Saudi Arabia’s economic growth is estimated at about 5.0% annually, according to the World Bank. Saudi Arabia’s annual economic growth rate was 8.0% in 2015. As a result, the country attracted a lot of investment in the business sector.
As per estimates, there are more than 2,000 local and foreign businesses in Saudi Arabia. There are over 150,000 small and medium businesses in the country. Many people invest in the business sector.
There are a lot of opportunities to make money from the business sector in Saudi Arabia. The government has also introduced tax incentives to encourage entrepreneurs to setup Business Setup in Saudi Arabia. For example, companies can get 50% tax deduction for the first five years of business operations.
If you would like to start your own business in Saudi Arabia, you may have to register it. If you already have an existing business, you will need to update it. If you want to open a new business, you will have to register your company in the Business Registration Center.
The government also allows individuals to open their own businesses. You can obtain the necessary permits to open a business through the Department of Industrial Relations.
A registration with the government will allow you to conduct business legally. In some cases, the government may charge you with a fee. In addition, you may need to pay other fees that are imposed.