New Companies Law addresses challenges facing family businesses, entrepreneurship: Minister

Minister of Commerce, Majid AlKassabi

The new Companies Law, which was issued today, June 28, under a Cabinet decision, addresses all challenges facing family businesses and entrepreneurship, Saudi Press Agency reported, citing Minister of Commerce, Majid AlKassabi.
 

He added that the law, in all its stages, received great attention from Crown Prince Mohammed bin Salman, thanks to his strong belief in the importance of the law and its role in empowering the business sector.

The law was developed more than two and a half years ago. During this period, the stages of evaluation, study of international practices, analysis, formulation of policies and draft law, as well as study of the law in the Bureau of Experts and Shura Council were carried out.

Further, AlKassabi said the law was issued to stimulate the development of the commercial system, as it is characterized by high flexibility to protect companies and enable the private sector to contribute mainly to achieving the goals of Vision 2030.

The minister added that the importance of the law lies in its comprehensiveness, as it covers all types of companies.

In addition, the law facilitates the establishment, sustainability and expansion of companies. It also encourages venture investment and addresses all challenges facing family businesses and entrepreneurship, he concluded.