This move will support economic development by improving the business environment and aligning with global shifts in digital payment systems. The new implementation will require all commercial establishments to open at least one dedicated business bank account per establishment, regardless of the number of branches, and ensure that all transactions are processed exclusively through this account. This aims to improve transparency in financial transactions and protect the national economy.
Additionally, all commercial establishments will be required to have a business account per establishment linked to their commercial registration and offer at least one digital payment method. All transactions will be carried out through the business account to ensure legal compliance.
The primary goal of the implementation is to raise awareness of the importance of transitioning to regulated financial practices and to ensure compliance with modern commercial laws, safeguarding customer rights. The order will offer several market benefits, such as better customer protection, safer money transfers, and more choice through the use of digital payment methods at checkout. It is also expected to improve cash flow tracking for better financial transparency, combat money laundering and improve compliance with VAT and related laws.
The decision applies to all commercial entities in the country, including SMEs, individual businesses with official commercial registrations, and registered virtual stores under the Sijili online system. The new commercial registration must now update their information before issuance, while existing ones are being integrated gradually to ensure a simple transition to full compliance.
The whole order aims to reduce reliance on cash transactions that are unregulated, which can lead to tax evasion, and pave the way to a fully digital economy. The first phase of the plan started in December 2024, and covered account registration and digital payment setup for businesses. The second stage is projected to be completed by June 2025 and will integrate the businesses into a central system.
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