Riyadh – Mubasher: The Council of Saudi Chambers has officially changed its name to the Federation of Saudi Chambers, state-run news agency SPA reported on Thursday.
Friday, 18 June 2021 will mark the entry into force of the new commercial chambers bylaw issued by a Cabinet decision.
The new name reflects a legal umbrella for commercial and industrial chambers as well as the business sector in Saudi Arabia. This move aims to endorse the local economy and establish international commercial partnerships.
Besides changing the council’s name into a federation, the new bylaw will include conducting a periodic assessment of commercial chambers through performance indicators, besides avoiding multiple subscriptions within the same chamber by having multiple branches of an institution.
It will also cover a three-year exemption for new subscribers of both companies and institutions from subscription fees as of the date of entry in the commercial register.
Foreign investors will be able to receive membership at boards of directors of chambers under the new bylaw, in addition to establishing commercial chambers according to administrative regions with the possibility of having more than one chamber within the same region.
