90 days to complete the procedures to correct the situation of violators of the cover-up

The National Program for Combating Commercial Concealment announced the start of partner government agencies to process requests for establishments benefiting from the corrective period, and the executive regulations for violators of the anti-concealment system gave “the applicant a period of 90 days from the date of notifying him of the acceptance of his request to complete the correction procedures according to the selected option, and earlier, the program urged All violators of the anti-cover-up system to correct their situation, especially establishments with annual revenues of “two million riyals”, benefit from the advantages of the corrective period, and avoid the application of deterrent statutory penalties of up to 5 years imprisonment and a fine of 5 million riyals.

Correction options include the partnership in the facility between the Saudi and the non-Saudi, the registration of the facility in the name of the non-Saudi, the Saudi’s continuation of the activity by introducing a new partner in the facility, the Saudi’s disposal of the facility, the non-Saudi obtaining the privileged residence, and the non-Saudi leaving the Kingdom.

The program announced the 10 most important criteria for establishments’ commitment to market standards to reduce commercial cover-ups in a sustainable manner.

These standards include the existence of a “valid” commercial register for the facility and updated with all the data and licenses necessary to conduct the activity, opening a bank account for the facility, and not using personal accounts in commercial transactions. In the “wage protection” program, recording labor wages data, documenting their contracts electronically, and ensuring that irregular workers are not employed in the facility, and the program stressed the importance of documenting all financial transactions of the facility, adhering to the relevant regulations in this regard, and not granting non-Saudis tools that lead to That he act absolutely in the facility, and confirm the commitment to provide electronic payment methods, and work to issue and save invoices electronically, and urged the establishments to obtain funding for their activities through the regular methods, document all operations related to this matter, and ensure compliance with all relevant regulations and instructions carrying out economic activities.

10 criteria to reduce commercial cover-up

Existence of a commercial register of the facility

Opening a bank account for the company

Do not use personal accounts in transactions

Renewal of activity licenses Update facility addresses

Registering the facility in the “wage protection” program

Recording labor wages data

Documenting employment contracts electronically, not employing irregular workers

Documenting all financial transactions, completely prohibiting the behavior of non-Saudis

Obligation to provide electronic payment methods

Issuing and saving invoices electronically

Funding through regular methods