The bold and ambitious announcement of Vision 2030 by the crown prince of Saudi Arabia, has fascinated many financiers to start investing in a business in this gulf region. This announcement has relaxed the industry nature. The crown prince has decided to expand the economy after its oil dependency.
Also, now anyone can own up an entire corporation in Saudi Arabia. The legalities of establishing a venture have been watered down. Making business in Saudi Arabia for foreigners is a cakewalk. The market of this gulf region is ever-growing, changing, and rising to growth.
Still wondering why this region is getting popular with foreign investors, read it below.
No Local Partner Needed
Earlier working in Saudi required a local guarantor to start a business. With the Saudi Arabian General Investment Authority license, the business owner can manage in the Kingdom with no local partner. All you must do is apply for this license, which will also help you to start a bank account.
Amendments In Rules
Initially, Saudi only used to do business in Oil and construction, but now they have opened their arms to other businesses as well. Advertising, tourism are flourishing more. With recent changes in their amendments to deal with the redundancy rate in youth, Saudi is supporting organizations and entrepreneurs with their business system. Now even women in the country enjoy equal rights in terms of effectively monetarily buying and starting their own accounts and firms.
Procedures
Foreigners intending to start their trade in Saudi Arabia will be now fully supported with the compulsory legalities and permits for companies. The procedure of acquiring permits is made far easier to avoid being stuck in formalities. Though the cost of covering up capital requirements needs to be fulfilled. With the SAGIA license the business atmosphere has turned into the ideal place for any new company with the benefits of low corporate tax and so on. Making it easy for foreign investors more interested in the country.
Office Setup
After all the procedure is done and to establish the office in Saudi, the owner must visit only once to carry out the corporation registration. It is a one-time course to complete verification for a notary. Leasing an office immediately is not a necessity and can be finalized later once all official papers have been allotted.
Last Documents
When you must set up an organization you have to make sure that all required paperwork is in place. To finalize the business in Saudi Arabia you must make sure of the Municipal license, GOSI, GAZT, and Labor office file. The owner can always take the help of government relations services in Saudi Arabia for a smooth transition.
