A Couple of Firms Operating for over 10-Year, Correct their Legal Status, before the Deadline

Ministry of Commerce published on its social media platforms two videos related to a couple commercial establishments that benefited from the corrective period for violators of the anti-cover-up system, which is scheduled to end next Wednesday, February 16, 2021.

They benefited from the corrective period, it stated, adding that the two facilities are operating in the contracting and building materials sectors, in Riyadh, for more than 10 years, while their annual revenues exceed SR39 million and include about 500 employees.

The ministry explained that the progress of the owners of the two facilities and their response to the corrective period for violators of the anti-cover-up system, has resulted in benefiting from the advantages of this period, correcting the conditions of the two facilities, in partnership between the Saudi and the resident, and then exemption from income tax retroactively and avoiding the application of deterrent statutory penalties up to 5 years imprisonment and a fine of SR5 million, according to the anti-coverage system, consequently, they are now practicing their activities, in a regular manner.

It is noteworthy that the corrective period for violators of the anti-cover-up system provided all appropriate options for all sectors of establishments regardless of their size, and those options include: partnership in the facility between Saudi and non-Saudi, registration of ownership of the facility, in the name of a non-Saudi, and the Saudi continuing to engage in economic activity by introducing a new partner in the facility (Saudi or a licensed foreign investor), and the Saudi disposed of the facility by selling, relinquishing or dissolving the facility, in addition to the option for a non-Saudi to obtain a premium residency, or to leave the Kingdom permanently, smoothly and at ease.