The Chamber of Commerce is one of the earliest and deep-rooted service organizations in Saudi Arabia. It emerged intending to build a strong foundation of commercial confederation among people in a business devoted to the cause of advertisement of the private sector contribution to the economy.
Saudi’s Chamber of Commerce has formulated several promotional and development services to render aid to the private sector initiatives in industry, trade, and services.
The Function of the Chamber of Commerce
The concept of Chambers plays a noteworthy part in the contemporary world since they impart support to society’s service and the development of its economic and financial activities. The owners of commercial businesses in cities are committed in creating these institutions to manage their business sectors and protect their interests.
Predominantly, it achieves the following services:
- Generate plans and develop commercial opportunities for the benefit of their affiliates.
- Touch base with the authorities to discuss the interests of business and commerce.
- Devise a rising national economy and have a hand in the achievement of sustainable development of their communities.
Establishment of the Chamber of Commerce in Arab Countries
The Commercial Council was established in 1345 AH, and the Riyadh Chamber of Commerce was inaugurated in conformity with the resolution of the Council of Ministers. It gradually continued in several cities in the kingdom.
The ancient legal and historical data indicated that the age of Chambers of Commerce and industry in the Kingdom exceeds seventy years, which gave it remarkable experience and dynamic support in managing commercial activities.
Saudi Chamber’s Vision and Mission
- To manage the development of the Eastern province private sector activities.
- Be a unique service provider and promoter for the business community.
- Render transparent and top-notch services that fulfill the expectations of the private sector.
- Effectual participation in the development of economic and social aspects of the area.
The Chamber is a true-blue approach to expedite the growth of the economy and aid diversification through the full transition of the private sector’s resources. It is dedicated to serving the business community and is committed to promoting the private sector by scrutinizing business opportunities and developing international trade.
Let’s examine the important areas where it has extended dedicated service during the last fifty years:
- Collaboration between the business community and government
- Advertisement of fellowship among entrepreneurs
- An intermediate for the private sector to perform its social obligations
- Arrangement of the information on investment opportunities
The Chamber ushered in many representative communities for major-league industries, trade, and other services. The committees individually give exclusive attention to the problems, forecasts for each of the sectors, and acts as a medium between business and authorities.
Chambers playing a pivotal role in the economic sectors have urged more and more businesses, including small and medium-sized entities, to join.
Riyadh Chamber of Commerce Strategy
Riyadh, the capital and the most sought-after place in Saudi Arabia, is an attractive destination for foreign expatriates to set up their business. The largest city on the Arabian Peninsula follows a tactical plan to be the most trusted Chamber in Saudi Arabia. The Riyadh Chamber of Commerce & Industry (RCCI) was established in 1381 as a non-governmental organization supporting private firms in the Riyadh area. It greases the wheels of businesses by exhibiting them with the detailed bases of their deals, providing them with logical advice regarding finding consolidation among them as more accountable and accessible businesses can boost the economy.
- Centralized to the decline of the production cost.
- Saves the working capital.
- Locating issues of its members and providing the proper solutions for them.
The Chamber of Commerce in Riyadh has continued to follow productive and constructive initiatives. With the opening of the Chamber of Commerce Electronic Attestation service in Riyadh in 2017, users are allowed to attest their documents electronically without physical verification, which makes the entire process seamless and easy.
- Transforming Riyadh into a prominent business environment
- Engage more businesses to establish
- Amplify the role of the private sector in the economy
- Construct a customer-centric culture that incorporates innovation
- Expand sources of revenue
- Develop advanced expertise in the business
Reasons to partner with the Chamber
Chamber- A valuable and beneficial asset to your business
The Chamber of Commerce boosts the positive perception of your business among the community.
Visibility and Growth
The Chamber of Commerce membership is beneficial in terms of augmenting visibility and growth. It helps boost your exposure and get a competitive edge with cutting-edge opportunities.
All businesses are different, and the Chamber can help you with tailored “business” needs or “resolving” issues.
Different Chamber of Commerce Services
Small and Medium Enterprise Development Center
Small and medium enterprises are considered the leading sectors in the Kingdom. They play a fundamental role in accelerating the wheel of economic growth, thereby diversifying the source of income and introducing new jobs.
Saudi Chamber of Commerce seeks to see a prominent role in supporting entrepreneurs, small and medium businesses, and mobilizing the kingdom’s role by providing innovative and high-quality services to boost enterprises.
Riyadh Chamber established the special department to manage small and medium enterprises that provide services from training, funding sources, guidance, consultation, and new investment opportunities.
The foundation of the Businesswomen’s center takes place as a part of the vision of Saudi’s Chamber of Commerce and its role in the growth and development of the region by managing the private sector’s activities. The vision recognizes Saudi women’s ability to drive business opportunities in the Eastern province and therefore upgrade their economic and social development abilities.
Young Entrepreneurs Services
The Kingdom’s up and coming youth play an active role in the development of the economy. The Chamber assists both male and female candidates with adjusting and adapting to private businesses’ cultural environment. Saudi’s Chamber follows crystal-clear communication with the relevant authorities to support their activities.
Chamber of Commerce provides immense benefits for the youth from:
- Guiding them with the available investment opportunities in diverse business sectors
- Support the creative and innovative ideas
- Assisting in consistence with the requirements of the local and international economic situation
Different Chambers of Commerce in Saudi Arabia develop trade relations by providing useful economic information that is vital to the sector.
- E-services to showcase the opportunities, tenders, and commercial competitions
- Proper tools to investigate the feasibility of various information sources
The Chamber aids in legal counseling in all aspects:
- Cases of commercial fraud and tricking
- Settlement of disputes through arbitration
- Settlement service for local and foreign disputes
- Resolve issues between conflicting parties in friendly ways
Document and Import Requirements
Special Arab-British Chamber of Commerce Certificate of Origin is used for export to GCC countries, including Saudi Arabia.
The Government of Saudi Arabia requires the following documents for exporting goods.
- Certificate of Origin authorized by the Chamber of the Commerce of the exporting country
- Commercial invoice demonstrating the country of origin, name of the carrier, brand, and quantity
- Airway Bill
- Documents indicating conformity with health regulations
- Certificate of conformity
It is fundamental for Saudi exporters to submit a copy of their commercial registration, reflecting that they are allowed to export.
Chamber of Commerce Certificate
The Chamber of Commerce is prominent to provide certificates of origin documents used for global trade. A certificate of origin is an important document used in global trade to validate the country of origin where the goods have been manufactured or processed.
The document is typically used when the country of export and import have a current Free Trade agreement in place. Free Trade agreements augment two-way trade between the countries and benefit both nations by eliminating some international barriers that hinder the trade of goods and services.
Certificate of Conformity
The Saudi Standards, Metrology, and Quality Organization (SASO) have enforced the Saudi Product Safety Program (SALEEM) by setting-up the SABER platform to provide online certification for exports to Saudi Arabia. Foreign expatriates looking to export different products such as Lube oils, Detergents, Building Materials, and Construction Products, Paints, Lifts, vehicle spare parts, and textiles to Saudi Arabia must work following the Technical Regulations.
The Conformity Assessment process is divided into two levels:
Product Certificate of Conformity(PCoC) issuance
PCoC is valid for one year, and a hierarchy has to be followed for the issuance of this certificate.
- Request for PCoC by Importer
- Entering Product Details in the system; based on Saudi’s Custom Tariff code
- Choosing Certification Bodies such as Intertek
- Fee Payment
- The entry of Documents for Verification
- Issuance of PCoC
For all shipment products, an extensive verification is performed to whether PCoC exists for that product and if it is validated properly. After that, SCoC is issued without any hassle and is valid for that specific shipment only.
- Apply for the Shipment Certificate of Conformity (CoC).
- Payment of fees
- Investigation and verification of PCoC for the product by Intertek
- Issuance of SCoC
Saudi Chamber of Commerce recently launched an unofficial boycott of Turkish goods. Earlier the kingdom used to import $3.3 Billion of goods from Turkey. Still, the Chairman of the Riyadh Chambers of Commerce Ajlan Al-Ajlan tweeted in October that businesses and consumers must boycott Turkish goods and services.
Locating Chambers in Saudi Arabia
The Kingdom of Saudi Arabia has numerous business center hubs within the nearest and major Chambers of Commerce in Jeddah, Riyadh, Dammam, Makkah, and Madinah.
Keep following us for more interesting updates and information.