The ABGR Professional Services Committee and
The Canadian Business Network

invite you to a round table discussion on 
Sunday, February 21, 2016
 

 The New Companies Act of Saudi Arabia
Is Your Company Compliant? Come Find Out! 

John Balouziyeh, Amgad Husein and Anas Akel
from the 
Law Firm of Wael A Alissa in association with Dentons & Co 

Late last fall, a Royal Decree approving the New Companies Act of Saudi Arabia was issued. In early November, the text of the New Companies Act was published. Beginning on 2 May 2016, the New Companies Act will go into effect.

The New Companies Act will have a wide-ranging impact on companies doing business in Saudi Arabia. In addition to substantive changes that will allow LLCs and joint stock companies to now be held by sole shareholders, both the officers and directors of Saudi Arabian companies will be subject to greater civil and criminal liability. The fines and prison sentences established under the 1965 law have now been substantially increased and the kind of acts that trigger these penalties no longer require malicious intent or purpose to defraud. 

A light breakfast will be served.