The Kingdom of Saudi Arabia (KSA), is an Arab sovereign state in Western Asia constituting the bulk of the Arabian Peninsula and is fifth-largest state in Asia and second-largest state in the Arab world. The country is sharing border with Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain and the United Arab Emirates to the east, Oman to the southeast and Yemen to the south.
The Country is the middle-east biggest economy. The KSA Government has established the Saudi Arabian General Investment Authority (“SAGIA”) to assist foreign investors in the approval process for operating in KSA and facilitating all services under one umbrella.As per Doing business report of The World Bank –Saudi Arabia ranks 94 for 2017 survey. IMC professionals are able to assist its client with any type of company formation in Saudi Arabia, trademark registration in Saudi Arabia and other recurring services for your business in Saudi Arabia.
Time Frame for Incorporation of Company in Saudi Arabia varies from depending on the type of entity selected. Each business type has its own advantages and disadvantages. IMC professionals estimate the time required for the process of Company formation in Saudi Arabia to be completed is 20-25 working days.
The Entities in Saudi Arabia are required to prepare Accounts in local GAAP, in the Arabic language and denominated in the Saudi Riyals. Also, Computerised accounting systems are allowed, provided that they comply with the requirements of the MOCI and that Arabic printouts of the accounts.
IMC professionals can assist you with the entire bookkeeping and accounting services to your Saudi Arabia Business Setup as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.
In Saudi Arabia, Companies are required to have annual independent audits. All the Joint stock companies and limited liability partnerships must appoint at least one independent auditor – who should be a certified public accountant member of the Saudi Organization for Certified Public Accountants “SOCPA” and licensed within KSA from MOCI.Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. IMC professionals can provide you auditing services as required by your business.
IMC is a cross border advisory firm focusing on the AMEA (Asia, Middle East and Africa) markets. We specialize in corporate advisory services, global mobility services, private client and family advisory, international tax, corporate finance, mergers and acquisitions, investment advisory and business support and outsourcing solutions. IMC has been operating in GCC for over 10 years. With a partnership in Saudi Arabia, IMC is closer to the customer with a better understanding of the Saudi Arabia Company Laws and Practices.