RIYADH: For business owners, Saudi Arabia’s new rules aimed at streamlining the trade name and commercial registration procedures have been dubbed a “game-changer.” The regulations, which were approved in September and will go into effect in the upcoming weeks, are intended to improve the general business environment and increase business efficiency. According to experts who spoke to Arab News, the new rules would support small enterprises, especially those run by women, who are important parts of the Kingdom’s Vision 2030 economic diversification plan.
104,000 new commercial registrations were made in the commerce sector in the first quarter of 2024 alone, a 59 percent increase over the same period in 2023. 65,363 permits were also issued by the Ministry of Commerce during this period last year.
Commerce Minister Majid bin Abdullah Al-Qasabi stated during the announcement of the amendments that they were intended to streamline business processes by providing a single national registration system.
These rules are a “game-changer,” according to Ryan Al-Nesayan, partner at business intelligence firm Arthur D. Little, who said that the new legislation remove bureaucratic obstacles that previously delayed down business openings by streamlining and expediting the registration process.
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