Posted by : Aahil Shaik Friday, August 11, 2017
SAUDI ARABIA NOW ALLOWS FOREIGNERS TO OWN FULL COMPANY IN ENGINEERING INDUSTRY
Foreign companies in Saudi Arabia is now allowed to get full ownership in engineering industry with out any Saudi partner. The government took a decision to encourage and welcome foreign investors in the Kingdom and In order to boom the sector in the Vision 2030. Trending : Little boy applies for job in NASA
To qualify for full ownership company in engineering industry of Saudi Arabia, They need to met with two conditions.
1. The company should be in handling the operations and services from at least 10 years. New : Work permit payment status
2. It should be multinational, having its operations or services in at least 4 other countries.
- SAGIA, The Kingdom's Investment authority have full right to waive these restrictions if the company presence will benefit the Kingdom of Saudi Arabia. Most Viewed : Saudi Oger is closed for ever
- Earlier, The foreign engineering companies was regulated by the Commerce Ministry and it was mandatory to have a partnership with one of the Saudi engineering company.
- Saudi Arabia is moving towards liberalizing the businesses in order to attract more investors and to diversify Saudi economy far away from the oil. Hot : Iqama transfer conditions
- In the year 2015, SAGIA eased the ownership restrictions in the wholesale and retail sectors and awarded its first 100% foreign ownership investment license to Dow Chemical Company.
- If they follow the plans of retail and wholesale, You can get 100% foreign ownership, Earlier it was limited to 75% as a Saudi citizen was required to have a partnership in order to get approval. Recommend : New Saudi Visa categories with fee