Transfer Ownership of Commercial Registry: Step by Step Guide and Requirements

2024-01-14 22:20:02

For information on how to submit a request to transfer ownership of a commercial registry and a municipal license through the Ministry of Commerce website, you can go to the Labor Market Regulatory Authority for private sector enterprises. The commercial registry is considered important for doing business in the country and must be documented and approved by the government, The application must also meet all the conditions set by the Ministry of Commerce and Industry in the Kingdom of Saudi Arabia.

Steps to submit a transfer of ownership and a commercial registry waiver request form

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Citizens can easily submit a request to transfer ownership of the commercial register waiver online through the Ministry of Commerce website, and can follow the following steps:

• Visit Ministry of Commerce website Via the available link.

• If you do not already have an account, click “Sign In” and enter the required information.

• If you already have an account, click “Register” or “Single Sign-On”.

• After logging in, go to the “My Business Records” section.

• Click on the commercial registry whose ownership you wish to transfer.

• Choose the “Transfer ownership of the commercial register” option.

• Fill in the required data correctly.

• Then submit an original copy of the institution’s assignment contract and the commercial registry approved by the parties concerned.

• After reviewing the entered data, click “Complete Order” in the “My Orders” section.

• You will receive a text message containing a code that must be entered in the designated space.

• Click “Complete order”.

• You will receive another text message containing instructions to pay the required fees through approved channels.”

Papers and documents related to the assignment of the commercial register

There are a set of documents and papers that must be attached to the request for waiver of the commercial register, and these documents include:

• A copy of the previous owner’s ID card.

• The current primary seal of the institution.

• An official copy of the organization’s previous commercial register.

• Cancellation of the previous commercial register by the previous owner or his representative.

• In the event that the establishment is transferred to a female owner, a legal representative must be present and not belong to the public sector.

• The new owner must submit a request to cancel the establishment and specify the type of application as sole proprietorship.

• The presence of a waiver letter prepared by the previous owner in the presence of witnesses, and it must be authenticated in the Chamber of Commerce in the Kingdom of Saudi Arabia.

Conditions for waiving the commercial register

There are a set of conditions that must be adhered to when considering transferring ownership of the facility and the commercial register. These conditions include:

• The presence of the facility owner or his authorized agent.

• The presence of a license issued by the municipality allowing the practice of the profession and commercial activity.

• Pay any violations or financial dues related to the facility and provide proof of that.

• The presence of all official and documented contracts from government agencies that confirm the facility owner’s intention to transfer to the second party.

• All papers and documents must be official and original.

What is a commercial registration waiver letter?

If the facility owner wishes to assign it to another party, he must write a letter of assignment proving the agreement of both parties to this assignment. This letter is considered an official acknowledgment by the facility owner to assign it in exchange for a sum of money agreed upon between the two parties, known as the sale consideration, and the assignment letter shall be in the commercial registry. It is an essential procedure to complete the buying and selling process, especially for institutions and establishments that have a commercial register.

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