GCC National Owned Investment in Saudi Arabia
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A business venture for GCC nationals like never before
Setting up a GCC Company (formally known as a GCC National owned investment) is a special investment opportunity presented to investors that are nationals of other GCC countries looking to set up fresh companies in the KSA. The general ruling in Saudi Arabia is that foreign investors (those not belonging to KSA or any GCC country) are not allowed to establish a fresh or new company in Saudi Arabia; they are only permitted to set up a branch of their company established outside of KSA which is in business for minimum of 1 year.
Through this facility, entrepreneurs that are citizens of GCC nations can easily visit the KSA, set up their businesses (whether trading or services), and will be able to avail the same benefits that are present to Saudi nationals. This allows you, as a GCC national, to set up your business much quicker as it cuts out on having to wait on receiving approvals from government entities and other delays that unfortunately can take place for foreign investors.
A GCC company is a great opportunity if you’re interested in company formation in Saudi Arabia and the good news is that – we can help! Business Link helps with company set up in Saudi Arabia for both GCC nationals as well as foreign investors. With a team of consultants specializing in business setup in Saudi Arabia in our UAE home office as well as one based in KSA; our business setup process is quick, easy, and efficient to undergo, and we can have your business up and running in no time.
Benefits of setting up a GCC Company
A citizen from any GCC country gets to enjoy several benefits in terms of finances, business activities, rules, regulations that apply, and more. One of these benefits surely is the ability to kickstart their own business in KSA. Further benefits of the same are:
- Easy and quick setup process.
- For this setup, the GCC nation does not need to obtain a SAGIA license, however, they will need to obtain one from the Ministry of Commerce and Industry.
- The GCC national is also exempt from paying the 20% income/corporate tax that is applied to foreign investors.
Documents required for a business run by a GCC national
- Passport copy
- National ID
- Power of Attorney the permits Business Link to carry out tasks on your behalf (Format of the PoA will be provided by Business Link.
- Non-employment certificate, attested from your GCC country.
- Police clearance certificate, attested from your GCC country.
- Proposed company name (In Arabic with Arabic meaning)
- Business activity
Something to keep in mind for company formation in KSA
- While GCC nationals can avail the same set of benefits that are present for KSA nationals, they are still prohibited from taking up certain business activities. These can be related to consultancy, auditing and finance, insurance, manpower, engineering, aviation, or health consultancy.
Process of company formation for GCC locals
- Step 1: We initiate the process by collecting all the attested documents.
- Step 2: Once received, our team in Riyadh sends your documents for attestation to the MOFA.
- Step 3: Your trade name and business activities are sent for approval.
- Step 4: Once the trade name and activities are approved, they must be registered with the MOCI.
- Step 5: The signing of the MoA takes place at the KSA Notary.
- Step 6: Apply to the Ministry of Commerce for a Commercial Registration (CR) and clear the required payment for the same.
- Step 7: An application is sent to register with the Ministry of Human Resources and Social Development and necessary payments are made.
- Step 8: The office address is applied for.
- Step 9: The company is registered with ZAKAT (tax authority) and the general organization for social insurance (GOSI), and payments for the same are made.
- Step 10: Assistance is provided to the GCC national to apply for a bank account (Riyadh bank) and in the signing of its application.
- Step 11: Assistance is provided to the GCC national in his/her visit to the Chamber of Commerce to activate the government portal as well.
- Step 12: The GCC national is provided with a company stamp and mobile number for their new business.
Once all the steps have been taken care of, your business is ready to start its operations!
Simplifying your business setup process is what we, at Business Link, strive to do for our clients. If you’re a GCC national aspiring to establish a company in one of the strongest economies in the Middle East – here’s your chance! Get in touch and let’s get working.