09 أكتوبر Business Set up- Set up your business in Saudi Arabia with ITQAN
Saudi Arabia’s economic system is one of the largest and largest in the Gulf Cooperation Council (GCC) countries. The Saudi market offers investors unprecedented economic opportunities, making it one of the most important trading centers in the region.
If you want to break your employee’s life model and start your own company in Saudi Arabia, we can help you start a legal firm with a legal entity that is following the laws and regulations of Saudi Arabia.
We strive to provide all our customers with all requirements for setting up their businesses in Saudi Arabia.
The license depends on the type of investment activity that you want to initiate, but some general terms apply to all types of activities, the most important of which are:
Owning an entity outside the kingdom.
At least 3 years of experience in the same activity.
Copyrights are documented by State-recognized persons who hold patents and scientific content.
Types and characteristics of companies according to Saudi Arabia law:
It has become possible to establish a single-person company in Saudi Arabia, the United Arab Emirates, and all parts of the Gulf States, where a Gulf citizen can set up a commercial company, Y.M., where a Gulf citizen is allowed to offer service or limited-liability business with a contract of incorporation and a commercial license, the owner determining the amount of capital to establish a company following the applicable laws.
Limited liability companies(L.L.C.)
To create this company, several conditions must be met, first of all, that the minimum number of partners should be two.
Each of these partners is responsible for the company’s debts to the extent of their shares of capital. Any one of the partners is entitled to waive their share. However, it is not possible to establish a company with limited liability by public subscription and there is no minimum capital. since a company with no capital can be incorporated. In addition, one or two directors or a board of directors must be appointed.
A business that is established between two or more partners, with at least one of them being a solidarity partner.
The Joint-Stock Company
A money company where its capital is divided into shares of equal value and tradable in the manner determined by the regulations of the Kingdom. And what distinguishes this type of company is that the partner is liable to the extent of the shares it holds. The name of the company must not be a dissident of the corporate owners for the purpose for which it was created.
Steps For Registering A Company In Saudi Arabia
The company’s registration process in Saudi Arabia consists of several phases:
Preparation of documents, including ratification by the Saudi Consulate
Apply to the Saudi Arabian State Investment Authority and obtain an investment permit. This takes 3 to 4 weeks.
Approval from the Corporate Department of the Ministry of Commerce and Industry following the submission of the status and the company’s name. This takes 5 days
Foreign Investment Regime in Saudi Arabia
Speaking about foreign investment, there have been notable changes, allowing foreign investors no longer to need a domestic partner. The Tasks indefinitely about its own real estate for its operations. Besides, the possibility of transferring money from its companies out of the country.
If you want to start your investment trip in Saudi Arabia, you need an expert to help. You can count on ITQAN .
Contact us now to start planning your project together.