Minister of commerce approves actual beneficiary rules
Erring companies to be slapped with a maximum fine of SR500,000 February 24, 2025 The actual beneficiary rules apply to companies subject to the provisions of the Companies Law and foreign companies that operate within Saudi Arabia, except for joint-stock companies listed on the capital market. The actual beneficiary rules apply to companies subject to the provisions of the Companies Law and foreign companies that operate within Saudi Arabia, except for joint-stock companies listed on the capital market. Saudi Gazette report RIYADH — Minister of Commerce Dr. Majed Al-Qasabi has approved the actual beneficiary rules, which will take effect, in conjunction with the Commercial Registration Law, on April 3, 2025. Any company that violates the rules of the actual beneficiary shall be punished with a fine of up to SR500000 or any alternative penalty in accordance with the Companies Law and its executive regulations. The rules aim to enhance corporate transparency in line with international s...