The Saudi Ministry of Commerce announced on Tuesday that business owners will now be able to cancel commercial records for business establishments and their subsidiaries electronically without requiring a review by other authorities after clearing any overdue registration fees. The service came into effect on March 1.
However, companies must complete the requirements for the liquidation of the business before writing off the records.
The ministry explained that this procedure is designed to save time and effort for owners of commercial records who wish to cancel their records. The move is in line with the ministry's objective of creating a stimulative and fair environment for investors.
In the past, canceling commercial records required a number of procedures involving various government agencies, such as payment of taxes and fees, canceling licenses related to the register, and transfer of labor services before writing off the register, all of which took much time and effort on the part of investors.
The new service allowed business owners to formally close their business while the record was being canceled, and if other parties' reviews were required, these would be done after the record was written off.
Those who wish to take advantage of the service can do so by going to http://e.mc.gov.sa and erasing their commercial records.