How to Get a Business License in Saudi Arabia As a Foreigner?
Saudi Arabia is one of the most suitable countries for a business start-up. Its marketplace is very popular and extensive. But to own a business license in Saudi Arabia every foreigner should obtain the approval of a sponsor. It’s a step that every foreigner residing in the Kingdom has to take for issuance of a business license.
Akaz newspapers shared some information on this topic. The Saudi Ministry of Investment has good news for investors who are eager to establish a business, industrial, technology company, or online services and launch a new product in the local marketplace. There are some permit regulations that every investor should meet and follow. Today we are here to discuss those regulations briefly.
Investment Regulations By the Ministry of Investment
The Ministry has set some important investment regulations to obtain a business license in Saudi Arabia. The following are the details:
- If you are among the investors who already have a permit issued then Ministry has advised you to keep these regulations in mind before getting a new person involved in a project.
- All business permit applicants will be needing a letter from the sponsor or a registered Saudi university for uninterrupted business operations. This is a major condition and make sure you provide a legit document.
- Foreigners who are an applicant for the investment permit and living among ordinary citizens in Saudi Arabia should also provide a no-objection certificate from the sponsor in Saudia.
- The business license in Saudi Arabia will be valid for one year, and it can be further extended up to five years annually.
- Another approval letter is required from the supervisory authority and it should be submitted along with other business license documents. If there is more than one person involved in the project such as a Saudi, a general Iqama holder, or a unique Iqama holder then their details will be mandatory, along with commercial registration details.
- If we talk about the annual fee for issuing the business permit, the Ministry of Investment says it will be Saudi Riyals (2000). On the other hand, the annual service fee of the Investor Relations Center will be Saudi Riyals (10,000). It will be paid annually from the fourth year of the business establishment.