This is a commonly asked question by many people. Including many asks, can one or two or multiple foreign individuals come together and open a company in KSA through MISA.
The answer is YES and NO both.
Why Yes?
Technically, you could open a company by applying for the Premium residency program of the Saudi Government. The details of the same can be checked here.
Details on Premium residency – https://saprc.gov.sa/#/
But in short the program allows foreign individuals to take a Premium Residency in the Kingdom of Saudi Arabia by paying an amount of 100,000 SAR per year or a one time payment of 800,000 SAR to avail benefits under the Premium Residency, which include ability to open a company in KSA under the MISA activities list and as per guidelines of foreign investment program.
Why No?
Given the high upfront cost of applying and getting a Premium Residency – it may not be suitable or viable option for many businessmen to block 800,000 SAR one time or make a commitment of paying 100,000 SAR every year. In this case, the best way would be to setup a company as a subsidiary of your overseas company (which should have been in existence for at least 1 year, preferably more).
This way, one would avoid putting your personal name and ensure that the standard rules of MISA are followed.
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Arnifi will provide a truly digital experience to entry and scale up of companies both UAE and Saudi Arabia. The Arnifi promise is simple, yet revolutionary, use technology and a great team to provide transparency, efficiency and great customer experience in the whole process.
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