The National Anti-Benami Project in Saudi Arabia has released ten criteria for commercial enterprises. The authorities have released the terms as the deadline for benami firms to rectify their status expires in the middle of this month. The proposal is part of an effort to end benami transactions in the commercial sector.
The firm must have valid commercial registration, have all the data and licenses required to run the firm, open the bank account for the firm, refrain from using personal accounts in commercial transactions, verify that the operating license has been renewed, register the firm with the payroll protection program, and register with the payroll protection program. Mandatory rules are to ensure that illegal workers are not hired. It is also proposed that non-natives should not be given full authority over the institution and that electronic systems should be used for financial transactions and electronic bills should be used.
The National Anti-Benami Project in Saudi Arabia has released the criteria for commercial enterprises.