To be effective and successful, an executive must have a basic knowledge of the business community in Saudi Arabia and the Saudi legal system. The first decision for any business is the type of operation to establish. Because a great deal of business in Saudi Arabia involves government contracting, a foreign company should be aware of the basic rules and practices for this area. Before a business establishes its presence, it should develop a basic understanding of the laws governing its operations. Finally, a business should know how to resolve legal disputes if and when they arise.
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There are three major considerations to be made by those thinking of starting a business in Saudi Arabia:
The process is complex and financially risky, meaning that local knowledge is crucial. You must also consult a good lawyer from the outset. An experienced lawyer will guide you through the registration complexities and his help will be vital in protecting your interests. This applies whether you’re opening a modest shop or a major enterprise. As is the case all over the world, there are unofficial businesses operating in the region, but if anything goes wrong or you’re ripped off, you have no legal recourse whatsoever.
Don’t let these warnings put you off. All isn’t doom and gloom, and many people have developed successful, highly profitable businesses in Saudi Arabia. New operations are encouraged by the authorities and your local partner might be enthusiastically supportive (or he might be a severe liability). Export and manufacturing industries are especially strongly supported by government, particularly as regards the acquisition of land on which to construct a factory. If you set up such a business in a free trade zone, of which there are several in the region, it’s granted exemptions from import and export duties, commercial taxes, building and property licence fees, land tax and restrictions on the transfer of capital invested in the zone.
An alternative to starting a new business is to buy a going concern, which is a more straightforward process, as it doesn’t involve lodging capital, obtaining sponsorship or registration; all you have to do is agree a price and transfer the ownership of the business.
Local Chambers of Commerce can advise about start-ups and are adept at cherry-picking potentially profitable newcomers to the region. Winning the confidence and support of a Chamber of Commerce will help your cause. Contact details are as follows:
Source: Starting a Business in Saudi Arabia
Doing Business in Saudi ‘Arabia: To learn more about the country’s profile, review a comparison of economies in each region, business laws, regulations, etc, click here
