On Sunday, the General Controller of Companies, Wael Al-Armouti, revealed that 1,800 companies have left the market, and 3,000 will remain in 2022.

He added, in statements to the “Kingdom” channel, that “1085 companies raised their capital, and more than 300 million capital were recorded in 2022.”

Al-Armouti explained that more than one billion dinars for companies registered and raised their capital last year, and more than 300 million dinars were registered as capital.

“The insolvency of the company does not mean its bankruptcy, but rather its inability to pay its debts or its liabilities have become more than its assets,” according to Armouti.

Al-Armouti pointed out that “after the amendment of the law, companies will be registered within hours only, as the next stage will be the completion of transactions with an electronic signature,” stressing that the department has greatly simplified all company registration procedures.