On Monday, December 17, 2018, Asharqia Chamber, represented by Businesswomen Center, and in collaboration with the General Authority for Small and Medium Enterprises organized the meeting of women entrepreneurs under the title "The Legal Aspects of Your Project" at the headquarter of the Chamber. The meeting had witnessed a distinguished presence of businesswomen.
During the meeting, Najla al-Qahtani, legal adviser, reviewed the legal procedures and regulations for the business project.
She referred to several factors affecting the choice of legal form of the project such as personal responsibility, the financial risks borne by the project owner, the decision-making process within the project, and controlling it in terms of how to make decisions and determine who to take.
Al-Qahtani reviewed the forms of business entities (institution or company) and the differences between them as well as the legal responsibilities and steps of its establishment.
She pointed out that entering the business world must begin with steady steps in order to avoid choosing a legal form that is not in their favor, the entrepreneurs must determine the legal form of their project and start properly and a firm basis.
Al-Qahtani said that the development of small projects and encouraging their establishment, as well as medium projects, are among the main sources of economic and social development in countries in general and developing countries in particular.
It is considered as a basic starting point for increasing production capacity on the one hand and contributing to addressing the problems of poverty and unemployment on the other hand.
The entrepreneurs must be aware that their ideas, which must be distinguished from others and provide added value through it and to document them in order to protect the entrepreneurs and their business entity in the required legal form.
During the meeting, Al-Qahtani talked about intellectual property rights.
She pointed out that various parties are responsible for implementing the intellectual property protection systems in the Kingdom.
For example, the patent system and design designs for integrated circuits, plant varieties and industrial models are under the jurisdiction of the King Abdulaziz City for Science and Technology, which is represented by the Saudi Patent Office.
Copyright is the responsibility of the Ministry of Culture and Information.
Trademarks are the responsibility of the Ministry of Industry and Commerce.
On the partnerships, Al-Qahtani explained several questions that the entrepreneur should take care of before starting partnerships such as the legal form of the project, the company's specific purposes, the amount of capital, how to distribute the shares, in addition to the shares in kind, the mechanism of dealing with the failure of one of the partners to pay its share in the capital, how to distribute profits, the use of the company's funds or its name in the business of the private partner, and the mechanism to sell its share to one of the partners or to others.
In conclusion, the Director of the Business Women Center Hanan Al-Wabel honored the guest speaker Al-Qahtani with a commemorative shield.
