Okaz, 16 August 2023: Saudi Arabia’s Commerce Ministry has urged companies to prepare and deposit their financial statements electronically via the Quaem platform to avoid violating the provisions of the Companies Law (Saudi Arabia Cabinet Decision No. 678/1443).

The Ministry stated that simple companies, simple joint-stock companies, limited liability companies, partnerships, and simple recommendations must prepare financial statements at the end of each fiscal year in line with the accounting standards approved in the Kingdom.

They should then deposit them within six months of the end of the fiscal year in line with Article 17 of Saudi Arabia Cabinet Decision No. 678/1443 (the new Companies Law).

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.