https://mc.gov.saMCI News60https://mc.gov.sa/en/mediacenter/News/Pages/25-12-25-01.aspx The Ministry of Commerce announced the recall of 2,239 Honda Accord Hybrid vehicles, model years 2023 to 2025, due to a defect in the programming of the Integrated Control Module (ICM), which may lead to a sudden loss of driving power while driving, increasing the risk of an accident or injury.The Ministry called on owners of the affected vehicles to verify whether their Vehicle Identification Number (VIN) is included in the recall through (Recalls.sa), and to contact Abdullah Hashim Company Limited via the toll-free number (8001199988) to carry out the necessary updates free of charge.It is worth noting that the Ministry of Commerce publishes recall campaigns for defective goods and products through the Defective Products Recall Center website (Recalls.sa​).12/29/2025 10:19:49 AMhttps://mc.gov.sa/en/mediacenter/News/Pages/25-12-25-02.aspx The Ministry of Commerce, in cooperation with the General Department of Financial Intelligence and the Permanent Committee for Combating Terrorism and Its Financing, held a virtual awareness workshop targeting practitioners in the precious metals and gemstones sector.The workshop, held on Wednesday, 24 December 2025, reviewed the mechanisms for reporting suspicious transactions and ways to enhance the quality of reports in the precious metals sector, in addition to explaining the registration steps for the “Taqassi” platform.The workshop also addressed requirements related to the implementation of targeted financial sanctions and the assessment of risks associated with terrorist financing, with the aim of strengthening sector participants’ compliance with regulatory controls.The workshop witnessed the participation of 43 representatives from companies and institutions operating in the precious metals and gemstones sector.This event comes as part of the Ministry of Commerce’s ongoing efforts to raise awareness of regulatory updates and improve the implementation of anti-money laundering, counter-terrorism financing, and counter-proliferation financing requirements in the private sector.​12/29/2025 10:15:23 AMhttps://mc.gov.sa/en/mediacenter/News/Pages/17-12-25-01.aspx The Ministry of Commerce organized, on Wednesday, 17 December 2025, in cooperation with the General Department of Financial Investigations and the Permanent Committee for Combating Terrorism and Its Financing, a virtual awareness workshop targeting practitioners in the precious metals and gemstones sector.The workshop reviewed mechanisms for reporting suspicious transactions and ways to enhance the quality of reports in the precious metals sector. It also explained the steps for registration on the “Taqassi” platform, which enables the submission of reports through a simplified electronic process.The workshop also addressed international standards related to targeted financial sanctions, as well as risk assessment associated with terrorism financing.The workshop was attended by more than 50 representatives from companies and institutions operating in the precious metals and gemstones field.This workshop comes as part of the Ministry of Commerce’s ongoing efforts to raise awareness of regulatory updates and to improve the implementation of anti–money laundering, counter-terrorism financing, and counter–proliferation financing requirements in the private sector.​12/23/2025 2:51:08 PMhttps://mc.gov.sa/en/mediacenter/News/Pages/16-12-25-01.aspx The Ministry of Commerce clarified the parties responsible for preparing and filing companies’ financial statements, as part of efforts to enhance companies’ awareness of statutory requirements and enable them to clearly understand their responsibilities, thereby contributing to higher levels of transparency, governance, and the quality of financial disclosure.The Ministry explained that, in joint-stock companies (unlisted), the Board of Directors is responsible for preparing the company’s financial statements, which must be prepared at the end of each financial year. The financial documents must be made available to the auditor (if any) at least 45 days prior to the date of the General Assembly meeting. The financial statements must be signed by the Chairman of the Board, the Chief Executive Officer, and the Chief Financial Officer (if any), and a copy must be kept at the company’s head office. The Chairman of the Board is responsible for filing the financial statements and providing shareholders with a copy at least 21 days before the Annual Ordinary General Assembly meeting. He is also responsible for filing the financial statements with the Saudi Business Center through the electronic financial statements filing program.As for limited liability companies, the responsibility for preparing and filing the financial statements lies with the company’s manager or board of managers. The financial statements for the elapsed financial year must be prepared and made available to the auditor (if any) at least 45 days before the date of the Annual General Assembly meeting, and provided to partners at least 21 days prior to the meeting. In addition, the financial statements must be filed with the Saudi Business Center through the electronic financial statements filing program.In simplified joint-stock companies, responsibility lies with the company’s chairman, manager, or board of directors, depending on the company’s structure. The financial statements and the auditor’s report (if any) must be presented to shareholders within six months from the end of the financial year.In general partnership companies, the manager or partners are responsible for preparing and filing the financial statements. In limited partnership companies, the manager, or the partners in the absence of an appointed manager, are responsible for preparing and filing the financial statements.The Ministry revealed that financial statements must be filed within six months from the end of the financial year for all types of companies, noting that filing is carried out electronically through the “Qawaem” platform via the link: qawaem.bc.gov.sa​12/23/2025 2:44:25 PMhttps://mc.gov.sa/en/mediacenter/News/Pages/15-12-25-01.aspx His Excellency the Assistant Minister of Commerce, Mr. Abdulaziz bin Saud Al-Duhaim, affirmed that the Northern Borders Region enjoys competitive advantages in priority sectors under Saudi Vision 2030, most notably energy, mining, logistics, tourism, and agriculture, and offers major investment and commercial opportunities.During his participation in the Northern Borders Investment Forum, Al-Duhaim stated that the number of commercial registrations in the region has exceeded 16,000, noting that several promising sectors have witnessed growth, including transportation and storage, accommodation and food services, mining and quarrying, among others.Within the legislative track aimed at enabling the commercial and investment environment, he indicated that the commerce ecosystem has reviewed and developed more than 110 legislations, most notably the Companies Law, Franchise Law, E-Commerce Law, Commercial Register Law, and Trade Names Law. He added that several other laws are in their final stages, including the Commercial Transactions Law, Consumer Protection Law, and the Distribution and Commercial Agencies Law.Al-Duhaim explained that the Commercial Register Law has reduced the financial burden on establishments by abolishing the issuance of subsidiary commercial registers and limiting registration to a single commercial register per establishment at the Kingdom level, covering all of its activities.He added that the Companies Law is one of the most important enablers of the commercial and investment environment, as it simplified requirements, facilitated incorporation procedures, and introduced a new legal form, the Simplified Joint Stock Company.He also highlighted the Kingdom’s adoption of digital transformation across various sectors, noting that all business services are now available through the Saudi Business Center, which has provided more than 13 million services since its establishment.Additionally, he stated that the Small and Medium Enterprises General Authority has launched services to support and empower enterprises, including the “Tomoh” program, which supports fast-growing enterprises by enabling them and connecting them with service providers and support entities.12/18/2025 10:59:00 AMhttps://mc.gov.sa/en/mediacenter/News/Pages/14-12-25-01.aspx The Ministry of Commerce announced the recall of 47 Honda CRF1100 motorcycles, manufactured between 2020 and 2025, due to the possibility of wear to the left handlebar switch wiring during handlebar rotation. This may result in the loss of the horn function or the inability to switch the headlight from low beam to high beam, increasing the risk of an accident or injury.The Ministry called on motorcycle owners to check whether their vehicle identification number (VIN) is included in the recall through Recalls.sa, and to contact Abdullah Hashim Company Ltd. via the toll-free number (8001199988) to carry out the necessary repairs free of charge.It is worth noting that the Ministry of Commerce publishes recall campaigns for defective goods and products through the Product Recall Center website (Recalls.sa​)12/18/2025 10:51:21 AMhttps://mc.gov.sa/en/mediacenter/News/Pages/11-12-25-01.aspx The Ministry of Commerce announced the recall of 113 Jaguar “E-Pace” vehicles, model years 2021 to 2024, due to the possibility of rupture of the front passenger airbag upon deployment, which may increase the risk of injury. In addition, there is a possibility of hot gas leakage during airbag deployment, which may result in burn injuries.The Ministry calls on users of the affected vehicles to contact the local agent, Mohamed Yousuf Naghi Company, via the toll-free number (8001190190), to carry out the necessary repairs free of charge.Vehicle owners can verify whether their Vehicle Identification Number (VIN) is included in the recall campaign through the Defective Products Recall Center website (Recalls.sa​).​​12/18/2025 10:47:57 AMhttps://mc.gov.sa/en/mediacenter/News/Pages/09-12-25-01.aspx The Ministry of Commerce revealed the key benefits of the Ultimate Beneficial Owner (UBO) Rules, which define the UBO as the person — or persons of natural capacity — who has final, actual, direct or indirect control over the company.The rules enhance corporate transparency and compliance with international requirements, in addition to establishing an accurate database that preserves the information of ultimate beneficial owners in the business sector.The rules also contribute to facilitating disclosure procedures related to the UBO’s data by aligning them with the procedures for company incorporation requests or the annual confirmation of the commercial registry. The rules additionally provide a guidance manual to help companies comply with identifying the UBO, disclosing the required information, and retaining it.The rules further ensure the confidentiality of the UBO register, as access to it is restricted solely to regulatory bodies and competent authorities in accordance with the relevant regulations, with the Ministry being obligated to notify any individual whose information is recorded as a UBO.According to the rules, the Ministry or the liquidator—depending on the case—shall retain the UBO’s data for five years after the company is struck off, to ensure transparency and enable retrieval when needed.The Ministry affirmed that the UBO Rules represent an important step toward enhancing trust in commercial transactions and supporting the regulatory environment in the Kingdom.It is worth noting that there are no fees for recording UBO data or for the annual confirmation.12/10/2025 11:36:05 AMhttps://mc.gov.sa/en/mediacenter/News/Pages/08-12-25-03.aspx The Ministry of Commerce signed a memorandum of understanding with the National Vegetation Cover Development Foundation (Marooj) to support environmental sustainability, on the sidelines of the First Global Nonprofit Sector Forum (Beyond Profit), held in Riyadh from 3 to 5 December 2025.The memorandum aims to afforest the Ministry’s buildings and facilities, with a focus on using suitable native wild trees to increase green cover and preserve biodiversity.Joint efforts will also be intensified to explore partnership and sponsorship opportunities with corporate social responsibility and sustainability programs in the private sector and nonprofit organizations, in order to enable the funding and implementation of environmental projects.The agreement further includes raising awareness among the Ministry’s employees and interested stakeholders regarding the environment, sustainable agriculture, combating desertification, and the importance of native wild plants. In addition, it supports and empowers volunteers by designing specialized environmental volunteer opportunities within the scope of joint projects.12/10/2025 10:20:24 AMhttps://mc.gov.sa/en/mediacenter/News/Pages/08-12-25-02.aspx The National Anti-Commercial Concealment Program conducted 4,242 inspection visits to combat commercial concealment across various regions of the Kingdom during November 2025, based on indicators and signs of suspected concealment.The visits aimed to verify the compliance of commercial establishments and to detect violations and crimes under the Anti-Commercial Concealment Law. The visits covered several activities, most notably:• retail sale of perfumes• retail sale of cosmetics• retail sale of electronic and electrical devices• automotive mechanical and electrical repair• travel and tourism agenciesThe inspection visits resulted in detecting 98 suspected cases of concealment. Violators were referred to the competent authorities for verification and the application of deterrent penalties. Moreover, the penalties under the Anti-Commercial Concealment Law include imprisonment for up to five years, a financial fine of up to five million riyals, and the seizure and confiscation of illicit funds after final judicial rulings against those involved.In addition, the law imposes secondary penalties, which include:• closure of the establishment• liquidation of the activity• cancellation of the commercial register• prohibition from practicing commercial activity• collection of due zakat, fees, and taxes• public disclosure (naming and shaming)• deportation of involved non-Saudi individuals and preventing them from returning to the Kingdom for work​​​12/10/2025 10:17:21 AM