MC urges companies to upload financial statement

20 Nov 2022


The Ministry of Commerce has called upon companies to commit to depositing their approved financial statements through the electronic filing program “Qawaem”, which can be accessed by licensed chartered accounting firms or by the company itself via the website 

The Ministry said companies should do so in order to in compliance with the principles of governance and transparency between companies and relevant government entities, financing entities, shareholders, as well as investors.  

The Ministry emphasized that it will monitor the process of uploading of financial statements for closed joint-stock or limited liability companies, urging all businesses to do so as soon as possible in accordance with the provisions of the Companies Regulations. This will help the businesses avoid the filing penalties, which are four months as of the end of the fiscal year for a limited liability company and 15 days prior to the General Assembly's meeting for a closed joint stock company, which is held within six months of the end of the fiscal year.

The Ministry explained the mechanisms for preparing financial documents for closed joint-stock companies, in which the Board of Directors prepares financial statements as well as a report on the company's activity and financial position for the previous year. This report ensures the proposed dividends method while also making the documents available to the auditor 45 days prior to the actual General Assembly.

Within three months of the end of the fiscal year, directors of limited liability companies must also prepare the company's financial statements in addition to a report on the company's activity, financial position, and dividends distribution recommendations.

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Last Modified 27 Nov 2022