Early 2023 will bring about new changes in The Kingdom’s corporate landscape as the New Companies Law, approved by the Saudi Cabinet of Ministers, comes into effect in January.
The new Saudi Company Law 1443 H. / 2022, Issued under M/133 dated 1/12/1443 H., is a comprehensive law that regulates all aspects of formation, management, operation, and liquidation of companies of different types. It is aimed at governing the formation of companies in Saudi Arabia and ensuring that they operate in accordance with the principles of good governance and transparency. It is anticipated that these changes will further strengthen corporations and be more consistent with international standards.
This law covers all types of companies and has introduced a new type of entity, simplified joint stock companies. Each type of company has a different regulatory framework that must be followed. This guide will give you a glimpse of the frameworks governing the different companies for corporate law practitioners and others who wish to gather further insight into the law.
To access this guide, please download this PDF and refer to it to better understand the updates compared to the previous Companies Law, grasp the changes in practice between different company types, and assist you in operating in accordance with the law.
If you wish to discuss any of these changes or any impact this New Law may have on your business, please reach out to us for assistance.
AlGhazzawi & Partners