The Minister of Commerce and Acting Minister of Media, Dr. Majid Abdullah Al-Qasabi, said HRH Crown Prince Mohammed bin Salman, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, gave the new Companies Law his personal attention at every stage of its creation.
The Crown Prince is a firm believer in the value and importance of the new law and how it will help the business community, noted the Minister.
The new law, Al-Qasabi explained, was developed under the direct supervision and follow-up of HRH Crown Prince and took more than 2.5 years to complete.
This time included evaluation stages, research into international best practices, analysis, policy formulation, and the creation of a draft law, as well as its study by the Bureau of Experts and the Shoura Council before being released.
Because of its high degree of resilience and flexibility, the law will stimulate and improve the business ecosystem while also protecting businesses. It will also enable the private sector to directly contribute to the achievement of Vision 2030 objectives.
The law's importance lies in its inclusiveness and integration of all company types—commercial, professional, and nonprofit—into a single legislative document. This allows for easier company formation, sustainability, and growth, encourages venture investment and addresses all issues that family businesses and entrepreneurs face.