المملكة: 10 days remain before the deadline for amending companies’ articles of incorporation expires
Modification steps
The Ministry urged companies to take the initiative to amend the Memorandum of Association/Baselaws via the “Business” platform of the Saudi Business Center: business.sa and access the “Amendment Memorandum of Association/Baselaws” service, fill out the form and submit the application electronically, and benefit from the absence of any financial compensation for fees. Publishing at the moment.
The third clause of the Royal Decree dated 12/1/1443 AH stipulates: “The companies existing upon the entry into force of the “Companies” system must amend their positions in accordance with its provisions within a period not exceeding two years from the date of its entry into force on January 19, 2023.
Mzaba amended the contract
The Ministry of Commerce identified 7 advantages of amending the articles of incorporation, which are the possibility for small and micro companies that meet the standards to benefit from the requirement of exemption from appointing an auditor in accordance with the system, and to benefit from the absence of financial compensation for publication fees at the present time.
The advantages include the ability to make maximum use of the electronic services provided to companies by government agencies, and the ability to verify the data of the articles of incorporation/bylaws electronically by the public and private sectors.
It also includes amending the articles of incorporation “the bylaws” in accordance with the provisions of the new companies’ law, which allows “amending all articles of the current memorandum/bylaws, and amending the company’s articles of incorporation.”
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