, while also organizing the procedures for reserving and protecting trade names to enhance their value.
The Commercial Register Law, consisting of 29 articles, facilitates business operations by organizing registration procedures, ensuring the accuracy of recorded data, and requiring regular updates. The new system will make it easier to search and access information.
Key provisions include the establishment of a centralized electronic database to record trader names and information, as well as clarifying the responsibilities and procedures for commercial registration.
Additionally, the law introduces alternative measures to penalties, including warnings and requiring traders to correct any violations.
The new Trade Names Law, comprising 23 articles, aims to regulate the procedures for reserving and registering trade names, maximizing their value, and ensuring their protection and associated rights.
The law allows for the reservation of trade names for a specified period, which can be extended, and outlines the conditions for registering or reserving trade names, as well as names that are prohibited.
Moreover, to enrich Arabic content in the business environment, the law establishes the Arabic Language Experts Platform, which aims to expand the collection of Arabic trade names.
The law also permits the independent transfer of trade names, separate from the commercial establishment, and allows for their sale or transfer.
