10 Standards for Firms’ Compliance with the Market Rules

The National Program to Combat Commercial Concealment (NPCCC) emphasized the need for all establishments to abide by the market rules, approved and applicable by government agencies.

NPCCC pointed out a set of as many as 10 most significant criteria for establishments’ commitment to market standards, to reduce cases of commercial cover-up in a sustainable manner, and they are as follows: Holding valid commercial register for a firm, updated with all data and licenses necessary to conduct the activity, in addition to opening a bank account, and not using personal accounts in commercial transactions.

Ensuring the renewal of licenses to practice the activity, updating the addresses of the firm associated with it, as well as registering the facility in the “wage protection” program, recording labor wages data, documenting their contracts from the online, and ensuring that illegal workers shall not be employed, in the firm.

The program stressed the importance of documenting all financial transactions of the firm, adhering to the relevant regulations, in this regard, and shall not provide the non-Saudis with tools that would lead them to act in an absolute manner in the firm, and confirming the commitment to providing electronic payment methods, and working to issue and save invoices, electronically (from online).

Urging establishments to obtain financing for their activities through the regular methods, NPCCC stressed documenting of all operations related to this matter, and ensure compliance with all regulations and instructions applicable on the exercise of economic activities.