Commercial register, trade name laws to be issued soon: Commerce Ministry

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The Ministry of Commerce has four laws under study, Commercial Register, Trade Names, Consumer Protection, and the new Transactions, some of which are now in the final stages, said Undersecretary for Policies and Regulations Maher Al Said.
 
The Commercial Register and the Trade Name Laws have reached advanced stages, and are set to be issued soon, said Al-Said, during a meeting organized by the Institutions Support Council in Riyadh.
 
He explained that the Trade Name Law include regulating the reservation of trade names, as well as regulating the criteria for similarity in names more precisely, and also using advanced techniques for the initial detection of similarity in trade names to speed up approvals.
 
Meanwhile, the Commercial Register Law features the centralization of the commercial registry, which allows the activity to be carried out in all regions of the Kingdom, thus reducing costs for commercial establishments, he added.
 
The most prominent articles to be added to the Consumer Protection Law is observing the United Nations guidelines for consumer protection, adding regulation of unfair conditions in contracts, as well as imposing requirements to disclose information related to goods and products, and prohibiting commercial unfair practices and regulating the work of mediating transactions between the consumer and the merchant to address disputes, according to the official.
 
Al-Said also stated that the Commercial Transactions Law will includes the organization of commercial businesses, the persons entitled to issue commercial records, and judicial jurisdiction, in addition to regulating commercial obligations between merchants.