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05 February 2023

15 Rajab 1444

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Law No. 16 of 1971 issuing the Law of Civil and Commercial Articles

Law Summary Record Type: LawNumber: 16Date: 25/08/1971 Corresponding to 04/07/1391 HijriNumber of Articles: 477Status: In force

Official Gazette :Issue: 7Offcial Journal Issue Publication Date: 01/01/1971 Corresponding to 05/11/1390 HijriPage from: 3458

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Chapter Two: Businss Bookkeeping

220 Article

The merchant/businessperson should keep all necessary bookkeeping as required by the nature and importance of his trade. This should be implemented in a way guaranteeing explicit clarification of his accurate financial position, showing also payables and receivables relevant to his trade...

221 Article

Businessperson/merchant/trader should at least keep the following two (2) books for bookkeeping:-

Journal (primary daily book of bookkeeping)
Inventory book... (Considering that individuals practising simple profession or work or small business or those who have not more than 50,000 Riyals as capital may be exempted from this provision).

222 Article

All financial operations made by the businessperson are entered daily in the journal together with all self/family expenditures.

223 Article

Entery in the inventory book of all details of the goods available in the businessperson's last fiscal year shall be mandatory. Furthermore the businessperso r may show a total statement should relevant details be stated in an independent books or lists. In this case, such books and lists are considered complementary to the said book.

Also, businessmen should enter in said journal a copy of the balance sheet (General Budget) in every year in case not entered in any other book.

224 Article

Commercial books should not leave any empty space or do any marginal writings, or scratches or cramming (pressing more words together). Inventory and bookkeeping books should be paged (numbering of pages) and each page should also be stamped by the notary public. Businessperson should submit to the notary public said two books during two months after expiry of every fiscal year to point (signify) closing it (i.e. ending of the 2 books) in the presence of the businessperson. The two books shall not be retained by the notary public. If the pages of the two books expire before the end of the fiscal year, the businessperson should present them to the notary public to remark, after the last entry, such expiry. Further, the businessperson and his heirs, in case of ceasing the activity of the merchant store, should submit the said two books to the notary public to remark such ceasing. Remarking and stamping of the two books in above case is gratis.

225 Article

Businessperson should keep a copy right of all correspondences & cables sent in regard to his business. He has to keep also all coming correspondences & cables and all invoices and any other document relevant to his business.

226 Article

Businessperson and his heirs should keep the journal and the inventory book for 10 years starting from closing date of their business. While, they have to keep all copies, correspondences and documents noted in the above article for 5 years.

227 Article

The court when seeing into a case, may decide (by itself or under the request of any of the litigants) about presentation of the books and commercial papers in order to examine points relevant to only the disputed matter and then draw what may concern and relevant to the issue.

228 Article

Such mandatory commercial papers or documents will form a proof to one business man against the other in case it's a commercial dispute, provided books are organized as required and as stated above. Proof can be discharged by the contrary proof (if more justifiable).This proof may be extracted from the organized commercial books of the rival part

229 Article

Mandatory commercial books (organized or disorganized) may be a proof against its owner in case his counterpart relied on them. Provided to consider entries (records), supporting owner of the books, as a proof in his interest.

230 Article

One of the litigants (of the 2 businessmen) may be asked to take an oath confirming truthiness of his claim, in case he relied on his rival books and accepted in advance its contents, but it happened that his rival refused ( without any justification) to present these books.

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