As we witness the evolution of the regulatory landscape across the MENA region, it was timely for us to investigate and lift the lid, on what is keeping the region’s legal decision-makers awake at night.
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On Wednesday the 2nd of December 2020 the Ministry of Commerce (“MOC”) announced the issuance of a ministerial resolution (no. 348) and two circulars to suspend some of the provisions of the Companies Law , pursuant to an earlier a royal decree .
This royal decree was among several initiatives designed to ease economic difficulties facing companies, as a result of the COVID-19 pandemic, by giving authority to the Minister of Commerce to suspend Companies Law provisions that had become difficult to comply with.
The suspended provisions affect limited liability companies and closed joint stock companies, as they are the most regulated entity types and those most adopted by both local and foreign investors.
The provisions above will last until 31 December 2020.
However, the director(s) or the board of directors of the limited liability company must comply with the following:
Al Tamimi & Company’s specialist Corporate Structuring and Corporate Commercial teams are experienced in providing bespoke, creative solutions and strategies for our clients on all aspects related to corporate law and in particular, advising on business structures available to foreign companies in the Kingdom of Saudi Arabia.
 Royal Decree (M/3) Dated 28/01/1437 (corresponding to 12/11/2015G)
 Royal Decree no. 15016 dated 2 November 2020