Ministry of Commerce reviews corporate requests to merge business activities

Regarding the development and description of commercial activities, efforts were made to formulate appropriate descriptions for a number of them in line with their actual practice in the market. Additionally, previous descriptions of some of these activities were updated and revised to align with recent economic and regulatory developments.

In its annual report, the Ministry noted that it coordinated with external entities and collaborated with relevant regulatory and supervisory bodies. Training and coordination with these entities were conducted through holding meetings and designating liaison officers, particularly concerning the description of activities subject to their oversight, thereby contributing to the unification of perspectives and operational mechanisms.

The Ministry established a mechanism for commercial activities by developing descriptions for commercial activities that had not previously been described. It also introduced new commercial activities to enhance the market mechanism and corporate operations. Furthermore, work will be undertaken to modify the sectors of commercial activities to align with modern classifications and the requirements of economic development.

The Ministry of Commerce had previously prepared comprehensive descriptions for all commercial activities, listing the purposes and objectives under which each commercial company operates. These descriptions were made available to business owners through the activity inquiry system. Meanwhile, the Ministry completed the description of most commercial activities and incorporated new purposes for commercial license codes.

It had previously indicated the possibility of merging certain commercial activities, thereby providing business owners with greater flexibility to offer a diverse range of products and services under one roof.