Ministry seeks to transform individual “general trading and contracting” companies into “one-person” business, abiding terms of contract

The Minister of Commerce and Industry, Fahd Mutlaq Al-Shariaan, issued a decision allowing the transfer of individual businesses with valid licenses for general trade and contracting activities into a “single person” company under one of the conditions, including that the sole proprietorship has a valid commercial agency; that the sole proprietorship must have existing and legitimate commercial agreements or contracts; or, that the sole proprietorship must be registered to or accredited by a government agency.

The sanction imposed that it is illegal to issue a new license related to general trade and contracting activities unless it complies with the requirements of implementing the foregoing. It was noted that the addition of general trade and contracting activity should be within the limits of the unified guidelines for the classification of economic activities in the GCC states.

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