The Saudi Ministry of Commerce has announced that foreign investors can become members of the board of directors of the chambers for the first time in the history of Saudi chambers.
The ministry said the decision is based on the new Chambers of Commerce Law, approved by the Council of Ministers on Tuesday.
The new law also gives exemption to new companies and establishments, which are joining the chamber, from the subscription fee for a period of three years since the date of their commercial registration.
As per the new law, the Council of Saudi Chambers will be renamed the Federation of Saudi Chambers. There are also provisions in the law to further ease the procedures for the start and practice of business activities in the kingdom.
The ministry stated that the law abolished the Saudi nationality requirement for the membership in the board of directors of the chamber. The move enables foreign investors to become members of boards of directors of the chambers of commerce for the first time with a condition that the membership to the board is renewed for two consecutive terms only.