“Commerce” calls for examining the obligations and violations of the commercial registry before transferring its ownership
The Ministry of Commerce invited those wishing to transfer ownership of Commercial records require verifying a number of regulatory aspects before completing the transfer process, which contributes to preserving rights and reducing unexpected future obligations.
The Ministry noted the importance of ensuring that there are no claims, financial obligations, violations, fines, fees owed, or lawsuits based on The commercial registryof the establishment, in addition to verifying the regularity of licenses, subscriptions, and contracts related to commercial activity.
The Ministry indicated that the transfer of ownership of the commercial registry to the establishment takes place via Regular documentation, electronically via the code sent to the mobile phone, obliges the new owner of the commercial registry to complete the procedures with the relevant authorities, including the Ministry of Human Resources and Social Development, the Ministry of Municipalities and Housing, the Zakat, Tax and Customs Authority, the General Organization for Social Insurance, the Chambers of Commerce, and the banks, in accordance with the requirements and procedures applicable to each party.
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