Issuing regulations for the operation of commercial chamber committees and amending the commercial franchise rules
In 2023, the Ministry of Commerce strengthened its legislative framework by introducing new regulations and policies. Before officially enacting them, the Ministry sought public and expert opinions through the 'istitlaa' platform."
The year kicked off with the activation of the new Companies Law and its accompanying implementing regulations. This move was aimed at enhancing the commercial and investment climate in the Kingdom, aligning it with global best practices. The law is particularly significant for its role in simplifying the establishment, sustainability, and expansion of businesses, fostering bold investments, and tackling the challenges faced by companies, especially in the realms of family business and entrepreneurship.
Also issued this year was a regulation for the operation of national committees within the Council of Chambers and sectoral committees in commercial chambers. Moreover, there was a revision of the implementing regulations for the commercial franchise law.
Prior to their implementation, these legislations were made available for public input via the 'istitlaa' platform. This allowed individuals, governmental bodies, and the private sector to provide feedback and suggestions, reaffirming the Ministry's commitment to transparency in legislative processes and promoting a culture of public consultation.
Furthermore, the Ministry has developed four new laws that are set to enrich the Kingdom's commercial legislative and regulatory landscape. These are currently under review by legislative authorities and include the Consumer Protection Law, the Commercial Transactions Law, the Commercial Register Law, and the Commercial Names Law.