To achieve the required flexibility, the law has specified a two-year grace period from its effective date for companies to adjust their status. As an exception to this article, this grace period is canceled, and companies are required to align their status in accordance with the new law regarding the following matters: First: The extended provisions from the old Companies Law, as they remain valid and binding. The aforementioned grace period does not affect their continuous application. This includes the mandatory requirement under Article (16) to specify the company's fiscal year in its bylaws or articles of association, and the permissibility of determining its first fiscal year to be no less than six months and no more than eighteen months from the date of the company's registration in the commercial register. Second: Crimes and violations that entail penalties mentioned in the new law. Committing them after the law takes effect is punishable without any grace period. This includes the penalties resulting from the crime of disclosing company secrets, or the manager or responsible officer failing to call the general assembly for a meeting upon learning that its losses have reached the limit specified in the law. Third: The new procedural obligations in the law, which are those related to procedures that companies must undertake, such as the procedures for issuing a capital reduction decision upon loss. A capital reduction decision cannot be issued until a statement, detailing the reasons necessitating the reduction, the company's obligations, and the impact of the reduction on those obligations, is read before the general assembly. In all cases, companies are obliged to adjust their status according to the new law, and the grace period expires once they make any amendment to their articles of association or bylaws during the two-year period. In conclusion, how do you adjust your company's status in accordance with the provisions of the new law? To align your company's status, start by working on the terms of the articles of association with specialists in the new Companies Law to verify and make the necessary amendments. After that, you must submit a single alignment request through the Saudi Business Center platform here, and make sure to follow up on the request to avoid the expiration of the deadline for adjusting company status.