If you own a construction company and are looking to move out to Saudi Arabia, you are in luck. Saudi Arabia is constantly growing and the need for construction companies is huge, so now is as good a time as any to move your company out there or set up a new one. Below is a guide for business owners who are looking to set up a successful construction company in Saudi Arabia.
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Find The Best Companies To Work With
Moving to a new country means it can be difficult to traverse the world of business. As a business owner, you want the best deals and work with companies with a great reputation, such as Brogan Group. If you are looking for scaffolding companies in Saudi Arabia, they can provide solutions for medium and large-scale projects. They also work in the UK, as well as in the UAE and Ireland.
Choose Your Company Structure
As a foreigner in Saudi Arabia, there are two main ways you can set up your company. The first option is to register as a mainland company, but this means you will need to partner with a Saudi Arabian citizen, and they will hold more rights in the company than you do. This is usually 51%.
The second option is to apply for a license known as a SAGA Entrepreneur License. Recently, the rules in Saudi have changed, meaning you can own 100% of your business, once accepted by the Saudi Arabian General Investment Authority. This has the foreign construction business in Saudi booming, especially since the launch of Vision 2030.
Obtain The Correct Documents
Once you have registered your business, some documents need to be filed to start trading within the country as a foreigner. This includes the Memorandum of Association which can be obtained through the Ministry of Commerce. If you need help with these documents, you may want to hire a business consultant who can make your move to Saudi simpler, so you can focus on setting up your business, rather than worrying about the paperwork.
When setting up your construction company, you will need to choose a General Director. If you are setting up a branch rather than a new business, write a letter explaining the reasons for moving into Saudi Arabia and providing the Commercial Registration for your parent company.
Understand Their Business Culture
Your construction company may need to work a little differently in Saudi Arabia as you adjust to their way of doing business. Many businesses are family-run, meaning business discussions are somewhat of a family affair. Business meetings are often quite informal and are a way to get to know each other before doing business. Be prepared to leave the business talk until the next day, as it can seem rude to overstep your boundaries before getting to know one another.
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Setting up a construction company in Saudi Arabia is a great idea, as the country opens its doors to foreigners as they look to expand their cities and improve infrastructure through Vision 2030. Get to know the best companies to work with, choose your business structure, start filing the correct documents, and understand the business culture to set up a successful business here.