The Saudi Qiwa platform has announced that businesses operating without a commercial registration can now undergo ownership transfers through their respective licensing authorities. Once the official transfer is finalized by the relevant body, the updated ownership information is automatically updated on the Qiwa system. For entities that do possess a commercial registration, the Ministry of Commerce manages the transfer process. Furthermore, the platform highlighted protections for staff during such transitions. Under Article 18 of the national Labor Law, employment contracts remain legally binding regardless of changes in business ownership, mergers, or structural reorganizations. Consequently, an employee's period of service is preserved, and both the outgoing and incoming owners share joint responsibility for fulfilling existing labor obligations during the transition period.
Source : Saudi Gazette
Photo : Saudi Gazette


