1. The words and phrases listed below - wherever they appear in this Regulation - shall have the meanings specified next to each of them unless the context requires a different meaning:
"The Kingdom" means the Kingdom of Saudi Arabia.
"The Area" means the integrated special logistics area in the Kingdom as defined in the Regulation;
"The Regulation" or "Companies Regulation" means the Companies Regulation for the Area;
"The Organization" means the Organization of the integrated special logistics area issued by Royal Order No. (A/17) dated 01/02/1440 AH.
"The Executive Regulations" means the executive regulations issued by the competent authority for the purposes of implementing this Regulation;
"The Competent Authority" means the General Authority of Civil Aviation;
"The Main Land" means the territory of the Kingdom excluding the Area;
"Company" means any company established in the Area under this Regulation;
"Partner" means a legal entity or a natural person holding shares in the capital of the company;
"General Assembly" means the general meeting of the partners in the company held in accordance with Article 36 of the Companies Regulation;
"Simple Majority Decision" means a decision of the General Assembly approved by partners holding shares representing more than half (50% +1) of the voting rights of the partners;
"Branch" means (a) a branch of a foreign entity; (b) a branch of a Saudi entity registered and established in the Main Land; or (c) any other entity registered and established in one of the Gulf Cooperation Council countries, and in each case registered in the Area under this Regulation;
2. The competent authority has the right to interpret and clarify the terms stipulated in this Regulation.
The competent authority shall establish and register companies in the region in accordance with the Companies Regulation.
The competent authority may grant permission to register a branch (A) for foreign entities; or (B) for registered and established Saudi entities in the main Land; or (C) for entities registered and established in one of the Gulf Cooperation Council countries, in order to engage in the activities permitted in the region. The branch does not have a legal personality or a separate financial liability from the parent company to which the branch belongs.
The company being established in the region shall take the form of a limited liability company or any other form of company permitted by future regulations.
The company that is established and registered in the region under the provisions of this Regulation is a Saudi company, and its main office shall be located in the region.
The company is established by one or more partners, and its assets are considered independent from the financial assets of each partner. The company alone is responsible for the debts and obligations arising from its business activities, and the partner is not liable for those debts and obligations.