National Anti-Commercial cover-up Program Compliance Standards for Business Entities with Market Regulations
1. Having a valid commercial registry updated with all data.
2. Opening a bank account for the business entity and not using per sonal accounts for entity transactions.
3. Renewing the business licenses and updating the associated entity addresses.
4. Registering the entity in the 'Wage Protection' program, and registering labor wage data.
5. Documenting all employment contracts electronically, and not employing irregular labor.
6. Documenting all financial transactions of the entity and complying with relevant regulations.
7. Not granting non-Saudis tools that lead to absolute control of the entity.
8. Providing electronic payment methods and working on issuing and storing invoices electronically.
9. Funding the entity and its activities through legal channels and documenting all these processes.
10. Compliance with the regulations and instructions related to the practice of economic activities.
Compliance with market regulations protects business entities, preventing them from being suspected of commercial cover-ups, and enhancing their growth and expansion opportunities.