RIYADH — The Federation of Saudi Chambers (FSC) has launched an initiative to bridge the gap caused by commercial cover up (tasattur) status correction by encouraging young Saudi entrepreneurs to take advantage of the potential opportunities. Abdul Malik Bin Suleiman, head of the anti-commercial cover-up team at the federation, said that the launch of the initiative would enable entrepreneurs to open new areas for investment so as to bridge the gap of establishments following correction of their status in various economic activities within the newly extended deadline period. He said the initiative aims to prepare entrepreneurs in all regions of the Kingdom to enter the market, and the federation is working to qualify staff to enable them to take up jobs that are vacant following the correction of status of businesses within the period allowed by the Ministry of Commerce. Attending a workshop held at the Al-Ahsa Chamber of Commerce and Industry, Abdul Malik said that one of the chambers of commerce is launching mobile carriages to display information related to the tasattur corrective period in commercial complexes. The federation provided a link to register the data of any party wishing to correct the status. He said that the chambers of commerce do not have the powers to inspect facilities, and only government agencies have the jurisdiction to do this. He said that the Ministry of Investment supports all violators who want to correct their tasattur status through a number of options. The Ministry of Commerce announced in August the decision of the higher authorities to extend the implementation of the regulations to correct the status of violators of the Anti-Cover up (tasattur) Law for an additional six months, starting from Aug. 23 and ending on Feb. 16, 2022. The National Program for Combating Commercial Concealment clarified that there are six correction options specified in the regulation of correcting the status of violators of the Anti-Cover up Law. These are partnership between Saudi and non-Saudi in the firm; registration of the firm in the name of a non-Saudi; the Saudi continuing to engage in economic activity by introducing a new partner in the firm; Saudi's disposal of the firm; the non-Saudi obtaining the Premium Residency; and the non-Saudi's permanent departure from the Kingdom. The program renewed its call to all those who wish to correct their status to take advantage of this opportunity to apply to the Ministry of Commerce with a request for correction before the end of the corrective period on Feb. 16, and to take advantage of the benefits offered in the regulation.
