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مجلس نيوز | majlis-news
The Ministry of Commerce strengthened the system of legislation during the year 2020 AD by issuing, studying and preparing more than 20 laws, regulations and regulations to improve the business environment and facilitate the start and practice of commercial work, in accordance with a legal and regulatory framework that improves the competitiveness of the Kingdom.
The legislations promulgated included: the system of securing rights with movable funds, the anti-concealment system, the chambers of commerce system, amending the bankruptcy system, amending the commercial mortgage system, and amending the approved resident’s system.
The organization of the General Authority for Foreign Trade was also issued to contribute to enhancing the Kingdom’s international commercial and investment gains.
During the year 2020, implementing regulations for the regulations of: e-commerce, franchising, professional companies, and guaranteeing rights in movable funds, in addition to the amendment of the executive regulations of the commercial mortgage system, the regulations for Saudi foreign business councils, the rules for organizing liberal professions, and the rules for nominating trustees and experts.
The Ministry was keen to develop policies and legislation related to facilitating doing business, and raising the confidence of the trader and the consumer in the Saudi market by developing the commercial legislative system, through studying and preparing: the companies’ system, the commercial system, the consumer protection system, the commercial registry system, the system of trade names, the system of distribution agreements and agencies Commercial.
It is noteworthy that the laws and regulations issued and prepared aim to facilitate doing business, reduce procedures, and provide flexibility, transparency and stability for commercial establishments to enhance the national economy and achieve the goals of the Kingdom’s Vision 2030.
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