Within its efforts to combat concealment, the Saudi Ministry of Commerce issued a regulation for correcting violators of the provisions of the commercial concealment law, which contained options to correct the situation after submitting a request.
The first option is to introduce a new partner in the facility between a Saudi and a non-Saudi after meeting the legal requirements that enable a non-Saudi to enter into a partnership.
The second option is to register the ownership of the facility in the name of a non-Saudi. This can be achieved by an agreement between the Saudi and the non-Saudi to transfer the facility’s ownership to the non-Saudi after the latter fulfills the legal requirements that enable him or her to own this facility.
The third option is for the Saudi to keep engaging in economic activity by introducing a new partner, who could be a Saudi or a licensed foreign investor, to the facility after fulfilling the legal requirements, and registering that with the Ministry of Commerce.
A final option in the corrective period lets a non-Saudi leave the Kingdom permanently through an exit visa after submitting a pledge to abandon previous business rights and announcing this through the means specified within a period not exceeding 30 days.
After that, the ministry reviews the status correction request submitted to ensure it meets the requirements and informs the corrective applicant to complete the procedures for this correction within (ninety) days starting from the date of his/her notification.
If the correction status is not completed during this period, the ministry can extend this period based on the reasons it assesses. If the correction status is not completed during this period, the correction requester must complete the correction procedures with one of the other options referred to in the regulation within a maximum period of (one hundred and eighty) days from the date of expiry of the basic period.