Saudi company registration

Saudi Arabia is located in the Arabian Peninsula with a land area of 2.25 million square kilometers. Saudi Arabia faces the Persian Gulf in the east and the Red Sea in the west, with an average elevation of 665 meters. It borders Jordan, Iraq, Kuwait, United Arab Emirates, Oman, Yemen and other countries, with a coastline of 2437 kilometers. The terrain is high in the west and low in the east. It is the largest country in the Arabian Peninsula, with oil as its economic pillar and the government controlling the main economic activities of the country. Saudi Arabia is the world's largest oil exporter and a major member of the Organization of Petroleum Exporting Countries.

I. Requirements for registering a wholly foreign-owned company in Saudi Arabia:

1. To be registered as a shareholder, the parent company must be an entity that has been operating for at least one year. If it is a registered trading company, the parent company must have more than three foreign-funded companies.

2. Companies engaged in service/manufacturing activities have no minimum share capital. Companies engaged in trade have a minimum registered capital of 28 million Saudi riyals (about 55 million RMB), which needs to be paid in.

3. At least one shareholder is required, and at least one director/manager must hold a Saudi visa and residence permit.

4. A general manager must be appointed as the local signatory of all relevant government agencies and corporate bank accounts, and this person must hold a Saudi visa and residence permit.

5. The actual registered address is required, and there is no requirement for office space.

6. To open a bank account, the customer needs to provide a power of attorney from Saudi Arabia without going to the local area. If there is no power of attorney, the customer needs to open a bank account in Saudi Arabia.

7. Monthly withholding tax declaration, quarterly VAT declaration and annual audit are required.

Second, how to establish a wholly foreign-owned company in Saudi Arabia

1. Type and business scope of the proposed company. Trading companies need to pay registered capital, and the parent company has requirements. Special industries need to apply for business licenses.

2. Consider the registered address, find an agent to provide temporary connection, and find an office to sign a contract at the same time, because registration requires the actual office address and there is no requirement for office space.

3. consider whether you can open an account on the spot. At present, it is easy for China people to leave the country, but it is difficult to return to China. They need to apply for visas, and the cost is relatively high. If it is not possible to open an account on site, an agent may be entrusted to call the local managing director to authorize the director to open an account. If the company is registered successfully and the bank account is opened successfully, you can change directors and become one of your own.

Third, the required information.

1. Natural person: If a natural person is not a GCC national, he cannot set up a company in Saudi Arabia as a natural person shareholder. A natural person needs to provide his passport, photo and signature style.

2. Company: business license-articles of association and company outline-audited financial accounts (last fiscal year)-resolutions of the board of directors/power of attorney-copies of passports of directors and shareholders.

Fourth, the process and timeliness.

1, Ministry of Investment-Foreign Investment Permit,

2. Registration of the Ministry of Commerce (registration of Saudi companies-issuance of business registration certificates)

3. Registration of Chamber of Commerce (general manager and authorized signatory registration)

4. Register with the tax authorities (Gazt &; VAT and consumption tax. GOSI social insurance)

5. Registration with the Ministry of Labor and Social Development.

6. Open a bank account

7. It is estimated that the processing time will be about 2 months until the account opening is completed.