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Saudi firms failing to audit accounts to be penalised

Jeddah Chamber of Commerce and Industry (JCCI) has said that several newly established businesses that have failed to maintain their bank accounts or get their accounts audited are finding it difficult to take their expatriate employees under their sponsorship, Arab News has reported. "Companies that do not maintain their bank accounts will not be able to renew the iqamas of current employees who are already under their sponsorship or take on new employees under their sponsorship because they are not fully registered with the ministry," said Badr Mohammed, a former member of the Entrepreneurs Committee at the JCCI.