This service allows user to update the commercial registration. Before starting the update, user has to read the below instructions and agree to terms and conditions. The user has full responsibility for the commercial registration.
The Commercial Registration (Company) name is entirely up to you to decide. Ministry of Commerce and Industry has stated simple rules that you need to follow when giving a name to your CR (company). So before choosing the name you have to read these rules and conditions, then make sure of similarity in the names through "Commercial Name Availability" Service without need for name reservation or any kind of per-approvals for the desired name. For your information, The ministry has the right to request from you to change your CR name if you did not follow the rules and conditions.
An annual report must be submitted to the Ministry of Commerce and Industry within 6 months after the end of the financial year through the portal. If you do not submit the report in due time, the Ministry may fine both the company and its management board members. Please note that changing the financial year end date may change the date of annual report submission.
The Commercial activities which will be stated in the Update Commercial Registration application will be presented in the annual report. The commercial activity can be chosen from a list provided by the portal according to the National Classification of Economic Activities, level 4. Please keep in mind that stating an activity in the Commercial Registration does not automatically grant you the right to engage in it if a special law prescribes any additional requirements.
If a CR (company) has unpaid obligations towards a government institution, these obligations may be published in Invest Easy Obligation Register. For example, when a company has not submitted its Annual Report or paid a fine issued by the government, the obligation will be published. Unfulfilled obligations will appear as part of Commercial Registration information and are visible to everyone. When obligation is fulfilled, the obligation owner will mark the obligation as closed, but the record in the Obligation Register will be available to public for 6 years. By accepting these terms, the investor of a New Commercial Registration will acknowledge that if obligations of the legal entity are not fulfilled on time, they will be published in the Obligation Register.
The Ministry of Manpower and other national and local authorities utilize the Commercial Register’s data through a computer network (Government Integration) and they should not ask you for paper copy of Commercial Registration.
The list of shareholders is kept by the private limited company’s management board. In case of a sale or pledge of a share, management board has to communicate the transaction to the Ministry of Commerce and Industry. In case of joint stock companies, list of shareholders is managed by Capital Market Authority. Use Update Commercial Registration service to add investors when increasing the share capital or changing legal type of the CR (company). To sell the share to new shareholder or remove shareholders please visit the Ministry of Commerce and Industry offices and use Ownership Transfer service.
The Update Commercial Registration service on portal can cover maximum 5 Investors for the CR (Company).
Please consider that presenting false data to the Ministry of Commerce and Industry is a crime punishable by law.
The Digital signature is equal to handwritten signature. Your application will be signed digitally before submission to the Ministry of Commerce and Industry. Make sure that you have your citizen/resident card enabled with PKI.
When changing CR Information (Company) (address, management board members, etc.) an application of Update Commercial Registration should be submitted through "Update commercial Registration" Service on Invest Easy portal or through service providers offices. Documents (both on paper and digital) must be submitted as originals including original signatures or notarized copies. Update CR information is not free of charge and charges depend on the type of information which are updated.
The above explanations were updated on 23.05.2016. The explanations may become outdated if legal acts or circumstances change after stated date. We stress that these explanations are general in nature and do not encompass all possible specification and exceptions. If you wish to obtain advice specifically for your company, please turn to a SANAD center, an auditor, lawyer office or other legal or accounting counsel.
By submitting "Update Commercial Registration" application via Invest Easy portal, applicant confirms to understand and accept relevant laws and regulations, acts in a best interest of future shareholders and uses Invest Easy portal only in lawful manner.
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