The Saudi economic market has gone through dynamic, positive changes. Therefore, Saudi Arabia is becoming an attractive investment destination that provides rich opportunities in various sectors, exceptional resources and market conditions, and pro-business regulations. NEOM is situated in the north-western region of Saudi Arabia, close to the borders with Jordan and Egypt, along the Red Sea coast. NEOM is envisioned as a futuristic, technologically advanced city and economic zone aimed at diversifying Saudi Arabia's economy away from oil dependence.
Saudi Vision 2030 lays out targets for diversification and improving competitiveness. It is built around three main themes which set out specific objectives that are to be achieved by 2030: A vibrant society – urbanism, culture and entertainment, sports, Umrah, UNESCO heritage sites, life expectancy.
Saudi Arabia is becoming one of the largest producers of precious and industrial metals in the world. Saudi Arabia's proven oil reserves are estimated at some 263 billion barrels, with enough reserves to ensure that it will remain a major supplier of oil for at least 100 years. Saudi Arabia is the only country with a coastline along both the Red Sea and the Persian Gulf, and most of its terrain consists of arid desert, lowland, steppe, and mountains. The capital and largest city is Riyadh; the kingdom also hosts Islam's two holiest cities of Mecca and Medina.
The Saudi Arabian government has made a number of reforms in recent years to make it easier for foreigners to start and operate businesses in the country, even with 100% ownership. Companies operating in the Kingdom enjoy access to a growing and affluent market, financial incentives, a modern infrastructure, an educated workforce, a strong research sector, favorable regulatory environment, and a government that is committed to business. you should obtain a business license issued by the Saudi Arabia General Investment Authority (SAGIA). Obtaining this license enables you to invest in the country, buy or establish a new company, or start a foreign branch.
Iqama (Visa) is a residence permit issued to all expatriate residents in Saudi Arabia. It is an indispensable document for individuals arriving in the Kingdom on work or dependent visas. Iqama is typically valid for one year and can only be renewed for this period. Residence permits must be renewed three days before their expiration date. First-time violators pay a fine equal to the renewal charge, and the fine doubles for second-time violators. Anyone moving to Saudi Arabia for work needs to have a Saudi employer who can act as their sponsor. Furthermore, the company must have visa approval from the Saudi Ministry of Human Resources and Social Development to employ foreign nationals. The first step of getting an Iqama is to obtain a work visa. The Saudi residence visa allows foreign nationals, already in Saudi Arabia on a short-term visa, to stay in Saudi Arabia for longer periods of time.
There is no individual income tax scheme in Saudi Arabia. Income tax is not imposed on an individual's earnings if they are derived only from employment in Saudi Arabia. Non-employment income is taxed as an entity or permanent establishment (PE). Unlike the Vat rates in UAE which has a standard VAT rate of 5%, the updated VAT rate in Saudi Arabia is 15% on all goods and services. This rate was launched in July 2020, taking place of the older rate, which was 5%. The amount of tax paid depends on the nationality of the employee, as follows: Saudi nationals pay a 21.5% rate, which is paid for by both the employer (12%) and the employee (10%) GCC Nationals (excluding Saudis) pay between 17% and 22%, which is paid for by the employer (12%) and the employee (the remainder).
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