Foreign business in the name of Saudi nationals, deadline approaches
Foreign business in the name of Saudi nationals, deadline approaches
The deadline for trade cover in Saudi Arabia (business of foreigners in the name of Saudi nationals) expires on February 16, after which a large-scale investigation will be launched.

According to newspaper 24, foreigners in the country who are involved in trade cover-up should take advantage of the respite and bring their affairs under the purview of law. 

 Speaking on Al-Akhbariya Channel's Morning Show, economist Ibrahim Al-Hindi said, "The respite given by the government to end trade cover was a good opportunity to bring our business under the purview of law."

"Strict action will be taken against violators, whether locals or foreigners, during the investigation campaign after the deadline for trade cover expires," he said.

It may be recalled that a fine of 5 million riyals and imprisonment has been imposed on those involved in the commercial cover-up. 

"Investigative teams have been formed which, after investigating the matter, will send their recommendations to the concerned higher body in the light of which immediate decisions will be taken," he said.

 

According to Sabq News, there are four days left in the deadline given by the Ministry of Commerce for anti-trade cover. 

After the expiration of the deadline, the commercial registration of the companies involved in the commercial cover-up will be frozen, which will put an end to all their transactions immediately. The relevant committee will take decisions in the light of the investigation report. 

It should be noted that the Ministry of Commerce had given a six-month deadline last year to eliminate individuals in the kingdom who have been conducting private business in the name of Saudi nationals, which was extended till February 16, 2022.

Commercial Cover The term 'commercial trade' is used to refer to illegal traders.

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