With its Vision 2030 initiative, Saudi Arabia has emerged as an attractive location for starting business ventures, especially among the GCC nationals. This article explains how to register a GCC National Company in Saudi Arabia, covering all the requirements while setting up a business in the nation.
Understanding GCC National Company Registration
Today, the GCC nationals, being citizens of Bahrain, Kuwait, Oman, Qatar, and UAE, as well as Saudi Arabia, are keen to take advantage of the relaxed regulations in setting up businesses in the Kingdom.
The government also encourages GCC citizens to register a GCC National Company in Saudi Arabia, by offering incentives to promote economic cooperation among the concerned countries. As a GCC citizen, you can enjoy 100% ownership in most sectors as you are not required to have a local partner.
Step-by-Step Guide to Registering a GCC Company in Saudi Arabia
- Choose the Company Type: Before you file for your registration, you should have decided the type of business that you want to begin. Some of the common forms of a company are Limited Liability Companies, Joint Stock Companies, Branch of a GCC Company, Regional Headquarters, General Partnership Company and Sole Proprietorships. Since each has different characteristics with different regulatory requirements, it is best to choose the type of the company best aligning with your business goals.
- Reserve a Trade Name: Reserve a unique trade name for your business through the process of the Saudi Arabia GCC Company Formation through the Ministry of Commerce and Investment online portal. The name chosen must comply with Saudi regulations and should not be misleading or confusing for the consumers.
- Registration with the Commercial Registry: Your chosen company will have to be registered with MOCI’s Commercial Registry. For this, all the required documents for this registration, which include your Articles of Association, proof of capital deposit, and identification documents, will have to be furnished. Once you obtain the approval, you will be given a CR certificate.
- Draft the Company’s Articles of Association: Articles of Association are those documents that detail the governance and operational framework of your company. These need to be drafted, again according to Saudi laws and regulations. Legal assistance may be sought in this aspect for accuracy and completeness.
- Open a Bank Account and Deposit Capital: After receiving the first authorization, you should open a bank account in your company’s name and deposit the required amount of capital. The amount of capital required depends on the type of company, so confirm that you meet the necessary financial requirements.
- Virtual office or national address registration: While in Saudi Arabia, a nationally approved address to work the business has to be presented. However, it is at the discretion of the individual whether he or she wants to have a physical office or a virtual office. For those people who prefer to work from remote locations, for example, one way to limit rental costs would be to choose virtual office packages suitable to their requirements.
- HRSD Registration: For workers who want to travel to Saudi Arabia, the Ministry of Human Resources and Social Development (HRSD) is authorized to give permission and issuing visas.
- Register for Taxation and Social Insurance: As a last step, register your company with GAZT and GOSI. This will satisfy the local tax regulations as well as the benefits for the employees.
Registering a GCC national company in Saudi Arabia opens up many business opportunities for GCC Nationals. The steps outlined above shall help one to successfully process the GCC Nationals Company Registration Saudi Arabia, from starting a new business or expanding an existing business contributing towards the economic development of the country.
You can always depend on the Helpline Group with rich experience in company formation to be your successful partner, offering professional advice and assistance during the registration procedure.
