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Initial indications suggest that only very large international companies (who amongst other things will employ significant numbers of Saudi nationals) will qualify for 100% foreign ownership On implementation of the new law, SAGIA has yet to clarify if, when and on what basis it will license foreign owned holding companies and foreign owned single shareholder LLCs.These clarifications are likely to have a significant impact on foreign investors structuring their investments in Saudi Arabia.Table Minimum notice period for OGMs reduced to 10 days.New meeting can be held 1 hour after inquorate meeting.

Conclusion With the numerous new and impending regulatory and procedural changes affecting Saudi companies it is vital that both existing companies and new investors make themselves fully aware of the changes made, review how they are conducting their procedures and affairs to bring them into line with the new law and review and make any changes required to their existing constitutional documents to be consistent with the new law.Whilst it is not mandatory for a company to have constitutional documents in this format, it is likely to be easier, certainly for any companies formed after the publication of these templates, to obtain Mo CI approval using constitutional documents based on this format and they should also be considered when existing companies are considering changes to their constitutional documents.The new template Ao A for LLCs reflect , for example, the following changes under the new law: JSCs-Mo CI and Capital Markets Authority Statements In April and May 2016 Mo CI and the CMA issued two joint statements dealing with the implementation of the new law in relation to JSCs (and holding companies) and specifying certain provisions of the new law that must be implemented immediately and others which fall within the 12 month grace period.Interim Period Article 224 of the new law gives existing companies 12 months from the Effective Date to bring their affairs into compliance with the new law.However, this does not mean that existing entities do not have to comply with the new law until the end of the 12 months because penalties can be applied from the Effective Date.The renamed Ministry of Commerce and Investment (“Mo CI”) and the Saudi Arabian General Investment Authority (“SAGIA”) are having to get to grips with the significant changes under the new law affecting how entities in Saudi Arabia are formed and regulated, against a background where Saudi Arabia is seeking to encourage more foreign investment in line with the National Transformation Plan 2020 and the Saudi Vision 2030, which are Saudi Arabia’s roadmap to diversify its economy and address the challenges brought by low global energy prices.

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