Saudi Gazette report
RIYADH — The Ministry of Commerce announced the cancellation of approximately 39,000 sub-commercial registrations since the new Commercial Registration Law came into effect last April, representing 8.7 percent of the total sub-registrations.
The cancelled registrations included 32,500 for establishments and 6,300 for companies. The cancellation of these registrations contributed to saving the private sector approximately SR21 million in financial costs over the past six months.
The ministry's Business Sector Bulletin, issued on Tuesday, confirmed that the Commercial Registration Law facilitates business operations and reduces financial burdens on establishments. This was achieved by canceling the issuance of sub-registrations for establishments and companies by allowing the use of a single commercial registration across the Kingdom to cover all their activities.
The ministry also canceled the provision of the city of the commercial registration, granting individuals the right to own a single sole proprietorship through which they can conduct their commercial activities, regardless of their diversity.