How to start a business in Saudi Arabia
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Many people today want to know how to start a business in Saudi Arabia. Saudi Arabia's command economy is petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry. The oil industry comprises about 45% of Saudi Arabia's nominal gross domestic product, compared with 40% from the private sector. Saudi Arabia officially has about 260 billion barrels of oil reserves, comprising about one-fifth of the world's proven total petroleum reserves.The government is attempting to promote growth in the private sector by privatizing industries such as power and telecommunications. This is why many companies are reaching into Saudi Arabia as a place to get economic value for overseas business—but only those companies who know how to start a business in Saudi Arabia.
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If you do not have a specific question and just want to get a very general description of how to start a business in Saudi Arabia, then keep reading below.
To start a business in Saudi Arabia, you will first have to file the necessary paperwork with the regulatory agencies in Saudi Arabia. They will give you a list that details all the documents and processes about how to start a business in Saudi Arabia. You’ll have to do things like: register the company’s name, file founding documents, register an in-country agent, establish your tax status, identify the business’s directors, and more.
If you just want a list of these requirements go to the official website of the relevant governing body in Saudi Arabia that will give you the list of procedures you’ll need to start a business in Saudi Arabia. These procedures include:
· Register at the Unified Registry/ Ministry of Commerce and Industry
· Open bank account
· Founders sign the articles of association before a notary public
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