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Step-by-step regulatory requirements organized by timeline phase
Open Corporate Bank Account
Open SAR and USD accounts with Al Rajhi, SNB, Riyad Bank, or SAB. Bank Saudi Arabia accounts require physical presence of authorised signatories; allow 2-6 weeks for non-resident UBOs.
Apply for Iqama and Work Visas
After block visa approval from MHRSD, sponsor each foreign employee for an entry visa, then convert to an Iqama (residence permit) within 90 days of arrival. Annual renewal required.
Apply for Sector Licences
Banking and finance (SAMA), capital markets (CMA), insurance (SAMA), healthcare (MoH), construction (Ministry of Municipal Affairs) require sector approvals on top of the MISA licence.
Register with Chamber of Commerce
Mandatory membership in the local Chamber of Commerce (Riyadh, Jeddah, Eastern Province, etc.) within 30 days of CR. Required for visa and labour office transactions.
Register with the Zakat, Tax and Customs Authority (ZATCA) within 60 days of CR. Foreign-owned shares attract 20% corporate tax; Saudi/GCC shares attract 2.5% Zakat. Mixed companies pay both proportionally.
Register for VAT
VAT registration mandatory once 12-month turnover exceeds SAR 375,000. Voluntary registration available between SAR 187,500 and SAR 375,000. Standard rate 15%.
All VAT-registered businesses must issue electronic invoices via the Fatoora platform. Phase 2 integration with ZATCA's API is mandatory and rolled out by tax authority based on revenue tiers.
Register the company and each employee with the General Organization for Social Insurance (GOSI) within 30 days of CR. Saudi employees: 12% employer + 10% employee. Non-Saudi employees: 2% employer (occupational hazard only).
Open Mudad Wage Protection File
Open a Wage Protection System (Mudad) file to pay all employees through approved Saudi banks. Mandatory under MHRSD regulations to ensure wage compliance.
Submit Saudization plan via Qiwa portal to MHRSD. Quotas vary by sector (typically 5-75% Saudi nationals). Companies achieve Platinum, Green, Yellow, or Red status affecting visa quotas and incentives.
Monthly VAT Return
Submit VAT return and pay net VAT by the last day of the month following the tax period (monthly for revenue over SAR 40 million; otherwise quarterly).
Annual Tax and Zakat Return
File annual income tax (foreign owners) and Zakat (Saudi/GCC owners) return with ZATCA within 120 days of FYE. Mixed companies file a single return splitting tax and Zakat by ownership.
Withholding Tax on Overseas Payments
Withhold tax on payments to non-residents at 5% (services) to 20% (royalties, management fees). File monthly WHT returns with ZATCA by the 10th of the following month.
Annual CR Renewal and Audited Financials
Renew the Commercial Registration annually with the Ministry of Commerce. File audited financial statements with MOC within 6 months of FYE; mandatory for all Saudi companies.