Company formation in Saudi Arabia – SK Patodia

ADVANTAGES OF COMPANY FORMATION IN ARABIA

Saudi Arabia is one of the most powerful and competitive countries of the Middle East with the most investment potential. Its economy relies heavily on oil and one-fifth of the petroleum reserves in the word are located here. Industrial companies in Saudi Arabia have an added advantage.

  • Six economic cities have been established by the government in different parts of the country to promote foreign investment

  • Foreign companies can negotiate working in the country without a local partner

  • The business friendly government provides labor saving equipment and staff training services

  • It’s one of the worlds main trading nations

REQUIREMENT TO OPEN A COMPANY

BASIC REQUIREMENTS

  • Minimum 2 Shareholders (any nationality)
  • 1 Director (any nationality)
  • Minimum Issued Share Capital of SAR 5,00,000
  • Registered Office Address
  • Resident Company Secretary

DOCUMENTS REQUIRED

  • Completed Investment License Application Form
  • Notarized copy of Company’s Board resolution enclosing the partner’s names, percentage of each partner’s capital
  • Contribution, activity and general manager appointment
  • Attestation of the details by the KSA Embassy in the foreign investor’s country
  • Audited Financial Statements of the past 3 years
  • Certificate of Incorporation of the company attested by the KSA Embassy in the foreign investor’s country
  • Copies of the Articles of Association of the company attested by the KSA Embassy in the foreign investor’s country
  • Copies of the passport of the Shareholders
  • Approval from the concerned Ministry of KSA for doing business activity in KSA
  • Attested copy of the Power of Attorney in the name of the consultant approved for finalising the documents

OUR SERVICES

  • Checking for name availability and reserving the same
  • Preparing and submitting necessary applications for obtaining Investment License
  • Preparing and submitting Articles of Association and the company name to the Ministry of Commerce for obtaining approval
  • Notarizing the Articles of Association
  • Legal publication & others
  • Appointment with local bank for opening of bank account
  • Obtaining the necessary license from the Municipality and registering with the Post office
  • Common Seal of the company
  • Assistance in bank account opening
  • Registering with the Income tax, Zakat and Social Insurance Department

TIME PERIOD

It usually takes approximately 21 days for company formation in Saudi Arabia.
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