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Saudi Arabia's tax system has evolved over the years to accommodate the economy’s needs and to help develop the country into the ambitious nation it is today.
The yellow band of Nitaqat has been canceled, effective January 26, 2020, to stimulate the Nitaqat system and encourage companies to check their compliance.
The government facilitating the younger generation of thinkers and innovators will freshen up the business market and allow for Saudi culture to shine globally through its entrepreneurs.
Important Updates from the Ministry of Labor The Ministry of Labor and Social Development will stop its’ e-services for establishments whose registered commercial activities are not aligned with their actual…
Saudi Arabia imports are a growing industry that attracts foreign investors to the Kingdom. In 2017, Saudi Arabia imported $96.2 billion worth of goods into the Kingdom with a positive trade balance of $74.2 billion. Due to gaps in the market, there are many opportunities for importers in the Kingdom, such as the lack of manufacturing plants means products such as machinery and pharmaceuticals are largely imported. Saudi is also the largest importer of food and agricultural products in the Gulf Cooperation Council (GCC). The list of products imported in the Kingdom is long and is opportune for those looking to enter the market.
The Saudization ratios show the number of Saudi nationals are needed for your company size and industry. In addition to ratios, companies need to consider professions that are Saudized, some of them are listed below.
Saudization is an important part of operating in the Kingdom and is applicable to all companies. It is the nationalization scheme the government introduced to increase the participation of Saudi nationals in the private sector workforce.
Many companies struggle with Saudization and achieving high compliance in the hi-green and platinum levels. Multinationals and SMEs have different challenges related to Saudization because of their size and their advantages when it comes to Saudization.
Compliance is an important part of business in Saudi Arabia; from company set up to payroll to visas. When businesses move or individuals visit the Kingdom, there are legal requirements that must be followed when acquiring a visa. Visa compliance encompasses choosing the right visa for your purpose of visit, ensuring you follow the restrictions on your visa during your visit, making sure your duration of stay and number of entries into the Kingdom are according to your issued visa.
The Ministry of Labor and Social Development (MLSD), requires expatriates working in accounting and finance jobs to register their membership for the Saudi Organization for Certified Public Accountants (SOCPA), starting on the 31st of August 2019.
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Phone: +966 11 411 1127
E-mail: [email protected]
Phone: +966 11 411 1127
E-mail: [email protected]
Phone: +966 11 411 1127
E-mail: [email protected]
Phone: +966 11 411 1127
E-mail: [email protected]
Phone: +966 11 411 1127
E-mail: [email protected]
Phone: +966 11 411 1127
E-mail: [email protected]