Companies Law

1. An application to register the branch of a foreign company shall include the date on which the branch’s fiscal year commences and ends. 2. With the exception of representative offices, a branch of a foreign company shall prepare the financial statements related to its activities within the Kingdom in accordance with accounting standards approved in the Kingdom, and shall deposit such documents as well as the auditor’s report thereon within six months from the date on which the branch’s fiscal year ends, subject to the Regulations. 3. The appointment of an auditor may be made pursuant to a decision issued by the manager of the foreign company’s branch upon the authorization of the foreign company.