If you own a business you are always on the lookout for new opportunities. The development of your company is dependent on many factors to consider. To be financially successful and provide you employees you always have to research and find new perspectives. Sometimes, these new perspectives depend on investing in the new country and market. One of the most perspective markets today is in the Middle East and particularly in Saudi Arabia. Many US companies are striving to move or extend their Business there. However, doing so requires detailed research, preparation, and organization of the moving process. So here is a short guide on how to start a business in Saudi Arabia.
Saudi Arabia: the business perspective
Up until 2018 setting up a company in SA was complex. However, in its quest to draw in and stimulate foreign investment Saudi Arabia made changes to make the process easier. With these changes, Saudi Arabia became a promised land that draws in many foreign companies. The key to setting up a successful business is to do proper research and get to know the country. Knowing the law, culture, market, and economy of the land is crucial. This research also demands that you find adequate services that Four Winds Saudi Arabia can expertly provide to help you move in and set up your business easily.
So, to help you out with the basic paperwork and licenses here is a checklist for where to begin and how to start a business in Saudi Arabia:
- Get an investment license
- Commercial Registration and
- Set up your office.
An investment license is the first and key step in setting up a company long before you start your move. The law requires that foreign companies acquire a license from the government agency (SAGIA) This license allows you to operate in SA legally. Opening a bank account and sponsoring shareholders is possible only after getting the license. You can complete the procedure through a self-service portal that lets you apply and get your license online. The process is fast and efficient.
Any company with a license must be registered. The registration process is completed by singing an Article of association. This is issued by the Ministry of Commerce and Industry. The CR will allow you to commence with your business with certain limitations. Finally, certain business activities can be performed only after getting licenses and certificates from the Chamber of commerce.
Set up your office
Setting up the office is the final step. The foreign owners must complete the process with a notary. Also, the setting up of the office requires getting municipal licenses, labor office files, tax files, and other general documents.
Setting up an office also requires moving in and physically preparing the office, storage facilities, and or stories. This stage is final and it requires the implementation of the most efficient solutions. Implement the latest pallet racking storage systems and explore practical options in organizing your office and storage. Also, get the workers that can handle the needs of the office and state-of-the-art storage and handling solutions.
So, if you are wondering how to start a business in Saudi Arabia the answer is that it is not that difficult. After proper research of the country and opportunities, you can organize your commercial move and set up your business quickly and easily. But organize yourself properly and be realistic about your chances of success.