The Ministry of Commerce and Industry KSA is responsible for the limited liability company formation procedure in Saudi Arabia. So, if you want to do a commercial register in Saudi Arabia, you need to ensure that you follow all the procedures effectively. It is very necessary to understand the complex procedures involved in the process so that you can make a decision accordingly.
Whether you want to opt for foreign capital investment or become a shareholder, you will need to obtain a license for the same from the Saudi Arabian General Investment Authority also known as SAGIA. They have released information about the bare minimum capital investment especially for the LLCs that may be involved in local and foreign investments.
As per the rules of company registration in Saudi Arabia, the procedure that should be followed include, especially for the funding is as follows
- General Trading Company: SAR 100,000
- General Manufacturing Company: SAR 1,000,000
- Companies involved in investment across Agricultural Sector: 25,000,000
To be a shareholder in one company, you need to get the company register in Saudi Arabia. At the same time, it is very crucial to follow a rigorous procedure. Once you register with the KSA for commercial registration in Saudi Arabia, you will need to follow a concrete procedure for the same too.
Here’s everything you need to do to be registered in Saudi Arabia
Reserve the company name
According to the rules of KSA, you need to reserve the company name to ensure commercial registration in Saudi Arabia. The reserved name will be valid for only two months. After the expiry, you will have to undergo the process of reserving the name all over again. It is advisable to follow the one working day system when you opt for the procedure online. However, there won’t be any extra charge if you do the process offline.
Opening Bank account company formation in saudi arabia
To ensure complete commercial registration in Saudi Arabia, you need to open a bank account. Opening a bank account will usually take around 1 working day. Hence, it is advisable to follow the procedure accordingly.
Submission of Articles of Association
The articles of association and notarization need to be submitted to the Unified Center or Companies Department. It is crucial to follow whatever guidelines and deadlines have been submitted. As per the advice, you will need to wait for one business day upon registration. And notarization would need around 3 days to determine the legality of the documents. There are no extra charges for the same which is why you can easily apply for it.
Certificate of registration
You will also need to apply for the certificate of registration from the Unified Center or Companies Department. It is necessary to obtain a certificate of company registration as provided by Saudi Arabia. To obtain the certificate of registration, you will need to wait around 2 working days.
No matter what document you are applying for and what document you are obtaining, it is crucial to follow the rules and procedures as per the stated deadline. It is essential to understand what would be the government’s stand for commerce registration in Saudi Arabia.
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