The ministry of Commerce has set five conditions for a foreigner to either own a business or enter into partnership with a Saudi investor, in accordance with the corrective period for violators of the anti-tasattur regulations.
- The first and second conditions are that the establishment’s total revenues should be over SR 40 million, or the number of employees should exceed 50.
- The third requirement is that the Commercial Register should have been issued before the date of the corrective period.
- The fourth condition is the right to set forth in providing the capital, gradually, for a period of three years.
- The fifth of these requirements is the approval of the Saudi sponsor.
Al-Ghwainem explained that submitting an application to correct the cover-up (Tasattur) violation does not require the consent of the two parties.
Hence , one of the parties can submit a request for amendment, whether to become a partner or the owner of the establishment or to obtain a privileged residence permit (Iqama) for small entities, and the corrective period has waived the requirement for the international presence of the beneficiary enterprise.
He said that the platform for correcting the status of violators of the anti-cover-up regulation is independent of all government and monitoring regulations.
The information provided by applicant enjoys total privacy and confidentiality.
According to the Economic Journal, there is a specialist team to deal with the anti-cover-up regulation violators’ status.