Small Businesses in Saudi Arabia Will No Longer Be Audited
Small and micro businesses with annual revenues below SAR 10 million are now exempt from auditing requirements.
Saudi Arabia’s Ministry of Commerce has exempted small and micro businesses with annual revenues below SAR 10 million, or USD 2.7 million, from auditing requirements. Companies with total assets less than SAR 10 million and with a workforce less than 49 individuals are also exempt. The new initiative aims to allow for the growth of small businesses in the Kingdom through the removal of cumbersome administrative processes. In 2022, the Saudi government adopted a new legislative framework for companies. The new Company Law aims to facilitate the growth of businesses in the Kingdom, and to allow for the emergence of new corporate entities. The first quarter of 2023 has seen around 2000 companies being registered in the Kingdom, bolstered by the new legislation.
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