Saudi Arabia is transforming with a series of social and economic reforms. These are aimed at enhancing the Kingdom’s economic potential under Vision 2030.
What is Vision 2030
As a result of these initiatives, the World Bank ranked Saudi Arabia among the top four reformers within the G20. Particularly praising the improvements across four key pillars in its recent Business report.
This project is opening Saudi Arabia to Business opportunities like never before, including 100% foreign nationals’ ownership of their businesses. As a non-Saudi, you’re now permitted 100% ownership of your company in the Kingdom as a foreigner.
Benefits of Vision 2030 for Expats
Before the announcement of the Kingdom’s Vision 2030 by HRH King Salman Bin Abdul Aziz Al Saud, many expatriates had wished for the legal means of setting up their business venture in Saudi Arabia. As a result, The Kingdom, in its recent Vision 2030 reforms, has made this possible. Expats no longer require a compulsory local partner to start up their own ventures.
Benefits of Vision 2030 for Saudi Arabia
As a result of these initiatives, the World Bank ranked Saudi Arabia among the top four reformers within the G20. Particularly, praising the improvements across four key pillars in its recent Business report.
This move is expected to attract leading entrepreneurs, innovators, and investors worldwide, giving investors a chance to access previously untapped opportunities in the large and growing G20 economy.
Eng. Ibrahim Al Omar, the Governor of the Saudi Arabian General Investment Authority (SAGA), has said that the aim of attracting innovators from across the world to live and work in Saudi Arabia will help to drive the private sector growth to realize the ambitious goals set out in Saudi Vision 2030.
How to Start Your Own Business in Saudi Arabia
Your SAGA Entrepreneur License is the first thing you will need as a new company in Saudi Arabia. The “Saudi Arabian General Investment Authority” is a government agency that provides licenses for foreign-owned companies to operate in the Kingdom- without a partner.
During the past year, SAGA also launched a specialized Entrepreneur License, allowing entrepreneurs and expats from outside Saudia to launch a 100% foreign-owned company in Saudi Arabia. These recent reforms have increased the number of new foreign business licenses issued by SAGA by 70% during the past year.
The launch of this program is also connected to the introduction of specialized visas for grand events such as “Formula E motor races,” the Festival of “the Winter at Tantora” in Al Ula, and the prestigious Saudi International Golf Tournament. Additionally, there are plans afoot to introduce the Kingdom’s first tourism visa, a significant move in enhancing Saudi Arabia’s position as a travel destination.
Step-By-Step process of Registering Your New Business
You need to complete 16 steps and processes to own and run your business in Saudi Arabia; For instance, setting up the bank account, sponsoring shareholders, and starting doing business legally in the Kingdom
Discuss your requirements and how we can help.
- Preparing Required Documents
- Applying for MISA License & Name Reservation
- Drafting of the local Articles of Association (AOA)
- Gaining Signatures and Approvals
- Issuance of the Commercial Registration (CR)
- Registration with the Chamber of Commerce (CoC)
- Activate Chamber of Commerce (CoC) Account
- Register with The Ministry of Labor
- Register with General Organization for Social Insurance (GOSI)
- Get a National Address
- Issue GM Visa
- GM Visits KSA
- Convert GM Visa to Residency (Iqama)
- Register with Muqeem Portal
- Add GM to the Company’s Books
- Initiate Bank Account Opening Process
