Good news for expats: Saudi may allow foreigners to start business there

In a move that would greatly favour expatriate Indians, the Kingdom of Saudi Arabia may soon allow foreigners to start business establishments there. 

The Kingdom is studying the prospects of allowing foreigners to start a business and make investments. It is planning to bring in a new law to this end, said Commerce and Investment Minister Majed Al Qasabi in an interview to a news channel.  

By making it legal for foreigners to establish and operate a business in the Kingdom, the Gulf country is hoping to increase employment opportunities and tax revenue. Now, foreigners need to get Foreign Investor’s License to invest in the Kingdom.

As part of the Vision 2030, the Kingdom has been easing curbs on foreigners in the past few months. In 2016, Saudi Arabian General Authority (SAGIA) introduced several steps to simplify licensing procedures for foreign companies planning to invest there. In June 2016, Kingdom raised the maximum foreign ownership of retail and wholesale operations from 75 percent to 100 percent.

The new move would pave the way for foreigners to open shops, own and operate them. 

• Saudi Arabia
• Expatriate Keralites
• NRIs
• NRKs
• Pravasi