An Elaborate Process on Company Registration in Saudi Arabia
The Company Law in the Kingdom of Saudi Arabia recognizes several types of business entities. Limited Liability Company (LLC) is the preferable type of business entity as far as company registration in Saudi Arabia is concerned. Now, you can register your company through an appointed commercial agent, especially if you’re not part of the Gulf Cooperation Council Countries (GCC).
A Walk-through Process of Company Registration in Saudi Arabia Businesses Ought to Know
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- Company incorporation services
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- Business permit renewal
- Taxation services
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The Application for Approval and Reservation of Business Name
The process of company registration in Saudi Arabia begins with the application for reservation of business name with the Ministry of Commerce and Industry. Therefore, with the introduction of the new online system of business registration, investors can obtain the necessary documents online through the Saudi Arabia General Investment Authority (SAGIA) website.
Submission of Documents
After the approval of the name, you then require to submit the Articles of Association with the Ministry of Commerce. It then follows that once the Ministry endorses the Articles of Association, all the executive members of the company must sign in front of the notary public. The process will take you approximately two days. Afterwards, you’ll then have to publish the name and Articles of Association in the daily newspapers.
The Opening of a Commercial Bank Account
Company registration in Saudi Arabia requires that you deposit capital in your bank account. And so, the next step is opening a commercial bank account using the relevant documents. Once that’s done, you’ll apply for a commercial registration (CR). The CR permits you to operate any business activities in Saudi Arabia. On the other hand, certain business activities will require you to have licenses and certificates from the Chamber of Commerce as compulsory documents alongside the CR. The minimum fee commercial registration (CR) is approximately SAR6, 000 per annum.
Registration with the Chamber of Commerce
For you to operate a business in the Kingdom of Saudi Arabia, you have to register with the Chamber of Commerce. It is at this point where you get a Certificate of Membership which takes up to 30 working days after the issuance of the Commercial registration.
Registration for Tax Compliance
In Saudi Arabia, it’s a general rule that every business get tax compliance. Here is where you must register your business with the Department of Zakat and Income tax. Then, Zakat strictly abides by the Islamic concepts, which applies to the Kingdom of Saudi Arabia/Gulf Cooperation Council countries ownership. For further information about tax compliance in Saudi Arabia, you can seek the services of 3E Accounting India at your disposal.
The Registration with the Ministry of Labor
Besides taxation matters, company registration in Saudi Arabia involves compliance with the human resource and Employment Law. In the Kingdom of Saudi Arabia, the Work and Workmen Regulations governs the affairs of all workers. And so, every employer must register with the Ministry of Labor. In the event, you hire a non-KSA employee; ensure that the employee’s contract is in writing clarifying the duration of work. It follows that the employer is liable to foot all the immigration fees, residence visa (iqama), work permit, and any other thing relating to the work. Again, you must ensure you register with the General Organization for Social Insurance (GOSI) to cover for the worker’s welfare. Currently, the Kingdom of Saudi Arabia forbids the worker’s unions and collective bargaining.
Get in Touch With Us
For your business to run smoothly, ensure that you register for an office and physical address. You’ll be able to receive any correspondences and notices from the government authorities promptly. Get the best business solution services by contacting 3E Accounting Indonesia as far as company registration in Saudi Arabia is concerned. Contact us now.