Ministry of Commerce Urges Companies to Submit Financial Statements by Deadline

The Ministry of Commerce has urged companies whose fiscal year ended on December 31, 2024, and who have yet to submit their financial statements, to do so by the deadline of Monday, June 30, 2025, to avoid financial penalties as stipulated by the Companies Law.
 The ministry emphasized that this requirement applies to all companies, in accordance with Article (17) of the Companies Law, which states: “Companies must prepare financial statements at the end of each fiscal year per the accounting standards approved in the Kingdom and submit them within six months of the end of the fiscal year.”
 Responsibility for submission lies with the company’s president, manager, or chairman of the board of directors, depending on the company’s legal structure. Failure to comply will result in financial penalties, as outlined in Article 262 of the Companies Law.
 Financial statements must be submitted electronically via the Qawaem platform: https://qawaem.bc.gov.sa/en/Pages/default.aspx