Recommendations against commercial cover-ups approved in Saudi Arabia

Recommendations against commercial cover-ups approved in Saudi Arabia
The Small and Medium Enterprises General Authority (Monshaat) will develop financing solutions to enable Saudis to enter non-Saudi-controlled sectors. (SPA)
Updated 19 February 2019

Recommendations against commercial cover-ups approved in Saudi Arabia

Recommendations against commercial cover-ups approved in Saudi Arabia
  • The Ministry of Labor and Social Development will review the Saudization of commercial activities that are prone to cover-ups

JEDDAH: King Salman on Monday approved recommendations issued by the national program to combat commercial cover-ups, which involve non-Saudis owning businesses or working while hiding behind Saudi names.
The program seeks to develop relevant regulations and legislation, implement technical solutions, open bank accounts for establishments, and automate all services and payment channels.
The Small and Medium Enterprises General Authority (Monshaat) will develop financing solutions to enable Saudis to enter non-Saudi-controlled sectors.
The Ministry of Labor and Social Development will review the Saudization of commercial activities that are prone to cover-ups, organize training programs on retail trade, and cover and support training program fees.
The Ministry of Municipal and Rural Affairs will be charged with developing and upgrading point-of-sale specifications.
The General Investment Authority will examine ways to encourage non-Saudi investments. The General Authority of Zakat and Tax will be tasked with pushing stores to keep and issue electronic billing.
The Saudi Arabian Monetary Authority will monitor fund sources to control all financial transactions and detect any suspicious movements due to cover-ups or money laundering, in cooperation with stakeholders.
The Social Development Bank will put forth a funding program for small and micro enterprises.
The Technical and Vocational Training Corp. will be tasked with developing training opportunities for retailers.
Ten government entities will collaborate to implement the program, which focuses on raising public awareness about the economic and social harm caused by commercial cover-ups.
It also provides Saudis with opportunities to do business in various sectors of trade and investment by providing support and funding programs.