Saudi Arabia warns firms to submit financial statements or face fines

Businesses in Saudi Arabia have just weeks left to submit essential financial information or they face fines.

The Ministry of Commerce has urged all companies with a fiscal year ending in December 2024 to submit their financial statements by Monday, June 30, 2025, to prevent financial penalties under the Companies Law.

The ministry stated that Article 17 of the Companies Law stipulates that companies must prepare and submit their financial statements within six months of the fiscal year’s end, in accordance with national accounting standards.

Saudi accounting deadline

It also noted that responsibility for submission lies with the company’s president, manager, or board chairman, depending on its legal structure.

Submitting financial statements ensures regulatory compliance, clarifies company performance and operations, and promotes transparency and good governance.

It also helps avoid legal penalties, keeps shareholders and partners informed, and strengthens the company’s credibility with lenders and investors.

The ministry stressed that failure to prepare or submit financial statements in accordance with the approved standards and legal provisions will result in financial penalties under Article 262 of the Companies Law.

Companies are required to submit their financial statements electronically via the Qawaem platform.