Business owners must first submit requests to the Ministry of Commerce. After the requests have been approved, the business owner needs to update the General Department of Taxation within 15 days concerning the changes. If needed, the change and update are being sent to related ministries afterwards.
Patent Renewal All registered businesses in the Kingdom need to renew their patent certificates annually between January 1 and March 31 of each year. Late renewals are subject to obstacle penalties according to the following formula ($500 obstacle penalty +10% total penalties values + 1.5% monthly interest rate).
Quota/Employee Registration If your company hire foreign employee(s), you must register quota with the Ministry of Labor and Vocational Training in advance between September 1 and November 31, if the company plans to employ them by next year.
National Social Security Fund Registration All registered businesses in the Kingdom need to apply for a National Social Security Fund for their employee(s) once employees have been hired.
Annual Company Declaration Registered businesses must declare a company update with the Ministry of Commerce every twelve months referred to the incorporated date stated on the company registration certificate. Late updates are subject to obstacle penalties for $500 per year if the business owner fails to do it.