Arabian Business Innovation Services Co. Ltd (Innovation-SA)

Saudi Arabia's updated Investment Law, effective from 2025, is designed to attract more global and local investments as part of the Kingdom's Vision 2030. The law strengthens investor rights, improves transparency, simplifies regulations, and ensures fair competition. It is part of broader economic reforms that have already led to significant growth in foreign direct investment (FDI), which increased by 158% from 2017 to 2023. The law aims to further enhance Saudi Arabia's appeal as a leading global investment destination. https://lnkd.in/dBps-vxu

KSA Ends 3-Year Entry Ban for Expats Overdue on Visa The General Directorate of Passports (Jawazat) has instructed all entry points to allow expatriates who missed the deadline of their exit and reentry visa. The three-year ban on foreign workers failing to return before visa expiry has been lifted as of January 16. Initially imposed due to business concerns and Council of Ministers' decisions, the ban caused financial losses for employers. The Jawazat highlights conditions for issuing exit and reentry visas, including paying traffic fines, having no outstanding visa violations, valid passports, and the individual's presence in the Kingdom. https://lnkd.in/dHcGC6TJ

PREMIUM RESIDENCY OPTION Saudi Arabia has introduced a "property owner" premium residency option as part of its five premium residency products. To be eligible for this residency, individuals must own or have property assets valued at a minimum of SAR 4 million in Saudi Arabia. The property must be a new residential property that is not currently mortgaged and will not be mortgaged after obtaining the residency. Furthermore, the property must be exclusively for residential purposes and should be ready for occupation, not being part of undeveloped or developed lands. Applicants are also required to obtain an approved assessment of the property's value from appraisers accredited by the Saudi Authority for Accredited Valuers (Taqeem). The property owner residency is directly linked to property ownership or utilization, and it comes with a financial compensation of SAR 4,000. https://lnkd.in/dzRAnrnr

Saudi Arabia has introduced new eligibility categories for its Premium Residency program, making it easier for residents to apply for this visa scheme. The Premium Residency allows foreign nationals to live, work, and own businesses and property in the country without a sponsor. Previously, there were no specific categories for applicants. The new categories for the Saudi Premium Residency program are as follows: skilled individuals (specialists, executives), talents (cultural, sports), business investors, entrepreneurs, and property owners. Applicants can choose between a one-year (renewable) or unlimited duration plan, with costs being $26,665 (100,000 SAR) and $213,320 (800,000 SAR) respectively. For those applying under the 5 new categories, the cost is $1,066 (SAR 4,000). This Green Card-like permit was introduced in 2019 to attract foreigners and investors to boost Saudi Arabia's economy. The Premium Residency also extends benefits to the cardholder's immediate family members, allowing them to reside, work, invest, and change employment freely in Saudi Arabia. Property ownership is permitted in most areas of Saudi Arabia, with exceptions for Mecca, Madina, and border regions. Premium Residency holders can also own and license vehicles, travel in and out of Saudi Arabia without restrictions, and invest in the Saudi Capital Market.

The Saudi Cabinet, led by Crown Prince Mohammed bin Salman, approved new regulations for government contracts with foreign companies lacking regional headquarters in Saudi Arabia. Notable decisions included the Saudi Food and Drug Authority joining the International Medical Device Regulators Forum and an agreement for counterterrorism cooperation with the UK's Secret Intelligence Service. https://lnkd.in/dKSxwJkA

E-VISA FOR FIFA CLUB WORLD CUP IN JEDDAH To simplify travel procedures for football fans attending the FIFA Club World Cup Saudi Arabia 2023, the Ministry of Foreign Affairs and the Ministry of Sports have introduced an electronic visa issuance system. Scheduled from December 12 to 22, the tournament will feature intense competitions among top clubs. Exclusive electronic entry visas are available for ticket holders, complementing other visa options for visitors. This championship, hosted for the first time in Saudi Arabia, will showcase clashes between champion clubs from different federations, all happening in Jeddah's two stadiums. Ticket holders can apply for the electronic visa through the official website visa.mofa.gov.sa to join this prestigious event. https://lnkd.in/dcNQbXgX

Saudi Arabia has introduced a comprehensive tax incentive program to attract multinational companies to relocate their regional headquarters to Riyadh. This initiative, led by the Ministry of Investment and the Royal Commission for Riyadh City, offers a 30-year tax exemption, including zero income tax and withholding tax, to approved activities of these headquarters entities. The aim is to position Saudi Arabia as the primary choice for companies in the Middle East and North Africa region. The program also provides flexibility in employment requirements, attracting top talent, and leveraging the Kingdom's strategic location and growth opportunities. Over 200 companies have already shown interest in this initiative, recognizing Saudi Arabia as an ideal destination for professional advancement. Finance Minister Mohammed Al-Jadaan highlighted that these tax exemptions will offer stability and clarity for companies' future planning and expansion within the region. The Kingdom looks forward to hosting major events and welcoming more international companies to contribute to its ongoing development and transformation across various sectors. https://lnkd.in/dBCURi-4

The Ministry of Human Resources and Social Development has launched the third phase of contract documentation, requiring 80% of employee contracts to be recorded using the "Qiwa" platform by the upcoming September. This initiative aims to protect both employers' and employees' rights, ensure compliance with labor laws, verify contract accuracy, and minimize disputes. Failure to meet the documentation percentages may result in penalties. The "Contract Documentation Service" on "Qiwa" allows employers to upload contract data while enabling employees to review, accept, reject, or request changes to their contracts digitally. Overall, the Ministry seeks to digitize work-related services, ensuring a stable and favorable work environment for all parties involved. https://www.hrsd.gov.sa/

Center for Riyadh Special Economic Zones The Royal Commission for Riyadh City (RCRC) announced the establishment of the Center for Riyadh Special Economic Zones to boost Riyadh's global business competitiveness and economic presence. This center, with autonomy in finance and administration, aims to create regulatory environments, attract national and international talent, and develop new special economic zones. It will coordinate with other entities to enhance Riyadh's economic competitiveness, offering incentives and attracting international companies. Ultimately, it seeks to support Vision 2030 by fostering qualitative investments and policies that strengthen Riyadh's position as a global investment hub. https://lnkd.in/ePZ9KFUi #saudiarabia #riyadh #innovation #businessservices #companysetup

Second Stage of the 'Visiting Investor' Visa The ministries of investment and foreign affairs have launched the second phase of a program introducing a "Visiting Investor" e-visa, now extended to include countries worldwide. This initiative aims to attract foreign investors, aligning with Saudi Vision 2030's goals to enhance the investment climate, streamline business establishment, and invite substantial investments crucial for economic advancement. Mohammed Abahussain, the Undersecretary for Integrated Investor Services at the Ministry of Investment, emphasized that the "Visiting Investor" e-visa seeks to entice foreign investors via the "Invest Saudi" platform. The application process and digital visa issuance will be handled by the Ministry of Foreign Affairs, bypassing the need for biometric consultations at Saudi representative offices abroad. The visa, valid for one year and allowing multiple entries, facilitates immediate visits for exploring investment opportunities. Abahussain highlighted that this collaborative effort between the Ministry of Investment and the Ministry of Foreign Affairs aims to expedite the visa process without relying on the Kingdom's overseas representatives for biometrics. The visa is versatile, providing immediate access to the Kingdom for individuals interested in investment prospects. Ambassador Ali bin Abdulrahman Al Yousef, the Foreign Ministry's Undersecretary for Consular Affairs, underscored how this service aligns with Vision 2030's objectives by issuing e-visas for various purposes, including business visits, to investors and businessmen globally. https://lnkd.in/edSm5GH4 #saudiarabia #riyadh #innovation #businessservices #companysetup #immigration #immigrationconsultant