CORPORATE COMPLIANCE IN SAUDI ARABIA Corporate compliance in Saudi Arabia ensures businesses adhere to legal and regulatory requirements. Under Vision 2030, the Saudi government passed the New Companies Law in January 2023, mandating all companies to amend their Articles of Association (AoA) or Memorandum of Association (MoA) by January 2025. This amendment is essential for any changes to commercial registration, shareholding structure, or corporate activities. The Saudi Business Centre facilitates these processes, offering unified services. The new law, enhancing flexibility while maintaining stakeholder safeguards, requires companies to update their governance documents to comply with new regulations and benefit from the law’s flexibility. Corporate Compliance in Saudi Arabia is a critical aspect of ensuring that businesses operate in accordance with the law

A Comprehensive Overview of FinTech in the Kingdom of Saudi Arabia: The Kingdom of Saudi Arabia has witnessed a rapid growth in financial technology, commonly known as FinTech. FinTech has revolutionized the traditional financial sector by leveraging technology to provide innovative financial services. We will explore the impacts of FinTech on the economy in Saudi Arabia, highlighting the benefits and challenges it brings to the ever-changing dynamics of Saudi Arabia and government driven regulations and investments in technology. Additionally, we will explore the noteworthy changes with the inception of Vision 2030 fostering the growth of the FinTech industry. FinTech Impact on Financial Sector: The Saudi Arabian economy has been positively impacted by the inclusion of FinTech. The adoption of FinTech

The Ministry of Justice (Ministry) has just released draft of the proposed Implementing Regulations for Advocacy Law for public consultation (Regulations). The Regulations will replace the existing regulations and will become effective from the date of its publication in the official gazette. Continuing with reforms in the judicial sector which include enabling foreign law firms to set up their offices in the Kingdom on their own or through a Saudi licensed lawyer, the Ministry has stated that the objective of the revisions to the Regulations is to increase the level of professional competence and efficiency of practitioners in accordance with the best practices with a view to improve the business environment in the Kingdom. While most of the issues related

Introduction  In the era of digital transformation, Saudi Arabia leads with internet coverage over 73% and smartphone penetration exceeding 80%. With concerns arising, the Personal Data Protection Law aims to safeguard privacy rights among technological advancements Boundaries of the Law The Personal Data Protection Law’s applicability is clearly defined in Paragraph 1 of Article 2, which states: “The Law applies to any Processing of Personal Data related to individuals that takes place in the Kingdom by any means, including the Processing of Personal Data related to individuals residing in the Kingdom by any means from any party outside the Kingdom.” So while this law aligns with global trends in personal information protection, it mainly focuses on Saudi Arabia to ensure

Introduction One of the challenges that enterprises encounter relates to regulating employment related issues. They relate both to contractual relationship with employees as well as compliance with the relevant laws, regulations and directives. A poorly drafted employment contract or use of templates without fully understanding or visualizing the inherent risks or drafting of contracts without paying due consideration to provisions in the relevant laws and regulations could spell disaster for companies in case of disputes or when they need to take actions under the contracts. Similarly, initiation of actions or measures against employees without following the right steps or analysis may force employers to pay a huge price. We have seen numerous cases wherein companies found themselves in dire straits

Introduction Essentially, the Proposed Law aims to widen the applicability of income tax on Residents and Non-Residents who enter into any business, investment, or property-related transactions. It also aims to bring the income tax regime in line with international best practices by removing ambiguities vis-à-vis taxable persons,  taxable income, tax base, exemptions, deductions, etc. This short note highlights the major provisions under the Law. Legal or Natural Resident As the income tax applies to non-Saudi persons, the first and foremost issue relates to defining the Legal and Natural Resident and Non-Resident Persons. The Proposed Law distinguishes not only residents and non-residents but also defines in greater detail Legal Resident Persons (Legal Person) and Natural Resident Persons (Natural Persons). Legal Resident

A Comprehensive Overview of the Game-Changing Real Estate Landscape The Saudi real estate market is experiencing a transformative wave with the introduction of the “Real Estate Market” platform by the Ministry of Justice. This digital platform aims to enhance transparency, and efficiency, and reduce the risk of fraud, marking a significant shift in how property transactions are conducted in the kingdom. In this comprehensive article, we will delve into the diverse facets of the Saudi real estate landscape, the economic factors influencing it, the challenges faced, and the potential impact of the “Real Estate Market” platform. Additionally, we will explore the legal considerations associated with this groundbreaking platform and offer insights into its future projections The Saudi Real Estate Landscape

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