The Kingdom of Saudi Arabia’s Ministry of Commerce promulgated the new Companies Law which came into effect on January 19, 2023 (“New Law”), with the aim of bolstering “Vision 2030” objectives, including supporting small and medium-sized enterprises, promoting long-term national and foreign investments, streamlining licensing procedures, facilitating financing opportunities for SMEs, improving the business environment, encouraging innovation and competition, enhancing the business regulatory environment, expanding non-profit activities, and extending business incubators and capital funds.
