The anti-concealment law has been a significant concern by foreign investors regarding their business future. It has been a part of the national program to combat commercial concealment by the Ministry of Commerce.
The General Organization for Social Insurance (GOSI) carries out the social insurance regulations in Saudi Arabia. GOSI collects contributions from employers, covers social insurance according to the law and pays benefits for insured persons or their families. The organization provides medical treatment, allowances and services for injured or disabled individuals or to the families of insured individuals who are deceased, in which case the death pension is received. GOSI calculations vary across employee nationalities with employees split into three main groups, Saudi Nationals, GCC nationals who have varying contributions and other expat workers. For Saudi nationals in the private sector GOSI contributions equal 22% of the maximum monthly applicable earnings (9% each for the employee and employer for pension contributions, 1% each for unemployment contributions and 2% for occupational hazard which is covered by the employer). The monthly earning combines basic salary, housing allowance and commissions. In-kind housing is equivalent to a two-month basic salary divided by twelve months. Meanwhile, minimum salary 1500 SAR will be counted as half Saudi and minimum salary 3000 SAR will be counted as full Saudi.
Saudi Arabia is the world’s largest oil producer and exporter and controls the world’s second largest hydrocarbon reserve. It's the only Arab country to be a part of the G20 countries, the Organization of Islamic Cooperation and OPEC. The country’s global standing has created substantial business opportunities and has become a preferred destination for many foreign investors.
The General Organization for Social Insurance (GOSI) launched a new portal called the Employment Contracts Authentication. The portal allows employers to upload employment contracts and authenticate them through the GOSI portal. The portal is active but is not yet mandatory.
The General Organization for Social Insurance (GOSI) is a semi-governmental body that exercises administrative and financial independence. The Social Insurance Scheme is a part of social cooperation and solidarity provided by society for citizens.