Ministry of Commerce calls on companies to duly submit financials

Logo of The Ministry of Commerce

The Ministry of Commerce called on companies to duly submit their approved financial statements via the electronic platform, “Qawaem”, independently or through licensed legal accounting firms on qawaem.bc.gov.sa.

 

This is aimed at achieving the principles of governance and transparency between companies and related government bodies, financial agencies, shareholders and investors.

 

The ministry also affirmed its follow-up on the submission of financial statements of closed joint-stock or limited liability companies. It stressed the importance of these firms’ prompt submission of their financial statements, under the provisions of the Companies Law.

 

Adherence is vital to avoid the penalties accrued from the late filing of financials. By law, limited liability companies have up to four months from the end of the fiscal year (FY) to announce their earnings, while closed joint-stock firms are granted 15 days before the date of the general assembly’s meeting, which is held within six months from the FY-end.

 

The standard for closed joint-stock companies requires the board of directors to draft the financial statements and a report on the firm’s business activity and financial position for the past FY. It also includes the proposed method for dividend distribution, in addition to putting documents at the disposal of the auditor 45 days prior to the date set for holding the general assembly’s meeting.

 

Within three months from the end of the FY, managers of limited liability firms prepare for each FY their company's earnings statements and a report on its financial position and performance. This is besides their proposals on the method of dividend distribution, it added.

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