The Special Economic Cities and Zones Authority has put the final touches to the list of companies in the special economic zones launched by the Crown Prince in 4 special economic zones with strategic locations in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City (north of Jeddah).
The list of companies in the special economic zones (Okaz obtained the final draft) revealed that the special economic zones constitute an exceptional investment opportunity for both national and international investors. To achieve this, the Special Economic Cities and Zones Authority has prepared a regulation for companies related to special economic zones, which aims to regulate the fields of work in special economic zones, provide competitive advantage and enhance transparency to encourage and attract investments in special economic zones.
Article 3 of the list of companies in the special economic zones stated that the competent department in the Cities and Special Economic Zones Authority establishes a specialized department concerned with establishing and registering companies in the special economic zone and issuing trade license certificates. And the rules issued pursuant to it, and every update that occurs to that data, and the competent department has the right to monitor and supervise companies with regard to the application of the provisions stipulated in these regulations, and it is responsible for the enforcement of its provisions.
The powers of the competent administration
The regulation defines the powers and tasks of the competent department. It facilitates the administration's affairs, conducts its business, and takes what is necessary to carry out its duties; In accordance with the provisions of this regulation and the performance standards issued by the Authority, and in particular it has the following: setting the rules, controls and requirements necessary to implement the provisions of this regulation, proposing amendments to the applicable ones, preparing the guiding model for the basic system and other necessary forms, keeping records and making them available to the public; In accordance with the provisions of this regulation, and preparing periodic reports on the work of the competent department, its achievements, activities and the obstacles it faces, and submitting them to the Secretary General; In preparation for completing what is necessary in this regard and appointing the necessary number of employees according to the pace of development in the economic zones to assist them in carrying out their tasks and proposing financial compensation for what they provide under the provisions of these regulations, including establishing companies and registering branches, for approval by the Board of Directors of the Authority and controlling violations of the provisions of these regulations and any Rules, controls or regulatory rules in force and the mechanism for dealing with them.
stipulations
Company formation
The regulations indicated that it is possible to submit an application for company incorporation to the competent department in accordance with these regulations by one or more founders.
The formation of the management of companies in the special economic zones is subject to specific conditions, namely: the company and its affairs are managed by one manager or a board of directors if there are several, as indicated in the articles of association, and the company manager or the board of directors – as the case may be – exercises all the powers necessary to manage the company's affairs, with the exception of matters that Requires the issuance of a shareholder resolution under the company's articles of association or these bylaws.
Terms of directors and members
The company’s manager or every member of its board of directors must meet the following conditions: He must have completed 18 years of age, he must be a natural person, and he may be a legal person, provided that the relevant department approves, and that he has not been convicted of any crime involving honor, trust or corruption within 10 years He was not rehabilitated, and was not convicted of practicing the crime of trading based on inside information or the like, and he did not have a judicial ruling to remove him from the position of the board of directors of a company, and he met the criteria stipulated in the company’s bylaws, and he was not bankrupt or insolvent, unless he was acquitted his fault.
The regulations revealed, in the section on appointing and removing managers from the system, that the shareholders appoint the company’s manager or its board of directors – if there are several directors – according to the period specified in the basic system. Each director shall hold his position until a successor is appointed to fill his position, or until his death, resignation, or dismissal by an ordinary decision.
If the Company has a Board of Directors, he shall fill any vacant position as a result of the removal of any Director by resolution of the other members of the Board of Directors, until such time as the Director is re-appointed by ordinary resolution issued at the next meeting of the Shareholders' Assembly, or by circulation as appropriate and the membership of the appointed Director ends, and if not The decision of the Shareholders' Assembly shall be issued at the next meeting, and any change to the company's management must be notified to the concerned department within 10 days from the date of the change.
Motabalawwd (Hail) @motabalawwd
