Doing Business in Saudi Arabia

Dr. M. Al Amri &Co.

Doing Business in

Saudi Arabia

Dr. M. Al Amri &Co.

DOING BUSINESS IN SAUDI ARABIA
Contents ________________________________________________

Page

Preface

General Information Geography and climate Population and language Government Currency and foreign exchange regulations The calendar and international time zone Business hours Public holidays

1

The Economy General Basic resources Principal industries Banks Other financial institutions Stock exchange

4

Investment Regulations and Incentives General Regulations governing foreign investment Business incentives

7

Company Law General Business entities Legal structures allowed to foreign investors

9

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Dr. M. Al Amri &Co.

Page

Establishing a Business Presence Licensing and registration Sponsorship, agencies, government contracts, branch and representative offices Intellectual property laws Other formalities Labor Law and Social Insurance General Labor relations Working hours, holidays and vacations Termination of employment Pay rates, overtime and bonuses Social insurance

12

14

Imports and Custom Duties General policy Imports Customs duties

16

Accounting and Auditing The profession Standards and reporting Accounting periods Accounting records

17

Taxation General Zakat Income tax Income tax rates Withholding tax Other taxes Administration of tax Dividends Supply contracts Deduction of expenses Treatment of losses Group taxation Taxation of branches of foreign companies Example : Corporate Income Tax Calculation

19

26

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Dr. M. Al Amri &Co.

PREFACE
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This profile on doing business in Saudi Arabia has been prepared by Dr. M. Al-Amri & Co. the member firm of Baker Tilly International in Saudi Arabia. The profile is designed to provide information on a number of