On Jan. 8, SAU MCI called on firms to update articles of incorporation.
SAU MCI called on existing companies that were established before the new corporate system took effect on Jan. 19, 2023, to amend their articles of incorporation.
Amendment is necessary after entry into force of new Companies Law on that date.
Follows SAU MCI Jan. 2023 issued clarification on new companies law, see #158635.
Amending Details
Companies may amend their articles of association via the SAU MCI business platform by choosing the reason for the amendment and submit their application electronically.
At present there is no charge for changes, publication fees will not be charged.
Updating their articles of association will be of benefit to small and micro-sized companies that meet standard for exemption from requirement to appoint an auditor.
Using electronic platform allows possibility of verifying data, amending all articles.
Companies with manual and electronic contracts, and companies issued with a license from the Ministry of Investment can also amend their articles of association.
Request to update must be submitted by a partner or director and be accompanied by an extraordinary general meeting resolution for joint-stock/simplified joint-stock firms.
And is to be submitted for the main records of the company only, amendment request cannot be submitted if other requests to amend firm's records is already in process.
And in cases where the status of the company's commercial registry has expired.
Oct. 2024 Deadline Reminder
On Oct. 10, 2024, SAU MCI reminded that there are 100 days remaining to amend articles of association/statute under the new Companies Law, until Jan. 18, 2025.
Amendments can take place by completing the application in the Business Platform.
The most important articles of association/statute that need to be amended concern partners, company name, company objectives, capital, and management.
Oct. 2024 Deadline Reminder
On Oct. 30, 2024, SAU MCI reminded that there are 80 days remaining to amend the article of association/statute under the new Companies Law, until January 18, 2025.
Aligns with Royal Decree No. M/132 which requires all existing companies upon entry into force of Companies Law to amend their status in accordance with its provisions.
Amendments can take place by completing the application in the Business Platform.
Nov. 2024 Reminder
On Nov. 20, 2024, SAU MCI reminded that there are 60 days remaining to amend the article of association/statute under the new Companies Law, until January 18, 2025.
Called on companies to take initiative via Economic Business Center business platform.
Dec. 2024 Reminder
On Dec. 9, 2024, SAU MCI reminded that there are 40 days remaining to amend the article of association/statute under the new Companies Law, until January 18, 2025.
Called on companies to take initiative via Economic Business Center business platform.
Legal measures against companies not complying with amending articles os statute.
