4 Hrs
Source:
الوئام
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New Rules Define Sellers
The new Commercial Transactions Law redefines a merchant according to the nature of the activity, not where or how it is conducted. Anyone who professionally carries on a commercial activity in their own name and for their own account is considered a merchant. The provisions also apply to online sales, and purchasing movable goods for resale at a profit is deemed a commercial activity. The term “business” includes tangible and intangible elements, such as a website, trade name, and goodwill, but excludes the real estate where the business is conducted. The Law replaces three existing laws and will come into force 180 days after its publication. It also requires merchants to keep accounting records in Arabic, either on paper or digitally; allows fines of up to SAR 50,000 for specified violations; and gives those harmed by unfair competition the right to seek an end to the conduct and claim compensation.
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