Overview
After two years of drafting, consultation and review, the new law will usher in a number of significant changes and will also ensure that the legal position in relation to several key areas aligns with the approach that the Ministry of Commerce has adopted in practice in the past.
During this tutorial, GCC BDI will outline the key changes to the Saudi Company Law coming into effect this year:
- More detailed provisions specific to limited liability companies - providing a similar level of detail as those previously included for joint stock companies ("JSC").
- Introducing and regulating nonprofit professional companies.
- Allowing the introduction of a family charter in the articles of association to regulate ownership, governance, management, work policy, relatives' employment, and dividends distribution in family owned companies.
- Introducing and regulating a new type of company - a simple JSC.
- Removing restrictions on company names, and share lock in periods.
- Allowing LLCs to issue tradable debt and financial instruments.
- An overhaul of the conversion and merger processes, and allowing companies to be split into two or more companies.
- Exempting small companies from the requirement to appoint an external auditor.
- facilitating the split of shares into shares with a lower nominal value, or merging them to result in shares with a higher nominal value.
- Arrangements to help companies attract high caliber talent by allowing the issue of shares to be dedicated to employees, and/or options to acquire such shares after a specific period.
- Allowing the distribution of interim/annual dividends to the partners/shareholders.
- Enhancing the automation of the process for various tasks including establishment requests, general assembly meetings attendance, and virtual voting using technology tools.
- Introducing alternative methods for the resolution of disputes.
- Simplifying the liquidation procedures in line with the KSA Bankruptcy Law.
Event Details
Date: 05 February 2024
Time: 12:00 pm - 2:00pm (KSA Time)
1:00pm -3:00pm (UAE Time)
Format : Online Zoom platform
Facilitator: Khoshaim & Associates
Workshop fees
Price per person for the workshop:
Fees: US$ 350 for Non-Members
US$ 250 for Associates
Free for Members and Fellows
Rates above are exclusive of VAT and any WHT and effective as at 17 May 2020
