Ministry of Commerce Seek the Public Feedback

Ministry of Commerce called on those interested and the public to express their opinions and suggestions regarding the commercial transactions’ draft-law, based on the principle of participation and transparency, and in an effort to improve the commercial legislative environment, in the Kingdom.

The ministry explained that the draft- law was prepared based on monitoring challenges and obstacles, and studying opportunities and areas of development, in the light of leading international experiences, in cooperation with relevant international organizations and specialized experts, with the aim of regulating commercial transactions to facilitate merchants’ practice of their business.

To achieve its objectives, the draft-law included provisions regulating the topics of business theory, the theory of the merchant, the store, the general obligations of merchants, commercial obligations, accounting records, commercial contracts, and commercial bills.

The draft came with provisions regulating the conduct of business, as it showed business as a profession and as a sole proprietorship.

The draft also included provisions specific to the merchant and the store.

It indicated who is entitled to acquires the status of a merchant.