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Subject Persons Article 3 of the Regulation included the following regarding the persons subject to its provisions: Nature of the Person Control for Subjection Person Saudi or treated as such among the citizens of the Gulf Cooperation Council countries who are residents and practice an activity under a license within the Kingdom. Sole Establishment Owned by a Saudi person and established in the Kingdom, in accordance with the relevant laws and regulations. Investment Fund Finance Funds licensed by the Capital Market Authority. Resident Company Owned by a Saudi person and established in the Kingdom. The share which is held by a Saudi partner or shareholder. State-owned Resident Companies and Public Investment Fund-owned Resident companies as per the rules stipulated in the relevant Royal Orders and Ministerial Resolutions. The Shares held by non-Saudi shareholders in Resident companies listed in the Saudi Stock Exchange except for the shares held by non-Saudi founders. Article 3 included a number of significant criteria for subjection, which can be summarized as follows: Resident Saudi person or treated as such among the citizens of the Gulf Cooperation Council countries residing in the Kingdom, is subject to the provisions of the regulation if they practice an activity pursuant to a license issued in the Kingdom. It follows from this that a Saudi non-resident natural person is not subject to the provisions of the Regulation. Additionally, engagement in an activity pursuant to a license in the Kingdom is a prerequisite for a natural person to be subject to the provisions of the Regulation. The specific activities subject to the Regulation will be discussed separately in the following paragraph. 2. Sole Establishment is subject to the regulations if it is established in the Kingdom and owned by a Saudi individual. Sole Establishments owned by non-Saudis or established outside the Kingdom, even if owned by Saudis, are not subject to these regulations. 3. Funds are only subject to the provisions of the regulations if they are licensed financing funds by the Capital Market Authority. Article 1 of the regulation defines the finance fund as an investment fund established for the purpose of engaging in direct or indirect financing activities, in accordance with the applicable laws and regulations in the Kingdom. Therefore, other types of funds are not subject to Zakat, but the provisions of Sub-section 3 of Section 7 of Chapter Two, which relate to investors in investment funds, apply to them. 4. Resident companies are subject to the provisions of the regulation based on the ownership percentage held by Saudi individuals, as well as the ownership of the Investment Fund or government agencies and authorities, in accordance with the relevant royal decrees