Commerce Ministry Spokesperson: 5 Key Benefits of the New Commercial Registry System and Abolition of Sub-Registries

Ministry of Commerce official spokesperson Abdulrahman Al-Hussein explained the advantages of the new commercial registry system, noting that holders of existing sub-registries are granted a 5-year period to either update their records to comply with the new system by opting to transfer ownership or cancel the sub-registry.He highlighted the main benefits of the new commercial registry system, which include the requirement of only one commercial registry for all business activities across the Kingdom, the abolition of sub-registries for institutions and companies, and the ability to operate a business with a single commercial registry in various regions of the Kingdom of Saudi Arabia.Al-Hussein added that the new system removes the restriction of registering a business in only one city or region and allows individuals to own one sole proprietorship for conducting various business activities, regardless of their diversity.The benefits also include the removal of a fixed validity period for the commercial registry, requiring only an annual update to confirm its information.Additionally, commercial establishments are mandated to open a bank account linked to their business for conducting their operations.The Cabinet approved the issuance of the commercial registry and trade names systems in its session held on Tuesday.Source: Saudi Press Agency