16 Jul Looking to Expand Your Hotel Business in Saudi Arabia? Read This!Email This Post
The hospitality sector is ever evolving. Hotel industry being a part of it, is seeing a continuous and rapid transformation to lure the customers. In fact, for luxury hotels it is very important to keep a pace with the changes if they want to stay ahead in the market.
The hotel business in Saudi Arabia has a huge potential and it offers numerous opportunities to foreign companies looking to expand their business in the Kingdom. So taking advantage of doing business in Saudi Arabia, expanding your hotel business in the Kingdom is the right thing to do.
Why Saudi Arabia?
- Saudi Arabia is one of the friendliest countries in the world. The regulatory environment is favourable for doing business and the country holds a high position in the World Bank Group ranking. Moreover, Saudi Arabia is one of the favourite destinations for investors to put their money. In addition, it is one of the fastest growing economies of the world and most sociable place on the planet.
- The hotel industry in Saudi Arabia is expanding at a rapid pace. The demand for hotels is increasing for business as well as religious travellers. In fact, the country is garnering interest from many international hotel groups leading to construction of new hotels across the Kingdom. The hotel industry expansion in the country can be seen from the fact that approximately 6,500 guestrooms are currently in the development stage. This ensures that the investment in the hotel industry will continue in the years to come.
- Hajj and Umrah pilgrims make Saudi Arabia a lucrative place for entrepreneurs to set their hotels. Makkah, the holy city has the largest number of new hotels and accommodates millions of travellers every year.
After reading the benefits of expanding your hotel business in Saudi Arabia, if you have decided to enter the new market, the first question that you might be having is how to register a company in Saudi Arabia. To assist you in this regard, IMC Group is always at your service. We guide you during the entire process of registration and setting up a hotel in the country.
Here is how to go about setting up a business in Saudi Arabia:
- Get SAGIA Entrepreneurial License
The first step is to obtain the Saudi Arabian General Investment Authority (SAGIA) Entrepreneurial License. This license provides many incentive benefits to new companies. In addition, with this license, the new companies can leverage the services of the small and medium-sized business. Based on vision 2030, SAGIA aims to attract investors and entrepreneurs from across the globe to set up their own projects and businesses. Without SAGIA license, you would not be able to do business, set up a bank account and sponsor shareholders. IMC Group helps you in getting the license in the shortest time period.
- Incorporation Process
The next step is to complete all the incorporation formalities. The process includes signing the Article of Association and notarizing the documents. After 30 days of recording the Articles of Association, apply for the registration in the Commercial Register. The Ministry of Commerce and Investment issues the commercial registration. IMC Group assists foreign investors to complete their incorporation process. In addition, IMC Group applies for other licenses required by your business for various activities. To further ease your task, we take complete care of the renewal of your investment licenses.
- Office Setup
The last step is to set up your office in the country. With just 500,000 SAR, you can set up a branch office in the Kingdom of Saudi Arabia. IMC Group assists you in setting up the branch office in Saudi Arabia. With the help of our local expertise and knowledge about the country, you can offer unique services to your international and domestic travellers through the office.
The hotel industry of the Kingdom is growing rapidly and you must join the race to take advantage. You can enter the hotel industry in Saudi Arabia through a partnership with the local player. This will not only ease the process of hotel set up but also help you in giving better services to your customers. IMC Group is at your service to develop the local partnerships. Saudi Arabia is a country with strong values, customs and religious belief. IMC Group understands this fact very well. By establishing your business through us, you can be assured that your hotel business will follow the cultural adherence and a vision that will put you ahead of your competitors.