The world has shrunk since the start of the digital revolution and commerce has gone global, meaning there are many benefits to registering your business in a specific country. Every nation has its own set of laws, rules and regulations that govern commerce and Saudi Arabia is no exception; if you are considering a business start-up in Saudi Arabia, the following will help you make the right decisions.
Choose a Business Entity
This is the first and most important step of the business set-up process; you have 3 choices,
- Limited liability company
- Joint-stock company
- Branch office
If you are unsure about which is best for your project, the business lawyer can advise you accordingly. There are established business setup lawyers in Saudi Arabia who can facilitate the registration, plus they offer a wide range of specific services, such as due diligence audits and drafting agreements.
MISA Investment Licence
The MISA Investment Licence is compulsory for citizens of all countries outside the CCC, the licence is valid for one year and your local lawyer can process the application. The law firm is very familiar with the licence application protocol and in a matter of days, the licence is issued. Online application speeds things up and your lawyer knows the protocol.
Company Name
The company name has to be registered and a check to ensure the name is not in use allows you to proceed using that name. The Ministry of Commerce and Industry receive the application via their online portal and once you receive approval, you can continue the registration process.
Document Preparation
There are many documents to prepare when setting up a business in Saudi Arabia and your local business solicitor informs you of all documentation required. The Articles of Corporation and the Company Constitution are a couple of examples of required documentation.
Twin Registration
The final part of the process is to register the business with MERAS and the Chamber of Commerce; this is something your local business lawyer would handle on your behalf and when you hire the services of a local law firm, you can be sure of total compliance. When you use the services of a local business solicitor, you are kept up to date at every stage of the process.
The Importance of an Experienced Local Business Lawyer
Saudi Arabia has its own set of complex commercial laws that must be followed; if you are thinking of setting up a branch office or registering a limited company, talk to a local business lawyer and he can start the process by advising you on the type of company formation, then inform you of the necessary documents to prepare. They have many years of hands-on experience in setting up businesses for foreign investors and can offer other essential services for foreign business investors.
The entire process might take a few weeks or longer, and with a local law firm facilitating your business registration in Saudi Arabia, you can get ready to start exploring local markets and have the peace of mind that comes with being 100% compliant with local laws. Saudi Arabia has many complex laws that must be followed, which is why you need a local business solicitor.
You can enjoy a free Zoom call with a Saudi Arabian lawyer to discuss your needs and the legal professional can facilitate your business registration, advising you regarding the type of registration and taxation implications.
