The Kingdom of Saudi Arabia is distinguished by the availability of many economic and development opportunities, which made establishing a company in it a crucial step. Here are some important reasons that explain this to us
Saudi Arabia is considered one of the largest economic regions in the Middle East and its market is filled with many opportunities in many sectors such as energy, technology, infrastructure, tourism, and service industries. It also has large oil reserves, population growth, and ongoing giant projects, making it one of the most attractive markets for investment and growth.
Saudi Arabia is a transit center between the continents of Asia, Africa, and Europe, which facilitates the establishment of many markets, whether regional or international.
Saudi Arabia has already carried out many reforms to facilitate commercial movements and also reduce administrative barriers and is always working to encourage foreign investments and aims in Vision "2030" to provide more and more facilities that work to diversify the entrances of the Saudi economy and not limit it only to oil.
Saudi Arabia is always seeking to develop its infrastructure such as ports, roads, airports, and smart cities, and all these improvements are important factors in order to provide a suitable environment for establishing and operating companies more easily and more efficiently.
The population of Saudi Arabia has reached about 35 million people who enjoy an increase in their income, which makes Saudi Arabia one of the largest consumer markets, and this is very useful, especially for new companies.
The Saudi government is always working to support investors in it and provide tax incentives and all the facilities that all entrepreneurs and companies may need, and also establish special economic zones "Neom" to provide a suitable environment for them.
There are many forms of companies that you can establish in Saudi Arabia, as stated in Article 4 of the Companies Law in Saudi Arabia, a company can be established from the following types
1- General partnership.
2- Simple limited partnership.
3- Joint stock company.
4- Simplified joint stock company.
5- Limited liability company.
6- Holding company.
7- Cooperative company.
To establish a company in Saudi Arabia, many procedures must be followed to ensure compliance with local regulations and laws and not to violate them. Among the most important procedures that must be implemented before establishing a company in Saudi Arabia are
1- Choosing the type of company that will suit the commercial activity you want to establish, as legal and administrative procedures differ depending on the type of company.
2- Choosing a name for the company that suits the commercial activity you will practice and that is distinctive has not been used before and does not violate Saudi laws.
3- Prepare the company's incorporation contract and record all the information related to this company according to what is stated in Saudi laws.
4- Determine the capital required for this work and provide it.
5- After completing the incorporation contract, the company must be registered with the Saudi Ministry of Commerce.
6- Obtain all the licenses required to start this business.
7- Obtain the commercial register for your company.
8- Open a bank account in the name of the company in one of the approved Saudi banks.
9- Obtain your tax number by registering with the Zakat and Tax Authority.
10- You must register with social insurance to be able to employ Saudi or foreign workers.
11- Having a main and legal headquarters for your company.
The required documents vary depending on the type of company you want to establish, but all companies share some papers as follows:
1_ A copy of the commercial register that you obtained from the Ministry of Investment.
2_ A copy of your ID card and passport as well.
3_ The Saudi government must approve your company's activity and not violate the laws and regulations authorized.
4_ A certified copy of the lease or ownership contract for the company's headquarters.
5_ Deposit the capital in the bank obtain proof of that and submit it.
6_ The approval of the government, the municipality, and civil defense to establish this company.
establishing a company in Saudi Arabia must be subject to some important conditions specified by the Saudi system, the most important of which are
1_ We must determine the type of company, whether it is a joint stock company, a single liability company, or a joint liability company.
2_ There must be a written contract for establishing this company, except for the limited partnership company.
3_ This contract must be published in the Ministry of Commerce and the partners must obtain copies of this contract.
4_ The company's headquarters must be in Saudi Arabia and the company must be of Saudi nationality.
5_ The company's capital must be divided into in-kind and cash shares.
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October 14, 2024
- بواسطة ibrahim elsiofy
