The Saudi Cabinet’s decision, published in the Kingdom’s official newspaper, Umm al-Qura, today, Friday, stipulated that the Ministry of Investment, in coordination with the Ministry of Trade, the General Authority for Foreign Trade, and the National Program for Combating Trade Concealment, will take whatever is necessary to allow those wishing to correct their situation.
The decision indicated that this is through obtaining an investment license, in light of setting the necessary controls and conditions for obtaining a license to define the target group.
The decision indicated that the National Program for Combating Commercial Concealment – in coordination with the relevant government agencies – will evaluate the results of the implementation of the regulations referred to in the National Program for Combating Commercial Concealment after 90 days have passed.
The list of rectifying conditions for violators of the anti-concealment system included options for correcting conditions, and procedures for reviewing requests to correct conditions.
The regulations indicated that the situation is corrected according to one of the following options:
– Partnership in the facility between a Saudi and a foreigner, after fulfilling the legal requirements that enable a non-citizen to enter a partner in the facility.
– Registering the ownership of the facility in the name of a non-Saudi, by agreement between the Saudi and the foreigner to transfer the ownership of the facility to a non-Saudi after he fulfills the requirements that enable him to own that establishment.
The Saudi continuation in practicing economic activity by introducing a new partner (a Saudi or a licensed foreign investor) into the facility after fulfilling the statutory requirements, and registering this with the Ministry.
– The Saudi’s behavior in the facility by selling, assigning, or dissolving the facility, in accordance with the statutory procedures.
– The non-Saudi obtain the special residency in accordance with the provisions of the distinguished residence, and complete the correction of his status by taking advantage of the advantages provided by the distinguished residence.
– Non-Saudis leaving the Kingdom permanently after submitting an undertaking that there are no special rights resulting from any dealings he entered into at the facility, and announcing this in the means specified by the Ministry to invite those who have the right to submit his claim within a period not exceeding 30 days from the date of the announcement.
Last July, Assistant Speaker of the Saudi Shura Council, Yahya bin Abdullah Al-Samaan, stated that the Council agreed to prepare the Ministry of Commerce and the Ministry of Interior – in coordination with the Ministry of Human Resources and Social Development and the competent authorities – a list issued by a decision of the Council of Ministers that includes a mechanism to correct the conditions of those who violate the anti-concealment system .
The most prominent features of organizing the Authority for Efficiency of Expenditure and Governmental Projects in Saudi Arabia