Starting business in Saudi Arabia is very convenient. The Saudi government has introduced such policies which makes business setup for foreign investors much easier. However, for this process a foreign investor needs to follow several procedural rules and regulations in KSA.
Once you have decided to setup your commercial venture in Saudi Arabia, you can get started with the official formalities.
Starting a business in Saudi Arabia is fairly simple, straightforward process:
The entire process can be summarized in the following steps…
1. Prepare all your documents.
2. Submit an application to the Ministry of Investment of Saudi Arabia, MISA (previously known as SAGIA) for your company’s investment license.
3. Obtain approval from the Ministry of Commerce and Industry after submitting the Articles of Association and the company name.
4. Sign the Articles of Association in front of a notary public.
5. Publish company name and the Articles of association in the official gazette.
6. Open a bank account, transfer the share capital and obtain a certificate stating that the capital has been deposited.
7. Register with the General Department of Passports, Ministry of Interior, and Ministry of Labor and obtain work visa for company manager.
8. Register with the Commercial Registry at the Ministry of Commerce and Industry and the Chamber of Commerce.
9. Obtain a file number and certificate of business commencement by registering with the Department of Zakat and Income Tax (DZIT) and Ministry of Finance.
10. Register with the General Organization of Social Insurance.
The process takes about 11-13 weeks with ordinary law firms. However, with Pangea Worldwide foreign investors can benefit from accessing the Saudi market without any obstacles in the shortest possible time.
To learn more about how we can streamline the process of helping you setup your business, contact us today!
There are several ways of doing business in Saudi Arabia. Among them are commercial agents & distributors, direct exports, franchises, joint venture companies, non-resident execution of projects, permanent branches, self-owned companies, sole proprietorship, technical & scientific offices, and temporary branches.
Agreements are overseen by Royal Decrees, Ministry of Commerce Resolutions, and the Council of Ministers Resolutions, as well as principles of Islamic law. The contract is not immune from alteration, providing it does not contradict with the relevant law and regulations.