A Step-by-step Process on Saudi Arabia Company Formation You Ought to Comprehend
Located in the Gulf region, Saudi Arabia is a vibrant nation attracting a huge Foreign Direct Investment (FDI). Following the establishment of the General Investment Authority, Saudi Arabia company formation is much more elaborate to get through the process. And through an appointed representative, you can begin the process hassle-free, especially if you’re not part of the Gulf Cooperation Council Countries (GCC). Additionally, these days, the process has gotten easier than it has ever been, as 3E Accounting UK is out there to assist whoever registering for a company for the first time. Besides that, you have the privilege to experience other business solution services, including:
- Human resource and company secretarial services
- Taxation and legal services
- Auditing and accounting services
- Business license renewal
- Payroll services.
Start by visiting our websites today or make a phone call to get the best professional services from highly trained staff.
The Process and Procedure
Let’s run down some of the steps of Saudi Arabia company formation.
Approval and Reservation of Company Name
Now, the first step is the application for your company name with the Ministry of Commerce and Industry. Before submitting your proposed names, ensure that they are unique and do not contravene with Saudi Arabia’s Company’s Act. The Ministry shall decide on the appropriate name before making a reservation.
Submission of Documents
Once the name is approved and reserved, the next step is the submission of the registration documents. Saudi Arabia company registration requires that you submit the Articles of Association with the Ministry of Commerce. The Ministry of Commerce will, therefore, certify the Articles of Association then followed by the signing of the documents with the entire executive members in front of the notary public. With the new system, applicants can register through the Saudi Arabia General Investment Authority (SAGIA) website once they are ready with all the registration documents. The Articles of Association is then published in the daily newspapers.
The Opening of a Corporate Bank Account
It follows that for you to deposit capital; you must have registered corporate bank account. The moment you have a complete bank account, you then must apply for a commercial registration (CR). You cannot conduct any nature of business in Saudi Arabia without a CR. Besides that, (depending on the nature of business) ensure that you apply for a business license and certificate from the Chamber of Commerce.
Registration with the Chamber of Commerce
According to the Kingdom of Saudi Arabia laws, you must register with the Chamber of Commerce as far as Saudi Arabia company formation is concerned. The Chamber then issues you with a Certificate of Membership together with the Commercial Registration (CR).
Registration of Tax Status
Should you decide to venture into business in Saudi Arabia, ensure that you register as a taxpayer. This is the prerogative of any business owner to register with the Department of Zakat, and the Income Tax Department. Member countries under the Gulf Cooperation Countries follow the Islamic ideas as far as ownership and tax matters are concerned. To make further clarification regarding taxation in Saudi Arabia, you may consult 3E Accounting UK.
The Registration with the Ministry of Labor
Saudi Arabia company formation follows that every company registers with the Human Resource and Employment Law. Under the Work and Workmen regulations, the affairs of the workers are taken care of for both permanent and contractual workers. On the other hand, the Employment Law stipulates that you register with the General Organization for Social Insurance (GOSI)—a body looking at worker’s welfare. Note, that in case of any grievances concerning workers ensure they’re handled internally because, in Saudi Arabia, there are no trade union movements.
Now is the time to invest in Saudi Arabia if you want to experience Return On Investment (ROI).