Start your business in KSA

Start your business in KSA The Saudi government openly welcomes investments

as part of its Vision 2030 plan,

so it facilitated the process of starting up a new business, and here is a detailed

explanation of procedures and requirements for a small- to medium-sized limited

liability company to start up and formally operate.

 Registration Procedures:

1-Register the company with MERAS

The Meras platform is a one-stop-shop that allows entrepreneurs to register their

new company online with the Ministry of Commerce. It also allows entrepreneurs

to obtain the Municipality license, notarize the articles of association electronically,

register with the Ministry of Labor and Social Development (MLSD), the General

Organization for Social Insurance (GOSI), and the General Authority of Zakat & Tax (GAZT).

New companies are also register ed with Wasel automatically.

2-Open a bank account

The entrepreneur opens a company bank account at a bank of choice. After

the certificate of registration is issu ed, the company founders go back to the

bank to unblock their capital deposit and activate their bank account.

It is required to open a bank account within 90 days starting from the issuance

date of the commercial certificate of an LLC.

3-Make a company seal

The seal must include the Certificate of Registration number and the name

of the company.  It is need ed to attest signatories at the Chamber of Commerce,

registers with the General Organization for Social Insurance, and for the companies’

invoices. It is commonly use d in practice.

The seal is always used on the following documents:

1) Any contracts

2) Shareholder resolutions

3) Management resolutions

4) Official letters and notices

5) All Gvt agencies require documents to be put on official company letterheads and stamp ed.

 

Registering Property:

 

1-The buyer conducts a title search on the property

The procedure is conduct ed by the buyer to verify that the details in the deed

provided by the seller match those in the records of the agency,  get an official

detailed description of the property and, check if any encumbrances are register ed

on the property. To have access to the information, the buyer needs to be authorized by the seller.

Since April 2017, it is possible to access all this information online through the website

of the Ministry of Justice. The buyer would obtain a printout with the assigned deed

number, which is validat ed electronically through an official digital stamp.

 

2-Notary drafts the deed and parties sign before the notary

Customers first check in at the front desk and are giv en a room number where

the transfer will happen. The customer proceeds to the Notary’s office

(after having waited a bit in the assistant’s room).

Notary clerks will retrieve all the necessary documents and check them.

Then the clerk will input manually all the relevant information in the electronic Notary system which is linked with the Ministry

of Justice’s online portal. and approves the transaction and the change of name.

 

Then the parties meet with the Notary to sign the deed. Both parties or

their representatives need to be present for the transfer to take place.

The check is handed to the Seller by the Buyer and a new deed is issued:

One copy is give n to the buyer, with the Notary’s signature; the other one

is archiv ed with the parties’ signatures.

 

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