According to Saudi Company Law, Does the natural person may set up a LLC of one person with capital of 5 million, and then set up a JSC of one person?

According to Saudi Company Law, Does the natural person may set up a LLC of one person with capital of5 million, and then set up a JSC of one person?

the new Law of Companies (New Law), which will come into effect on May 2, 2016.--- 5. Limited Liability Company (LLC). Accordingly, the New Law eliminates other ---- In comparison, the previouslaw required a minimum capital of 10-million ---- Article 55 allowed the following JSC entities to form One Person Companies: 1.

In accordance with Saudi law, this may not be in accordance with the second article of the Companies Law. However, except for the text of Article 2, it is permissible for the State, public and corporate entities, wholly owned companies of the State and companies with a capital of not less than SR 5 million, to establish a joint stock company of one person. The powers of the shareholders' associations, including the Constituent Assembly and its powers, in accordance with Article (55) of the Companies Law.