Saudi Arabia’s Ministry of Commerce has reminded companies to submit their financial statements for the 2024 fiscal year no later than Monday, June 30, 2025. The directive applies to businesses whose fiscal year ends in December 2024. Firms that miss the deadline risk penalties under the Companies Law.
As outlined in Article 17, businesses must complete and submit financial statements within six months of their fiscal year’s end. These documents must follow the Kingdom’s national accounting standards and be submitted electronically through the Qawaem platform.
Clear Responsibilities and Legal Risks
The Ministry clarified that the responsibility for submission depends on the company’s structure. It falls on the president, general manager, or board chairman. Companies that fail to comply will face fines as stated in Article 262 of the Companies Law.
In addition to avoiding penalties, timely submission supports internal discipline and regulatory compliance. It also ensures that shareholders and partners stay informed about the company’s financial status. Most importantly, it enhances trust and credibility with lenders and investors.
Compliance Builds Investor Confidence
By following the law, businesses not only stay compliant but also gain broader benefits. Filing on time helps establish transparency and accountability, both of which are key to attracting investment. Moreover, it reflects a firm’s commitment to strong governance and professional standards.
The Ministry’s call to action comes as part of a broader strategy to promote financial integrity in the Kingdom. Therefore, firms should act promptly to avoid repercussions and maintain a solid corporate reputation. With the June 30 deadline fast approaching, the message is clear: submit now to stay compliant.
