Business · Saudi Arabia · 13 hrs ago

Saudi law allows some 15-year-olds to trade and tightens cheque penalties

Saudi law allows some 15-year-olds to trade and tightens cheque penalties

Saudi Arabia’s commercial transactions law allows 15-year-olds to run businesses with permission from a guardian, trustee or court.

They are treated as fully capable traders only within the scope of that permission, and their business obligations are limited to the money invested in the business.

The law also raises penalties for cheque offences, including issuing a cheque without enough funds or knowingly passing on such a cheque.

Repeat offenders can face up to five years in prison and a fine of up to 100,000 riyals.

Courts may take away convicted offenders’ cheque books and bar them from getting new ones for up to five years.

Banks can be fined up to 500,000 riyals for giving a new cheque book to someone despite a court ban.

The law also sets rules for presenting cheques, partial payments and banks’ responsibility for forged or altered cheques.

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Commercial Transactions LawSaudi law
The minor who has completed 15 years of age may conduct commercial business, provided that permission is obtained from their guardian or trustee, or from the court if they refuse permission.
via Okaz
The authorised minor shall be treated as a fully competent merchant within the limits of what they have been authorised to do.
via Okaz
In the event of repetition of any of these offences within 3 years from the date of the judgment, the penalty shall be imprisonment for a period not exceeding 5 years and a fine not exceeding 100,000 riyals, or either of these penalties.
via Okaz