Is Starting a Business in Saudi Arabia
a Good Choice for You to Start Up?
Business in Saudi Arabia is considered one of the best choices for starting up. Here are some factors that make Saudi Arabia very attractive for businesses.
- Saudi Vision 2030 That means all of your endeavors will be in tune with a current vision that breaks away from the traditional, cultivating diversity and resiliency within an economy.
- Strategic Location At the center lies Saudi Arabia's location, placing your gateway to Europe, Asia, and Africa. It is not just a matter of geography but rather smoother, faster trade and reaching key markets without the usual barriers that cut down your advantage.
- Business Friendly Environment Through the new Companies Law, policies are drawn up to meet the diverse needs of entrepreneurs with a view to providing fertile and encouraging ground for growth and sustainability.
- Support to Small-sized and Medium-sized EnterprisesMake full use of the extended support available through the General Authority for Small and Medium Enterprises called Monsha'at: incubators, accelerators, and lending programs.
- Automation and Digital TransformationThe government of Saudi Arabia is committed to the development of a digital infrastructure and furthering the cause of digital transformation, thus greatly supporting and empowering businesses in the process.
- Emerging Tourism Sector The tourism sector is one of the fastest-growing sectors. The reason may be its focus on variety and developing tourist spots, which increases investment in this area alone.
- Security and High Standard of Living You will enjoy a secure and comfortable working environment. The Kingdom is considered one of the safest in the world with a high standard of living for its residents.
- Political StabilityIn addition, political stability is considered one of the good factors that raise the confidence of entrepreneurs and lure foreign investments in Saudi Arabia.
- Thriving Construction IndustryIt is observed that the rate of growth in infrastructure projects is booming, and day-by-day investment in real estate concerning this sector is promoting the economy of the Kingdom.
- Local Industries Support It is evident that the government of the Kingdom is currently providing great sponsorship to the local industries with a view to improving investment opportunities in all economic, industrial, commercial, and professional sectors.
- Banking sector strength and accessibilityThe banking sector in Saudi Arabia is noted for its strength and stability. It has also started to offer more facilities and support to investors and business owners through a variety of financial services.
- Bringing in Global Investments This shows trust in the investor-friendly environment prevailing in the Saudi economy, which continues to attract investments globally.
- Currency Stability While a lot of the world's currencies are unstable, the Saudi Riyal has been stable for many years. Therefore, it is a secure financial environment for any investor.
Setting Up a Company in Saudi Arabia: Key Questions
Yes, a foreigner or non-resident can open a business in Saudi Arabia with 100% ownership! The Saudi Ministry of Investment is the responsible government body that issues commercial licenses to foreign investors.
It may take up to 30 days or even more depending on the type of business, required documents, and process time from relevant authorities.
Foreigners are allowed to work in service, industrial, agricultural, commercial, and professional activities, with specific requirements applicable to each category.
Foreign companies operating in the Kingdom are required to pay an annual corporate tax of 20 percent on their net profit.
It takes anywhere between 7 - 15 business days for the commercial registration to be issued. It serves as both, the certificate of incorporation and its local business license.
Requirements vary depending on the type of company and license.
For example, if you intend to open a foreign branch in Saudi Arabia, key documents would typically include: formation / incorporation documents of the parent company, audited financial statements for the last year, a board resolution, or operating agreement all of which bearing an apostille from relevant authorities.
Saudi Arabia is among those countries with the lowest crime rates in the world, having excellent records for normal living standards that make it an ideal place to consider not only for residence but also for business.
All establishment procedures can be completed without the need to travel. However, to operate the company, a general manager must be present in Saudi Arabia. At that point, you can either hire someone who already resides in Saudi Arabia or travel yourself to manage and operate the company.
Yes, we assist in getting a work visa upon incorporation of your company in Saudi Arabia.
Why HFA
Choose HFA as your trusted partner for establishing businesses in Saudi Arabia and benefit from our international experience in establishing companies and adhering to the highest standards. We deal directly with service providers from the state directly and do not deal with intermediaries. We have contract in Saudi Arabia with the Ministry of Investment, To date, we have established more than 850 companies around the world during the past six years. The excellent customer support we provide makes us the preferred choice for entrepreneurs around the world. We provide customized solutions and personalized services for you and your company, and our proven track record of success and experience helps you take your business to the next level in the huge market of the Kingdom of Saudi Arabia.