By Innovation-sa on July 4, 2021 in Blog
Saudi Arabia is no longer a big player in the GCC business landscape. Where foreign investment was once limited, KSA, over the last decade, has become a major player in the global business economy. KSA’s entry to the WTO has helped modernise the country’s trade policy and remove the red tape that previously existed in terms of foreign investments. If you are hoping to invest in the GCC, now, more than ever, is the perfect time for setting up a business in Saudi Arabia. Another reason why you should consider KSA is that several industries such as telecommunications have been privatized. Here, we’ll look at some of the benefits of setting up a business in Saudi Arabia.
Privatization
As mentioned, KSA has transformed its basic business model from a nationalist policy to a more privatized economy. The number of foreign consultancy services is on the rise within the country and quickly becomes an ideal destination for doing profitable business and setting up operations.
Cultural Awareness
KSA has always been a country whose political and economic culture has been centred around Islamic traditions. To help foreigners settle into the country, it has become mandatory for all foreign companies to put their foreign employees through cultural awareness training to understand the above-mentioned traditions better. Such a system ensures that all foreigners planning to set up a business in Saudi Arabia can do so without any fear of cultural mismatch.
The People
KSA has some of the most hospitable and welcoming people in the world. They are compassionate towards their needs, and they are extremely welcoming towards foreigners who want to invest in the country.
Security
It goes without saying that Saudi Arabia is one of the most secure countries in the world. Ask any foreign investor currently operating from the country, and they’ll tell you how safe the country is compared to some of its western counterparts. Additionally, the level of security within the country is overseen by strict government policies so that one can expect a business environment devoid of any form of fraud.
Business Opportunities
KSA ranks in the top 20 as per the ease of doing business index. The country also ranks amongst the top 25 countries globally when it comes to global competitive reports. Some of the key business advantages that foreign investors can expect include better economic stability, low national debt, and a business budget surplus.
Infrastructure
As mentioned previously, there has been an increase in the influx of foreigners to the country owing to the level of safety available within the country.
Taxation
The country has a favorable tax system in place, especially for foreign investors. Depending on the specific business niche, one can be even liable to get 100% levies on income and sales tax. Setting up companies in Saudi Arabia has never been better.