January 5, 2023
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The 18th largest economy in the world, the Kingdom of Saudi Arabia, has been welcoming international companies to set up their regional headquarters in the capital city of Riyadh.
As the movements take place, there are many questions and challenges that might come in the way especially in relation to understanding the market, getting the right talent, setting up with legalities, and handling the property & finances.
The good news is that T&S is honoured to have partnered with the Ministry of Investment Saudi Arabia (MISA) to make these possibilities come true for businesses and provide all assistance in relation to the big move.
In this article, we will break down the essential steps and how T&S can help you, as a business, to get operations started in the Kingdom.
However, before we do that, let’s take a deep dive into what the Regional Headquarters (RHQ) Program is all about & how Misa & T&S collaboration will help your business take off in the region.
The RHQ program is a joint initiative between the Ministry of Investment (MISA) and the Royal Commission for Riyadh City (RCRC) that invites global businesses and multinationals to relocate their regional headquarters in the MENA region to Saudi Arabia.
As per the news, the Ministry of Investment of Saudi Arabia (MISA) has granted 575 new foreign investor licenses during Summer 2021 which marks a record-breaking high for the third
consecutive quarter; also demonstrating a drastic increase of 20.3% from the previous quarter.
It also highlights those sectors in manufacturing, construction, ICT, scientific and professional industries account for more than 81% of the new licenses awarded. Such a booming market and continued interest in the region’s unique opportunities create a more lucrative and welcoming ground for new investors.
Setting your foot and building your RHQ in a new country requires an understanding of the local market, its legalities, and a strong building foundation to get the operations running.
To further this initiative, T&S is collaborating with MISA, to help you get the best business solutions and assistance to start off. Our 10 years of experience along with a diverse portfolio of 500 companies has allowed us to build success for many global partners looking to expand in the region.
So, let’s have a look at what is needed to begin.
Like any other business setup, RHQ relocation would also require some primary legalities to be taken care of. To take your business to new horizons, we’ll help you receive the legal structure for your company after understanding your needs.
This will be followed by applications to legalize documents such as Articles of Association, Power of Attorney, Board Resolution Forms, and Business Introductory forms. All the requirements will ensure that aspects of your business workflow run smoothly and efficiently.
These documents will help establish a legal entity under KSA law and allow customers to recognize you as an official company rather than an individual. Further assistance includes getting a MISA License, Commercial Registration, and Chamber of Commerce membership certificate.
Once we help you with all this, the legal bit is pretty much handled with further additions or updates made from time to time.
Once the legal application and Incorporation process is done, then comes the implementation part. Getting permits and taking the licensing process towards closure would need constant connection with government departments and expert help.
That’s where we come in so that you don’t have to face any of the above.
We help you get registered with all departments including the Ministry of Labor (MoL), GOSI, Zakat and Tax Authority, etc. Once all these permits are granted, you can seamlessly operate your business in KSA.
Another primary step is to find the right talent for your global business. Keeping that your business will now be catering to a multicultural workforce with varying job descriptions, you need HR support that would be a 360 help with all that is required in relation.
T&S provides custom-built offerings that meet the resource requirement of each company. These requirements include training employees, conducting performance evaluations, and other workforce management technicalities.
As your HR partner, we will also assist you to create and maintain bilingual employment agreements (if they’re needed) and deal with immigration law and compliance which might be needed with the relocation procedure.
The relocation process involves a lot of representation in governmental and regulatory organizations. To make this transition smoother, we offer support by dealing with the governmental bodies on your behalf.
This ensures that the process is faster when it comes to getting necessary approvals for legal, visa, and other ad-hoc documentation needs.
From preparing payrolls to distributing payslips, our payroll management support services can help you disburse salaries on time in accordance with local labour laws & GOSI management.
Our expertise allows all to perform these tasks in a timely and professional manner, thus helping you save time and avoid being exposed to any initial risks.
When your company has dedicated resources, especially those who are familiar with the Saudi Labor Law and IFRS (International Financial Reporting System), bookkeeping can be easier to carry through.
When you outsource your accounting and bookkeeping needs to us, we can ensure that things will be easy for you. We offer a strong software solution that is built with the latest technologies and practices that helps maintain the much-needed accountability.
Our bookkeeping services include:
With the complexity of the tax regime, resident businesses find it hard to ensure full compliance. However, employing a tax expert ensures that there are no errors in the calculation of Value Added Tax (VAT)returns.
Moreover, having a sound understanding of the tax requirement and implementation keeps your business in sync.
When you choose a modern office space, you are not only enhancing the image of your company but also improving its appeal. To help businesses achieve that goal, we offer tailor-made solutions for every business.
With our help, businesses can find the right location with the right details to set up, start and operate a fully functional Regional HQ in KSA.
So, are you all set to be a part of one of the greatest economies in the MENA region? If yes, then there is no need to worry, as we handle all the functionalities.
Contact us today: info@tools-solutions.com
