Riyadh - Sharikat Mubasher: The Saudi Cabinet, headed by the Crown Prince and Prime Minister Mohammed bin Salman, approved the Law of Trade Names and the Law of Commercial Register to facilitate business practice and ease the burden on commercial establishments.

In a statement, Minister of Commerce Majid Al-kassabi said that the new laws keep pace with the economic and technological advancements in the Kingdom.

The Law of Commercial Registration stipulates that one commercial registration is enough for a firm throughout the Kingdom and cancels the issuance of sub-registrations for companies and establishments.

Al-kassabi noted that the law contributes to facilitating business practice by organizing the procedures for commercial registration, ensuring the accuracy of the registered data, and updating it periodically.

Furthermore, the law granted a grace period of five years to correct the existing sub-registrations for companies and establishments.

The Law of Trade Names targets organizing the procedures for reserving and registering names in commercial registration, maximizing their value, and ensuring their protection and related rights.

It allowed the reservation of the trade name before its registration for a specific period that can be extended, specifying the conditions that must be met for the trade names to be registered or reserved, and the prohibited names.