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Trade: Financial reports boost trust and efficiency
The Ministry of Commerce has emphasized the importance of companies adhering to the preparation and submission of their financial statements. This contributes to enhancing transparency, improving administrative performance, and strengthening the confidence of investors, owners, creditors, and banks. The submission of financial statements, as mandated by the Companies Law, is the responsibility of the company's chairman or manager and must be completed within six months of the end of the financial year, in accordance with the approved accounting standards. This obligation assists in evaluating financial performance, strengthening oversight, enabling investors to analyze profitability and risks, and facilitating company assessments. It also helps creditors and banks to determine repayment capacity and financing conditions, and allows regulatory authorities to monitor compliance with regulations to protect the economy and investors. Companies can submit their financial statements electronically via the "Qawaem" platform.
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