Dear Esteemed Chamber Subscribers,
May the peace, mercy, and blessings of Allah be upon you.
Asharqia Chamber extends its warmest greetings to you and would like to inform you that it has received the letter of the Federation of Saudi Chambers No. (45548535/18), dated (16/11/1447 AH), which states that the Federation received the email from the Ministry of Commerce dated (4/11/1447 AH) regarding Ministerial Decision No. (186), dated (24/8/1447 AH), imposing penalties on companies that fail to disclose beneficial owner data or fail to submit the annual confirmation of that data. In keeping with the Ministry’s keenness to promote the principles of transparency and compliance with the relevant regulations, companies must adhere to the beneficial owner rules and complete the disclosure requirements and submit the annual confirmation of that data through the electronic services of the Saudi Business Center, within the period prescribed under the beneficial owner rules, in order to avoid the penalties prescribed in the Ministerial Decision referred to.
Please accept our sincere regards and appreciation.