The resolution of the new professional companies' regulations to improve and support the professional sector in the kingdom
The Council of Ministers approved the resolution of the new professional companies regulation which presents the radical improvement to the last regulation which was released in 1412 h. Moreover, it includes some features contributed to improve the professional work and stimulate the economy and support the professional sectors.
The new regulation enables the professionals to establish the company for every licensee of one or more liberal profession and participate it with other professionals to practice the professions.
And the regulation defines Four forms that professional companies can get which such as partnership, joint-stock, limited partnership, limited liability companies.
Engineers are considered one of the taking advantages people of this regulation development which keeps up with the national transformation, referring that engineering sector is testifying a developmental movement that leads to the hoped goals economically and professionally.
The regulation deal with the ways in which people are allowed to participate professionally by four clauses, in addition to the possibility of transferring the companies to another form of the regulation.
The regulation of the competence of the Ministry of Commerce and Investment to license the professional companies, in their registration in a register assigned to them, and the mechanism of the month of these companies.
The regulation specified the responsibility for consideration of violation through a specialized committee that formed by the Minister of commerce and Investment, with the possibility of complaining about its decisions with the competent administrative court, as the regulation clarified at the time of the issuance of the executive regulation within 180 days of the publication of the rules in the Official newspaper.
On his part, head of the board of directors of the Saudi Organization of Engineers Saad Mohammad Al-Shahrani clarified that the system adds great value to professionals in different sectors.
Engineers are considered one of the beneficiaries of this modernization and regular development that coincides with the national change, indicating that the engineering sector will witness an increasing developmental temperature that achieves its hoped-for economic and professional effects.
Al-Shahrani thanked and appreciated the Custodian of The Two Holy Mosques , King Salman bin Abdulaziz Al Saud , may God protect him , for issuing this regulation , and praised the efforts exerted by His Highness Crown Prince Mohammed Bin Salman , may God protect him. What was achieved by His Excellency Minister of Commerce Majed Al-Qusaibi and all concerned with who gave an options or advice in order to achieve the qualitative move in our country.
Al-Shahrani invites all professionals, especially engineers, to keep up with the development achieved through reviewing the regulations of the expected system and exploiting the development opportunities achieved by this system, pointing out that the future bet on the professional engineer who takes every opportunity to develop his land and homeland and reinforce the efforts exerted in this framework.
Benefits for Professionals to update the professional companies
What is professional company:
It is a civilian company with legal personality.
Establisher are:
1\One or more of legal licensee to practice One or more liberal profession.
2\legal licensee to practice liberal profession with others.
Its forms:
1\ Partnership company.
2\ Joint-stock company.
3\ Limited partnership company.
4\ Limited liability company.
benefits of the new regulation:
The possibility of establishing professional companies with various professional activities (engineering, legal, accounting, etc...)
The possibility of establishing a single person professional company (one person's company)
The possibility of a non-professional, natural or legal contribution to the company with a professional partner.
The possibility to transform a business into another form of business.