Fahad Abuhimed_Hanan Hassanain

AS&H advises KSA Ministry of Commerce in drafting new Companies law 

AS&H in cooperation with Clifford Chance advises the Ministry of Commerce in relation to drafting the new Companies Law. The new Companies Law is considered a significant milestone towards achieving the Kingdom’s Vision 2030 initiative. 

The new Companies Law, which was approved by the Saudi Arabian cabinet on 28 June 2022, has been designed to support the objectives of Vision 2030 of the Kingdom of Saudi Arabia. 

Given the current market conditions and anticipated continued growth in the economy, the new Companies Law provides for a new type of company – referred to as Simplified Joint Stock Company — that meets the needs of entrepreneurship and venture capital growth.  

In light of the number of highly successful family businesses in the Kingdom, the new Companies law also allows for the issuance of a family charter that regulates ownership in family businesses, in addition to governance, management, work policy, employment of family members and cash profits to ensure the sustainability of these companies. 

Under the new Companies Law, the legal requirements and procedures for SMEs have been reduced and the procedures for establishing companies have been simplified. Additionally, many restrictions in the incorporation, practice and exit phases and restrictions on company names have been removed. 

The AS&H team was led by managing partner Fahad Abuhimed (pictured left) and partner Hanan Hassanain (pictured right) with support from senior associates Saad Al-Dileym and Khalid Al-Kahtani and associates Maram Falatah, Adwa AlEissa and Reem AlMaiman

AS&H advises KSA Ministry of Commerce in drafting new Companies law 

suzan.taha@lcpublishinggroup.it

legalcommunitymena.com

Launched in 2022 by LC Publishing Group S.p.A., it is the first digital portal addressed to the Middle East North Africa market.

In terms of contents, the website focuses on both law firms and in-house legal departments, covering the latest news and rumors on deals and operations (and the related advisors) as well as on laterla hires, moves and new appointmens and providing insights, analytical data and opinions on the professions’ main trends and topics (AI, innovation, etc.).

For further information, please visit the Group’s website www.lcpublishinggroup.com

Legalcommunity MENA
LC Publishing Group S.p.A. – Via Tolstoi 10 – 20146 Milano – Tel. 0236727659 – C.F./P.IVA 07619210961
REA 1971432 Registro delle Imprese di Milano – Cap. Soc. Euro 50.000,00 i.v.

Copyright 2022 © All rights Reserved. Design by Origami Creative Studio

SHARE

Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram