MCI is going to Launch "Electronic Platform" to Control the Financial Statements of the Saudi Companies

26 Oct 2014
A New System to be launched at the end of the Current Year 

MCI is Planning to launch an Electronic Platform "Statements" (Qawa`em) in order to facilitate and organize the process of consigning the financial statements of Companies and Establishments working in the Kingdom.  

The Ministry emphasizes that the Electronic  Platform "Statements" (Qawa`em) seeks to organize consigning the financial statements of the companies and  the commercial Establishments working in K.S.A. in the specified dates, noting that the project would achieve several goals, including the accuracy and transparency in the financial statements of such companies, through electronic financial statements; also aims to provide accurate economic data base; to be an important economic tributary to the decision-makers in the economic field in the Kingdom. 

Regarding the partners in the project, MCI said: "The project is the fruit of a joint cooperation with Department of Zakat and Income and the Chartered Accountants Authority, where a working team was formed to prepare the said project within a specified period of time." 

MCI pointed out that the project passed through several stages, starting from getting the idea, then studying the project and its objectives, the desired benefits and the relevant authorities, through the stages of design, programming, trial, the amendment and the final form of electronic platform, and finally the launching, pointing out that the development processes in the platform would be continued even after launching it, through the other stages that would follow the inauguration process.  

MCI Rules and Regulations oblige each Saudi company or Establishment working in the Saudi market to provide its financial statement on an annual basis, where that passes through a series of stages, starting with the preparation of the financial statement by the company, in the form of paper, then to be reviewed by a chartered accountant for ratification, then to be handed over manually to MCI officials, stressing that these stages have become electronic through the platform "Statements" (Qawa`em).  

Here, the Ministry emphasizes that the Saudi economy had achieved massive jumps during the past few years, which made it among the strongest 20 economies in the world and the most powerful economy in the region. This necessitates  re-examining, from time to time, the regulations governing its position and the position of companies and Establishments working in that field, in order to achieve the ambitions for all related parties, and this is what does MCI seek. 
For his part, Mr. Suhail Abanme, Advisor of H.E. Minister of Commerce and Industry and the General Manager of the program, "Statements" (Qawa`em) confirms that the Ministry is keen to organize the relationship among all the dealers under its umbrella, especially on the side of the Rules and Regulations related to that relationship. 
He said: "The financial statements of the commercial institutions in the Saudi market need, from time to time, to develop their Rules and Regulations in order to keep pace with modern technologies, which contributes in their accuracy and transparency." 

The Advisor of H.E. Minister of Commerce and Industry explained that the range of services to be provided by Electronic Platform would be of great economic feasibility for the concerned parties working in the commercial sector in the Kingdom, where the project aims to organize the relationship among the dealers and to keep the rights of the companies and Establishments working in the Saudi market, as well as their clients, including MCI, Department of Zakat and  income, Commercial Banks, Funding Companies and shareholders in these companies and Establishments, as well as the Financial Accounting and Auditing offices working in the Kingdom, and finally the concerned government or private parties.  

It is noteworthy that the number of Commercial Registration registered in the C.R. offices in the Kingdom reached, until the second quarter of 1435, about 42 886 C.R., while in the same period, the number of C.R. registered for businesswomen reached about 5520 C.R., and the number of registered trademarks in the branches of the Ministry all over the Kingdom, in the second quarter of the current year reached 3821 trademarks.
Last Modified 26 Dec 2018