«التجارة»: «نصف شهر» متبقية لإيداع قوائم الشركات للعام الماضي

The Ministry of Commerce announced that there are 15 days remaining for the deadline granted to companies whose financial year ends on December 31, 2024, to submit their financial statements.

The ministry urged companies to expedite the submission of their financial statements by no later than Monday, June 30, 2025, to avoid incurring financial penalties in accordance with the Companies Law.

It emphasized the necessity for companies to prepare financial statements at the end of each financial year according to the accounting standards adopted in the Kingdom, and to submit them within 6 months from the end of the financial year, based on Article 17 of the Companies Law.

The responsibility for submitting the financial statements lies with the company's president, or the company's director, or the chairman of the board, "depending on the company's structure."

Submitting financial statements contributes to the following: "meeting the regulatory requirement according to the company's structure, clarifying the company's activity and performance, ensuring the company's compliance with market rules and performance indicators, protecting the company from legal accountability for violating the Companies Law, assisting shareholders and partners in monitoring the companies' performance and conducting financial analysis of the financial statements, evaluating the level of governance and transparency of companies, and instilling confidence in the company among financing and lending entities."

The ministry confirmed that a company that fails to fulfill its obligation to prepare financial statements according to the adopted accounting standards or to submit them in accordance with the provisions of the law will be penalized with a financial fine, in accordance with Article 262 of the Companies Law.