Between 2017 and 2018, foreign investment from international firms increased by more than 120%. This is according to UNCTAD’s World Investment Report 2019.
With the government’s ‘Vision 2030’ plans in full swing, foreign investment flows into Saudi Arabia are expected to continue to follow an increasing trend over the next decade. This is thanks to economic diversification and lots of new, valuable projects outside of the oil and gas sector.
Thus, now is a better time than ever to start thinking about bringing your business to the Kingdom so that you can benefit from building a strong presence in a rapidly growing market.
Setting up business operations in the Kingdom isn’t as straightforward as going online to incorporate your business, though. There is a strict process and framework that you must follow that includes applying for licenses, going through a process known as ‘Saudization’, and more before you can begin trading. This process can be long and is often difficult for the uninitiated to handle alone, and that is why Transcend operates a turnkey FDI service with a specialized framework to make establishing your business as quick and stress-free as possible.
Legacy laws that once prohibited foreign investment have now been removed and replaced by a more forward-thinking set of laws and a program that is set to rapidly transform Saudi Arabia’s economy, ‘Vision 2030’.
Despite this, there is still a strict process that must be followed by international firms that want to set up their business in Saudi Arabia and access the Kingdom’s market.
At Transcend, we strongly believe that no business should be denied access into what is a rapidly growing and thriving market. That is why we offer Agent Representation as part of our wide range of services, designed for businesses in the set-up stage.
Our Agents are highly skilled and experienced individuals who represent your business on your behalf in Saudi Arabia during the set-up stage and beyond.
These people ensure that you can get access to the Saudi market prior to your company being incorporated here and continue to represent your business and its interests after you have launched to ensure ongoing compliance and smooth operations.
Laws in Saudi Arabia can seem fluid and ever-changing to those who do not live here, however, the reality is that the country’s laws and policies change no more or less often than other countries from around the world.
That being said, the nature of Saudi Arabia’s laws can come across as somewhat ‘different’ or ‘restrictive’ to outsiders.
At Transcend, we understand that businesses want to access new markets as quickly and easily as possible, and that they do not want to be tied down, restricted, or burdened by a country’s laws from the outset, nor when they change.
To protect our clients from this, we offer a specialist Policy Monitoring service where legal specialists from within Transcend monitor the changing legislative landscape and, where necessary, take action to ensure clients’ businesses will not be adversely affected and take action to help them remain compliant.