09 أكتوبر Start Your Business In Saudi Arabia With ITQAN
Saudi Arabia’s economic system is one of the 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.
Therefore, 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 entity that is following the laws and regulations of Saudi Arabia.
Since 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 activity that you want to initiate. However, some general terms apply to all types of activities, read on:
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 of compnies 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 may 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 Company(L.L.C.)
To set up such a 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 and any 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.
when two partners or more establishd, with at least one of them being a solidarity partner, asks indefinitely about its financial obligations. “
The Joint-Stock Company
On the other hand, this type of company is where the investors divide the capital into a group of shares of equal tradable value. In other words, each partner is responsible for the company’s debts to the extent of the shares he holds. The name of the company is not derived from the gestures of the partners, but rather from the purpose for which it was established. The number of shareholders in a joint-stock company shall not be less than five partners.
Register your Company In Saudi Arabia with Few Steps
The company’s registration process in Saudi Arabia consists of several phases:
Preparation of documents, including ratification by the Saudi Consulate
– Applying to the Saudi Arabian State Investment Authority and obtaining an investmentm] permit. This takes 3 to 4 weeks.
– Approval from the Ministry of Commerce and Industry following the submission of the statute and the’ company’s name. This takes 5 days
Foreign Investment Law in Saudi Arabia
Referring to foreign investment, there have been notable changes, allowing foreign investors to start their investments without a local partner. The Tasks indefinitely about its own real estate for its operations and the possibility of transferring money from their companies out of the country.
If you want to start your investment in Saudi Arabia, you need an expert to help you set up legally. You can count on iTQAN where we work hard to provide all the facilities through our expert advisers within Saudi Arabia.
Contact us now to start planning your project together.