We are only 60 days away from the expiration of the deadline for correcting the terms of those who violate the anti-commercial cover-up system set by the relevant authorities in Saudi Arabia, which will begin on August 23 and continue until February 16, 2022.
The systems of supervisory activity after the expiration of the correctional period are rigorous and innovative and based on artificial intelligence and provide severe penalties of up to 5 years imprisonment or fine for analyzing and controlling the data of violating institutions. Up to 5 million riyals or both.
The deadline for correction was Muharram 15 as of August 23, 2021, and was to end on August 15, 1443, but the Cabinet approved the extension of this to six months so that the opportunity would be available. For those who want to fix the terms of their business.
The regulation includes a correction period in which the violator can amend the terms and conditions and use the benefits provided in the provision. In the system and its consequences, it pays income tax in advance. .
The National Anti-Consultancy Program confirmed the intention of the Ministry of Investment to give the beneficiaries of the Corrective Campaign the opportunity to be licensed so that the non-Saudi individual can participate in the existing facility or transfer its ownership to him by obtaining foreign investment. Licensing and exemption from the requirement of the international presence of the beneficiary facility, subject to a number of conditions and requirements, including whether the institution is medium or large, as classified by the General Authority for Small and Medium Sections. Initiatives.
In addition to being registered in the Commercial Register prior to the start date of the correctional campaign, the foreign partner resides in the country prior to the commencement of the Corrective Campaign, and there is no objection to the foreign partner’s employer complying with the Foreign Investment Law and its executive regulations.
With respect to premium residency status, the non-Saudi center can obtain premium residency in accordance with the terms of the premium residency system and complete his status revision by availing the benefits offered by the premium residency. This enables him to obtain an investment license in accordance with the foreign investment system through the Ministry of Investment.
The National Program for Combating Commercial Concealment worked to coordinate and coordinate efforts between government agencies, monitor and monitor the implementation of initiatives, and support decision-making through surveillance and study aimed at eliminating and obtaining the causes of commercial concealment. The program is overseen by the Ministerial Oversight Committee on Sustainable Economic Growth, formed by a Royal Decree with the participation of 11 government agencies.
The Correction Period for Anti-Cover-Up System Violators is part of the Ministry of Commerce’s 47 initiatives to implement the updated anti-cover-up system. Cooperation with the relevant government agencies, the Royal Decree and its approval issued by decision of the Cabinet.
60 more days to rectify the fugitives’ conditions … and to track down the perpetrators of “artificial intelligence” scams
Qasim al-Qabrani
Already
2021-12-17
We are only 60 days away from the expiration of the deadline for correcting the terms of those who violate the anti-commercial cover-up system set by the relevant authorities in Saudi Arabia, which will begin on August 23 and continue until February 16, 2022.
The systems of supervisory activity after the expiration of the correctional period will be severely penalized with new methods based on artificial intelligence and severe penalties of up to 5 years imprisonment or fine for analyzing and controlling the data of facility violators. Up to 5 million riyals or both.
The deadline for correction was Muharram 15 as of August 23, 2021, and was to end on August 15, 1443, but the Cabinet approved the extension of this to six months so that the opportunity would be available. For those who want to fix the terms of their business.
The regulation includes a correctional period in which the violator of the terms of the provision can rectify the situation and avail himself of the benefits provided under the regulation. In the system and its consequences, it is the payment of income. Former tax.
The National Anti-Consultancy Program confirmed the intention of the Ministry of Investment to give the beneficiaries of the Corrective Campaign the opportunity to be licensed so that the non-Saudi individual can participate in the existing facility or transfer its ownership to him by obtaining foreign investment. Licensing and exemption from the requirement of the international presence of the beneficiary facility, subject to a number of conditions and requirements, including whether the institution is medium or large, as classified by the General Authority for Small and Medium Sections. Initiatives.
In addition to being registered in the Commercial Register prior to the start date of the correctional campaign, the foreign partner resides in the country prior to the commencement of the Corrective Campaign, and there is no objection to the foreign partner’s employer complying with the Foreign Investment Law and its executive regulations.
With respect to premium residency status, the non-Saudi center can obtain premium residency in accordance with the terms of the premium residency system and complete his status revision by availing the benefits offered by the premium residency. This enables him to obtain an investment license in accordance with the foreign investment system through the Ministry of Investment.
The National Program Against Commercial Concealment worked to co-ordinate and coordinate efforts between government agencies, to monitor and monitor the implementation of initiatives, and to support decision-making through monitoring, study and decision-making with the goal of eliminating and eliminating the causes of commercial concealment. The program is overseen by the Sustainable Economic Growth and Ministerial Oversight Committee, formed by the Royal Decree with the participation of 11 government agencies.
The Correction Period for Anti-Cover-Up System Violators is part of the Ministry of Commerce’s 47 initiatives to implement the updated anti-cover-up system. Cooperation with the relevant government agencies, the Royal Decree and its approval issued by decision of the Cabinet.
December 17, 2021 – Jumada al-Awwal 13, 1443
01:25 AM
We are only 60 days away from the expiration of the deadline for correcting the terms of those who violate the anti-commercial cover-up system set by the relevant authorities in Saudi Arabia, which will begin on August 23 and continue until February 16, 2022.
The systems of supervisory activity after the expiration of the correctional period will be severely penalized with new methods based on artificial intelligence and severe penalties of up to 5 years imprisonment or fine for analyzing and controlling the data of facility violators. Up to 5 million riyals or both.
The deadline for correction was Muharram 15 as of August 23, 2021, and was to end on August 15, 1443, but the Cabinet approved the extension of this to six months so that the opportunity would be available. For those who want to fix the terms of their business.
The regulation includes a correctional period in which the violator of the terms of the provision can rectify the situation and avail himself of the benefits provided under the regulation. In the system and its consequences, it is the payment of income. Former tax.
The National Anti-Consultancy Program confirmed the intention of the Ministry of Investment to give the beneficiaries of the Corrective Campaign the opportunity to be licensed so that the non-Saudi individual can participate in the existing facility or transfer its ownership to him by obtaining foreign investment. Licensing and exemption from the requirement of the international presence of the beneficiary facility, subject to a number of conditions and requirements, including whether the institution is medium or large, as classified by the General Authority for Small and Medium Sections. Initiatives.
In addition to being registered in the Commercial Register prior to the start date of the correctional campaign, the foreign partner resides in the country prior to the commencement of the Corrective Campaign, and there is no objection to the foreign partner’s employer complying with the Foreign Investment Law and its executive regulations.
With respect to premium residency status, the non-Saudi center can obtain premium residency in accordance with the terms of the premium residency system and complete his status revision by availing the benefits offered by the premium residency. This enables him to obtain an investment license in accordance with the foreign investment system through the Ministry of Investment.
The National Program for Combating Commercial Concealment worked to coordinate and coordinate efforts between government agencies, monitor and monitor the implementation of initiatives, and support decision-making through surveillance and study aimed at eliminating and obtaining the causes of commercial concealment. The program is overseen by the Ministerial Oversight Committee on Sustainable Economic Growth, formed by a Royal Decree with the participation of 11 government agencies.
The Correction Period for Anti-Cover-Up System Violators is part of the Ministry of Commerce’s 47 initiatives to implement the updated anti-cover-up system. Cooperation with the relevant government agencies, the Royal Decree and its approval issued by decision of the Cabinet.
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