Presently, the Saudi market is a very lucrative Middle Eastern market, the credit for which goes to the government’s Vision 2030. The sole aim of this vision is to reduce the nation’s dependency on oil and diversify its economy through development of key public sectors.
Today Saudi Arabia is open to all types of business enterprise where foreign nationals can own 100% of the Saudi registered companies. While there are certain process you need to follow to establish your business in the Kingdom, our all-in-one service at Transcend makes the process simple for you.
Expanding into Saudi Arabia
The Saudi market place is not easily understood, primarily due to the rapid policy shifts that is ushering in a knowledge based economy.
This has sparked a growing commercial market in the Middle East, making KSA the foremost country for companies to expand into.
While there are many opportunities for all types of business that want to enter the market, particularly service and industrial businesses, setting up operations in KSA have historically been quite challenging.
But worry not as we are here to make your objectives a reality!
Transcending Your Expectations
At Transcend we offer a turnkey advisory service that simplifies the business registration process in Saudi Arabia.
We help you wade through the legal requirements and other administrative obstacles with ease. Whether you need a comprehensive service from beginning to end or simply need help with specific areas such as government relations. We go above and beyond to exceed all your expectations.
If you want to find out more about how we can help your company break into the Saudi market, contact us today!
Establishing Your Company in Saudi Arabia:
4 Simple Steps
While the process will differ from one case to another, the process of establishing and setting up your company in Saudi Arabia can be summed up in five key steps.
1. Do your research and due diligence
In recent years, the KSA has made significant, far-reaching changes to the commercial environment and the knowledge you currently have, may be outdated. This is why it is vital you do your own research into the different industries and markets in Saudi Arabia so that you know what actions are necessary to meet KSA commercial regulations.
Speak to local Saudi companies such as Transcend or foreign firms that have successfully set up their companies in KSA.
2. Begin the incorporation process
This is done through SAGIA, the government entity that provides foreign companies with their investment licenses so they can operate legally in KSA. You will also need a commercial registration. There are also other government registrations that are essential such as MOL, MOMRA*, GOSI*, GAZAT*, and Saudi Post. Again, Transcend is equipped to handle the entire Saudi registration process for you.
3. Check out the local real estate
You must find an office when your business is registered because you will need a registered address to get your company’s municipality license and complete the registration process. Transcend’s links with local companies means we can find your company the perfect home in the KSA.
4. Begin running your business
Once you are registered it is time to start running your company’s Saudi outlet. You can hire Saudi nationals or fly in your own employees from outside the KSA.
However, you should have a balance in the ratio between Saudi and non Saudi employees, also known as the Saudization program.
This is known as the ‘Saudization’ program.