Saudi Arabia, one of the largest economies in the Middle East, is expected to emerge as a thriving hub for business set up by foreign investors in the wake of Vision 2030 of the nation.
Situated strategically for conducting business across Europe, Asia, and Africa, Saudi Arabia is now on the way to becoming a key player in accessing global markets. The recent business-friendly reforms have made it easy for foreign investors to start a business in Saudi Arabia.
Benefits of starting a business in Saudi
Among the major initiatives launched by the country is the facility for starting a business in Saudi Arabia with 100% ownership by the foreign investor. With no need for a local partner and complete control, it permits free decision-making processes to utilize all the available opportunities to unlock your business potential.
Under the 100% foreign ownership scheme for foreign investors, the Saudi government offers several incentives to attract foreign investments, such as tax breaks, subsidies, and support in acquiring industrial land. The scheme eases the burden of tax payments with reduced tax rates and tax exemptions in specific key sectors.
Vision 2030 Business Opportunities
Vision 2030 has created many fresh business opportunities in Saudi Arabia in key sectors such as renewable energy, tourism and entertainment, real estate and construction, healthcare, technology innovation and manufacturing. Businesses with 100% foreign ownership benefit significantly from investments in these key sectors.
Foreign investors stand to benefit from the Government policy of collaborating with the Private sector with funding support for large projects.
Besides, the country now offers a dynamic and rewarding market for foreign investors.
Company formation in Saudi Arabia with 100% foreign ownership.
A foreign investor with adequate capital and vision can own a company that is 100% owned in Saudi Arabia. The under-mentioned steps involved in the company formation process must be followed.
- MISA license: The investor has to choose a business structure that best suits his investment project. The Ministry of Investment of Saudi Arabia permits foreign investors to establish and operate businesses in Saudi Arabia. The type of the license depends on the business activity. This license permits corporations to work legally in Saudi Arabia and undertake business activities.
- Prepare the required documents: They include a copy of the company’s commercial registration from the home country. A copy of the Board resolution to establish a business in Saudi Arabia, A detailed business plan, the company’s financial statement for the last two years, passport copies of the shareholders and a power of attorney for the legal representative in Saudi Arabia.
- Name Reservation through the Ministry of Commerce
- Issuing the local Articles of Association (AoA): Document containing operational rules about running the company.
- Apply MISA.
- Issue of foreign investment license in Saudi Arabia. This is followed by registration with other relevant authorities in KSA.
- Issuance of Commercial Registration (CR) with the Ministry of Commerce after getting the MISA license and Articles of Association.
- Issue General Manager’s Visa
- Filing with the Chamber of Commerce (CoC)
- Enrolling with the Ministry of Labour
- Listing for the National Address
- Filing with the Qiwa portal
- Listing with the Zakat, VAT & Corporate Tax.
- Company Seal issuance
- Enrolling with the Muqeem portal
- Filing with Absher portal
- Listing with the General Organization for Social Insurance (GOSI) for employee Insurance.
- Assisting in opening bank accounts for the company.
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