The Ministry of Commerce and Investment called on all companies to take the necessary steps to amend the basic regulations of the joint stock companies and to amend the founding contracts for the other types of companies in accordance with the new corporate law before 25.07.1438H corresponding to 22/04/2017 AD.
MCI pointed out that the mechanism of the requested amendment can be done through the Electronic Committees System, this is for the joint stock companies, and through the Partners Decisions System for the other types of companies, all that can be done through the e-portalaamal.sa
via the Ministry’s website.
It is worth mentioning that the new Corporate Law has strengthened the principles of corporate governance to ensure fair treatment of all partners and shareholders, as well as to enhance the rights of corporate clients and to provide the necessary protection for them, besides setting up the legal framework for the holding companies.
Notably, MCI has been endeavoring to ease the procedures and to overcome any difficulties that may encounter the founding of companies, by allowing the announcement of founding contracts and basic regulations of companies through the Ministry's website, in order to enhance the value of companies and to promote their activities and contribution to the National Economy, besides encouraging entrepreneurship in the commercial activity.