property-follow-ups
\n The new executive regulations of the foreign investment system in the Kingdom gave foreign investments advantages and guarantees parallel to those enjoyed by national investments, in addition to allowing entry into all projects except for excluded activities, indicating that any foreign project has the right to obtain the incentives obtained by its Saudi counterpart in a move aimed at encouraging foreign capital to take advantage of investment opportunities in the Kingdom. <\/p>\n
Foreign investments
\nThe regulation begins by defining a foreign investor as a natural person, who does not have Saudi Arabian nationality, or a legal person, whose partners do not all have Saudi Arabian nationality.
\nThe regulation allows foreign investments to be either enterprises owned by a national investor and a foreign investor, or enterprises wholly owned by a foreign investor, and their legal form is limited to a limited liability company, a joint stock company, or a branch of a foreign company; or any other form issued by the General Authority for Investment (GAFI).
\nThe regulation, which was recently approved by the Board of Directors of the Saudi Arabian General Investment Authority (SAGIA), eliminates the consideration of violations of the provisions of the Foreign Investment Law and penalties, which was issued by the board two years ago.
\nThe regulation stipulates that the investment of foreign capital in any investment activity on a permanent or temporary basis is subject to a license issued by the authority in accordance with the law and regulations.
\nConditions and controls
\nThe regulation specifies the conditions and controls for granting licenses for foreign investment in that the investment activity to be licensed should not be within the list of activities excluded from foreign investment, and the technical specifications of the product and its production method should conform to Saudi, Gulf or international specifications, and the license applicant should not have been issued final judgments or decisions for material violations of the provisions of this law, and the license applicant should not have been issued previous judgments, including judgments in financial or commercial violations inside or outside the Kingdom, and the license applicant should comply with the conditions, controls, declarations and undertakings attached to the application form.
\nThe regulation requires the applicant or his legal representative to fill out the investment license application form electronically through the official website of the Authority with a copy of the commercial register, the establishment contract of the establishment in its country certified by the competent authorities and the Saudi embassy, a copy of the trade name reservation from the Ministry of Commerce and Industry, the draft contract of establishment of a limited liability company, the draft contract of establishment, the articles of association of the joint stock company and the partners' decision that they want to invest in the Kingdom of Saudi Arabia.
\nCapital and Ownership
\nThe applicant must also indicate the names of the partners, the capital and ownership percentage of each partner, the main center of the establishment, the nature of the activity, the appointment of the general manager and the definition of his powers, certified by the competent authorities and the Saudi embassy, a copy of the general manager's passport, a copy of the national ID and family record, if one of the partners has Saudi Arabian nationality.
\nThe regulation also required the submission of a detailed business plan that accurately demonstrates the project's ability to achieve the investment objectives, including its contribution to increasing the Kingdom's income, the jobs it will create for citizens, how the project will contribute to enhancing competition, improving services and diversifying options for consumers, the strategic dimensions of the project on investment in the Kingdom, and the benefit that will accrue to the city, which will be the center of the project and its affiliated area.
\nSaudization rates
\nIn addition, submit an employment and training plan that includes an estimate of the number of employees and the percentage of Saudis in each department and administrative level, training and qualification programs for employees, the number of branches planned to be opened, an estimate of the costs of starting the activity and the necessary financing, and a budget for the establishment requesting a license from outside the Kingdom for a period of not less than three years showing the sound financial situation of the establishment, certified by an accounting office and certified by the agency in charge of commercial activities and taxes in their country and the embassy of the Kingdom of Saudi Arabia.
\nThe foreign investor must demonstrate the financial ability to invest in proportion to the project's capital and the share of each partner and in proportion to the business plan submitted for the project and any other documents, data or information required by the Authority.
\nThe regulation stipulates that any foreign investor may obtain more than one license to practice the same activity or various other activities in accordance with the following controls, provided that the conditions stipulated in Article 6 of this regulation apply to him and that the documents required in Article 7 of this regulation are met, and that applications for licenses to practice the same activity are treated as an expansion of the existing project and a report from the competent department in the Authority that there are no violations or observations on the existing project, and the Board of Directors may review these controls periodically or when the need arises.
\nInvestor and Commission
\nAfter obtaining the Authority's prior approval, the foreign investor is entitled to purchase local, foreign or joint investment establishments or own shares in them, provided that the conditions, controls and documents specified in the regulation are met.
\nThe regulation specifies the licensee's obligations to abide by the basic conditions and purposes under which the license was issued and may not introduce any amendments to it without the prior approval of the Authority, complete the necessary procedures, obtain the Authority's prior approval in case it wishes to cancel the license voluntarily, follow an approved accounting system for the licensed establishment and submit a detailed and audited budget from an accounting office accredited by the Saudi Organization for Certified Public Accountants (SOCPA).
\nDeposit and transfer the wages of his workers on a monthly basis through one of the banks operating in the Kingdom and provide the Commission with a copy of the bank transfer statement upon its request.
\nProvide any information, statistics, data, statements, statements, transfers, financial transactions, etc. <\/p>","protected":false},"excerpt":{"rendered":"
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