Saudi Arabia’s Ministry of Commerce said that the new Chambers of Commerce Law allows foreign investors to become members of chambers’ boards of directors for the first time in the history of Saudi chambers.
Foreign investors’ membership to the board can be renewed for two consecutive terms only, the ministry said in a statement.
The new law aims to setting up and forming commerce chambers based on administrative regions. It also allows setting up several chambers of commerce in the same region.
It also gives exemption to new companies and establishments, which are joining the chamber, from the subscription fee for three years since the date of their commercial registration. As per the new law, the Council of Saudi Chambers will be renamed the Federation of Saudi Chambers.
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