Okaz, 16 August 2023: Saudi Arabia’s Commerce Ministry has urged companies to prepare and deposit their financial statements electronically via the Quaem platform to avoid violating the provisions of the Companies Law (Saudi Arabia Cabinet Decision No. 678/1443).
The Ministry stated that simple companies, simple joint-stock companies, limited liability companies, partnerships, and simple recommendations must prepare financial statements at the end of each fiscal year in line with the accounting standards approved in the Kingdom.
They should then deposit them within six months of the end of the fiscal year in line with Article 17 of Saudi Arabia Cabinet Decision No. 678/1443 (the new Companies Law).
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