01 Apr Establishing a company in Saudi Arabia Learn about the procedures
Establishing a company in Saudi Arabia is a goal sought by many investors , due to the strong economy and attractive investment environment in the Kingdom of Saudi Arabia. In addition to its richness in natural resources and the availability of strong infrastructure that meets various business requirements.
If you intend to start investing in Saudi Arabia , we can help you get started on the right track.
But first, you should familiarize yourself with the investment principles, procedures, and incorporation requirements in the Kingdom of Saudi Arabia. This is what we offer you in this article. So read on:
Principles of investment in the Kingdom:
The Kingdom of Saudi Arabia is committed to a set of principles and standards to encourage investment in Saudi Arabia. The most important of these criteria:
- Ensuring to achieve equality between the Saudi and non-Saudi investors, And among Saudi investors as well.
- Protecting investors’ property in line with the Kingdom’s laws.
- enhance investment sustainability, Ensure transparency while dealing with investor complaints.
- Providing many investment incentives and adopting the principle of complete transparency when granting them.
- Maintaining health, environmental and social standards to ensure that investors adhere to those standards.
- Providing facilities for the entry and residency of non-Saudi employees and their families to promote foreign investment.
Necessary documents
Likewise, In order for the process of establishing a company in Saudi Arabia to be properly completed, a set of documents and papers must be submitted:
- A true copy of the commercial register of the establishment to be established, Bearing in mind that it is certified and documented by the Ministry of Foreign Affairs in the Kingdom of Saudi Arabia and the Saudi Embassy.
- A copy of the identity card of the owner of the company, It must be certified by the Ministry of Foreign Affairs and the Saudi Embassy.
- A true copy of the national identity of the general manager of the institution, If he is a Saudi national, But if he is a Gulf national, A true copy of the passport and identity card must be brought after authentication from the Saudi Embassy and the Saudi Ministry of Interior.
- Obtaining the necessary licenses from the competent authorities when necessary.
- A certificate of deposit from a local bank stating that the capital has been transferred to the institution’s branch. It should be noted that the capital must not be less than 25 thousand Saudi riyals as a minimum.
- Attach a legal power of attorney for the applicant to open the company or commercial establishment. Taking into account that it is certified and documented.
- True copy of the lease contract for the branch premises
Procedures for establishing a company in Saudi Arabia
After submitting all the official papers and required documents, Company incorporation procedures are carried out, They are as follows:
- Reserve the trade name at the Saudi Ministry of Commerce and Investment.
- Submit an official request to the Saudi Ministry of Commerce and Investment to open a sole proprietorship.
- obtaining preliminary approval, This is by the Saudi Civil and Municipal Defense.
- Registration of the enterprise in the Chamber of Commerce and Industry.
- After carrying out all the previous legal procedures, The commercial registration is obtained to start your business in Saudi Arabia.
To obtain more information about the procedures for establishing a company, you can contact Itqan. which assists its advisors, By obtaining all approvals and completing all procedures on your behalf.
Contact us today and get a free consultation to implement all your business plans!