Are you ready to unlock Saudi Arabia’s business potential?

Hi everyone, welcome to the second episode of the Profound Podcast. Today we are about to unlock the business landscape in Saudi Arabia with none other than our very own dynamo, Imran Mirza. Imran is Profound’s most wanted business setup advisor.

Can you tell us about your journey with the company?

Absolutely, my journey with Profound has been an exciting blend of innovation. Strategic growth and client-centric service.

Why do you believe Profound is a go-to choice for business solutions?

Profound has positioned itself as a go-to choice for business solutions due to our unparalleled expertise and our tailored approach to each client’s needs.

Our success lies in our commitment to excellence, deep understanding of local and global markets, and our ability to foresee and adapt to the ever-changing business landscape. We thrive on turning challenges into opportunities, ensuring our clients always stay ahead to the curve.

Imran, what services does Profound offer and what are your target locations?

Profound offers a comprehensive suite of services including business setup, legal consultancies, PRO services, any approvals related to government, golden visas in any criteria and not to forget about getting client assisted in the getting bank accounts opened. We are particularly focused on the Middle East region with a strong presence in Saudi and UAE as of now.

Our target locations are anyone from anywhere who are looking for any of our services and we make sure that we can do it all. We get things remotely as well.

Imran, what are the main legal requirements and regulations that entrepreneurs need to be aware of when forming a company in Saudi Arabia?

Entrepreneurs need to navigate various legal requirements such as obtaining a commercial registration, adhering to Saudization quotas and securing necessary licenses. Based on their business activities in Saudi Arabia.

How do the regulations differ between setting up in Saudi Arabia’s economic cities?

In Saudi Arabia, there are no classical free zones But for economic cities with several incentives under the authority of Saudi Arabian General Investment Authority with Sajia The authorities don’t use the word The term of free zones business benefit from 100 percent foreign ownership tax exemptions and simplified custom procedures.

Conversely, mainland setups often require a local partner, sponsor, or a GCC national and bore more strict regulatory frameworks. Each route has its unique advantages and profound assist clients in choosing the best option. Based on their business objectives.

Imran, how do you see the business landscape evolving in Saudi Arabia over the next five to 10 years?

The business landscape in Saudi Arabia is contributes to transformative growth driven by Vision 2030, which aims to diversify the economy and reduce reliance on oil. We anticipate significant developments in sectors such as renewable energy, tourism, entertainment, and technology.

What new regulations or policies should entrepreneurs keep an eye on?

That might impact business set-up in the future.

Entrepreneurs should keep an eye on regulations, promoting foreign investments, advancements in digital infrastructure and policies. sustainable practices, staying informed and agile will be key to using the countless opportunities on the horizon.

Imran, what office space solutions are available for new businesses in Saudi Arabia?

New businesses in Saudi Arabia have a range of office space solutions, including service offices, co-working spaces and traditional leased spaces.

Then how does the choice of office space impact the company formation process and future operations in Saudi Arabia?

Choosing the right office space is crucial as it impacts not only the initial setup process but also the company’s operational efficiency and flexibility. Profound helps clients assess their specific needs and provides guidance on selecting an office space that aligns with their business goals and budget.

Ensuring a seamless transition from setup to full scale operations.

What are the main tax considerations that new businesses need to be aware of in Saudi Arabia?

Saudi Arabia imposes a 20 per cent corporate tax on foreign-owned businesses and 15 per cent VAT value-added tax on most goods and services.

Businesses must also comply with Zakat regulations in Saudi Arabia.

What challenges might businesses face when opening a corporate bank account in Saudi Arabia? how can they overcome them?

Opening a corporate bank account can be challenging due to severe compliance and documentation requirements, profound assists clients in navigating these complexities by offering end-to-end support from preparing necessary documentation to licensing with banks to expedite the account opening process.

Imran, tell me what are the key steps and requirements for establishing a branch of an existing company in Saudi Arabia?

Establishing a branch of an existing company involves obtaining a foreign investment license from Sagiya, and registering with the Ministry of Commerce and Investments. Unlike starting a new business, A branch setup leverages the parent company’s resources and reputation, allowing for quicker market entry.

However, it also entails adhering to both local laws and the governance of the parent company. Profound streamlines this process, ensuring compliance and efficient setup.

Now tell us about Saudi Premium Residency and how it benefits entrepreneurs and investors in Saudi Arabia?

Saudi premium residency or the green card offers experts a host of benefits including the ability to own property, sponsor visas for families, and conduct business with greater flexibility.

For entrepreneurs and investors, it means seamless access to the Saudi market, eliminating the need for a local sponsor. This residency fosters long term investment and enhances stability for foreign nationals. Looking to establish a permanent business presence in the kingdom.

Which industries or sectors are currently experiencing the most growth and opportunities in Saudi Arabia?

Currently, Saudi Arabia is witnessing rapid growth in sectors such as renewable energy, entertainment, tourism, healthcare and technology. The Vision 2030 initiative has spurred significant investments and development in these areas. Creating a fertile ground for innovation and expansion. Profound closely monitors these trends, providing clients with insights and strategies to tap into these expanding opportunities and achieve sustained growth in the kingdom of Saudi Arabia.

Thank you for joining us on our podcast today. Until next time, stay informed, stay inspired, hit subscribe and stay profound.