Based on the principle of participation and transparency, the Ministry of Commerce invites those interested and the public to express their opinions and suggestions about the Draft Executive Regulations of the Professional Corporate Law, through the following e-mail (CLR@mci.gov.sa), deadline 24.07.1441 AH corresponding to 19.03.2020 AD.
The Ministry has clarified that the draft regulation aims to support and develop the professional corporate, also to motivate the practitioners of free professions to establish professional companies, as well as to set the frameworks for establishing the rights and duties of partners or shareholders in the professional companies, in addition to enhancing the concepts of institutional work in a way that ensures growth and continuity for such corporate.
Among the most prominent features of the draft regulations: clarifying the procedures and requirements for establishing and registering the professional corporate, and the general rules for managing this type of corporate. The draft regulation has clarified the conditions and controls for practicing the profession or professions through a one-person company, also the controls for providing more than one profession in the professional corporate.
The draft regulations clarify as well the conditions and controls for establishing a professional corporate with a non-Saudi professional company, in addition to clarifying the controls for the participation of an unlicensed person in the professional company in a manner that preserves the independence of the partners or the professional shareholders, while exercising their professions.
The Ministry of Commerce calls on those interested and the public to participate and express their opinions on the draft executive regulations, as per the following designated click here