Applying changes according to the new records system

Professional Quality Company helps you to: Applying changes according to the new records system In the shortest possible time and without any effort on your part, by adhering to the specified timeframe for updating your data or re-registering with the commercial registry service, you can resume your business successfully, avoiding any penalties and fines recorded in the event of delaying your data registration or providing incorrect information. Here are the remaining important details about the new commercial registry system for Saudi commercial establishments.

About the new commercial registry system

The Cabinet has approved and implemented a new commercial registry system to facilitate business owners' lives. This system includes the ability to issue a single commercial registry for each business entity across the Kingdom, in order to achieve Vision 2030.

The new system aims to register new business names and records for establishments, with the ability to easily update and audit data to ensure it is accessible at any time and without hassle.

The difference between the new commercial registry system and the old system

There are many differences that have become clear between the old commercial registry system andتApplying changes according to the new records system

Which will contribute to making the registration process better than before. The most notable differences between the two systems are the following:

A valid commercial register must be used to obtain the capital modification and activity modification service.
The company's capital value must not be less than 5,000 Saudi Riyals.
If the conversion will be to modify the capital and modify the activities to establish a joint stock company, then its capital must not be less than 500 thousand Saudi riyals.
In the case of limited liability companies, the amendment must be approved by three-quarters of the number of partners in terms of the capital percentage.
The capital of some companies can also be modified either by increasing or decreasing the capital.

Features of the new commercial register system

The new commercial registry system has many advantages that make it better than the old system. The most important advantages are: Applying changes according to the new records system the following:

The individual's ability to use the unified commercial register to practice any commercial activity of his, regardless of its type.
The commercial register is not restricted to a specific short period before renewal again, but the individual is allowed to renew the data only.
Conducting business through a unified bank account that the merchant opens and transacts by linking it to the institution.
Not being restricted to mentioning a specific city or entity for the commercial registry.
Cancel fixed penalties and replace them with warnings and corrections.

Documents required to update the commercial register according to the new system

The system issued Apply changes according to the record system new A decision to start updating the commercial register electronically only by confirming the previously existing data through:

Access the service.
Use the account registered in your name and password.
Choose your business record.
Choose to modify the commercial register and confirm the updated data, such as changing the capital, activity, or adding an address.
Confirm the data and submit the application for review.

The importance of updating the commercial register according to the new system

Updating your commercial register according to the new system offers you several advantages, including:

Data updated every 12 months.
Protection from deleting the name from the commercial register until one year has passed from the date of suspension.
Your activity will not remain suspended if you are late in updating your data for 3 months.
Grant your business legal status that allows you to handle normal business matters.
No financial penalties will be imposed on you or your status will be corrected.
It makes it easy for you to get financing if you want.
An opportunity to view the activities of the merchants you intend to deal with.

Challenges facing companies in adapting to the new system and their solutions

Despite the quality of the new commercial registry system, there are some things that can disrupt your business or cause you problems while dealing with it, including:

Obtaining a violation or fine of up to 50,000 Saudi riyals if the merchant does not register his name in the commercial register.
There is a fine, as mentioned above, for not clearly displaying commercial registration information in your store in a place visible to the customer.
Violations will be imposed on merchants who fail to correct their status 15 days before the change takes place.
Failure to update or add your bank account information will also subject you to penalties.
Inability to choose the same trade name for any other commercial register despite the difference in fields.

These problems can be resolved by adhering to the required terms and conditions and ensuring that data is updated on time, using the help of experts in the field of Saudi commercial laws and their application.

Why our company is your ideal partner

Professional Quality Company offers its best services for renewing commercial registrations in accordance with the new changes that have occurred, the most prominent of which are the following:

Create a new commercial record for your entire establishment.
Open a bank account to link it to the commercial register.
Updating data related to the commercial register.
Offering up to 10 years of commercial legal experience.
Helping you choose a new name for your business.
Update data such as capital.
Change your activity.
Helping you change your legal entity and add or remove a partner.

Connect with professional quality and receive prompt, accurate, and professional service from the best commercial lawyers who work to ensure your comfort and avoid any penalties that may be incurred.

0580990840