Jeddah: The Ministry of Commerce has eased the process of canceling the commercial registration (CR) of private companies in Saudi Arabia. The ministry has recently introduced a facility for owners to cancel their registrations online.
This system has been in effect since last day. The new move comes in the wake of anti-benami plans. Earlier, there were many hurdles to cancel the CR or commercial registration of commercial establishments and company branches. Registration could only be revoked after payment of all taxes, including VAT, the revocation of other licenses of the institution to be canceled, and the transfer of sponsorship of employees in the institution. For this he had to visit government offices several times.
Under the new rules, you can apply online. Owners can close their shops after the registration is canceled. The rest of the rules need to be completed later.