Vision 2030 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.
Saudi Arabia is transforming with a series of social and economic reforms that aim at enhancing the Kingdom’s economic potential under Vision 2030.
As a result of these initiatives, the World Bank ranked Saudi Arabia among the top four reformers within the G20 and praised the improvements across four key pillars in its recent Business report.
Before the announcement of the Kingdom’s Vision 2030 by HRH King Salman Bin Abdulaziz Al Saud, many expatriates had wished for the legal means of setting up their business venture in Saudi Arabia.
The Kingdom, in its recent Vision 2030 reforms made under the patronage of HRH King Salman Bin Abdul Aziz, and HRH Crown Prince Muhammad Bin Salman, has allowed foreign-owned companies to operate in the Kingdom- without the compulsory local partner.
This move lifting of foreign ownership restrictions in many sectors 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.
Setup your Own business in Saudi Arabia
The first thing you will need as a new company in Saudi Arabia is your SAGA Entrepreneur License. The “Saudi Arabian General Investment Authority” is the government agency that provides licenses for foreign-owned companies to operate in the Kingdom- without a partner.
During the past year, SAGA launched a specialized Entrepreneur License too; this specialized license allows entrepreneurs 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,” 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.
Starting the business
The 16 steps and processes you need to complete to own and run your own business in Saudi Arabia. Setting up the bank account, sponsor shareholders, and start doing business legally in the Kingdom
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- Preparing of 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