By Innovation-sa on February 26, 2018 in News

The Council of Saudi Chambers (CSC) suggested eight amendments to the expat levy policy to uplift the private sector, during a meeting of CSC heads with Ali Al-Ghafis, Minister of Labor and Social Development. Al-Ghafis granted permission to form a joint CSC and ministry committee to study the best policies to support the Kingdom’s private sector. The suggestions made by CSC include a request…

By Innovation-sa on February 26, 2018 in News

About 12 million foreigners arrived in Saudi Arabia in 2017 for work, visit, pilgrimage, and business said Abdulrahman Al-Yousef, Deputy Foreign Minister for Consular Affairs and Director General of Visa Administration. Of the 12 million visas issued by the Saudi government, 1.5 million were tourist visas and 50,000 were business visas. Business visas are valid for two years and permit multiple visits, he added….

By Innovation-sa on February 18, 2018 in News

The Ministry of Commerce and Investment assured on Thursday that Saudi women can start their own business without the permission of a male guardian. The legal procedures to set up a business will be the same for both Saudi men and women. Women will no longer face any additional formalities at the government agencies like the requirement to submit consent of a guardian before…

By Innovation-sa on February 8, 2018 in News

The domestic liquidity of Saudi banks has improved and hit a record high SR 457 billion by the end of 2017, despite restrained growth and challenging business conditions in Saudi Arabia, according to Sectoral Comment issued by Moody’s Investors Service on February 1. The domestic liquid assets of banks in Saudi Arabia saw a growth of 11 percent in 2017 which equaled to 20…

By Innovation-sa on February 8, 2018 in News

The Ministry of Labor and Social Development (MLSD) once again reminded employers of domestic workers to issue prepaid salary cards for their workers as soon as they enter the Kingdom. The ministry also called on employers who already have domestic workers under their sponsorship in the Kingdom to issue salary cards within 6 months. With the introduction of prepaid payroll card, the ministry’s wage…

By Innovation-sa on February 8, 2018 in News

The Ministry of Labor and Social Development (MLSD) updated Labor Law regulations to protect employee rights in the Kingdom. The decision, approved by Minister of Labor and Social Development, Ali Al-Ghafees, has been formulated in view of the current changes and developments in the labor market. According to the revised table, employers violating the Labor Law provision with regards to employee vacation will be…

By Innovation-sa on February 4, 2018 in News

The Ministry of Labor and Social Development (MLSD) has implemented the 13th phase of the Wage Protection System (WPS) on establishments whose workers range between 30 and 39 starting from 1st of February 2018. Under this phase, 14,000 establishments will have to upload wage files of 477,402 workers according to the ministry’s statistics. MLSD spokesman Khaled Abalkhail clarified that the ministry emphasized its keenness…

By Innovation-sa on January 30, 2018 in News

The General Authority of Zakat and Tax (GAZT) urged Value Added Tax (VAT) registered establishments with more than SR40 million turnover annually to file their tax returns on a monthly basis, while those with an annual turnover equal to or less than SR40 million should file tax returns every three months. Enterprises whose supplies of goods and services total SR40 million annually must file…

By Innovation-sa on January 30, 2018 in News

Saudi Arabian General Investment Authority (SAGIA) has reduced the average time required to issue investment licenses from 53 hours to less than 4 hours. The recent initiatives undertaken by SAGIA to restructure the processes, reduce the number of documents required, and train and qualify cadres has contributed to this notable progress. The restructured processes include issuing, amending and renewing investment licenses. Previously, eight documents…

By Innovation-sa on January 30, 2018 in News

Saudi Minister of Labor and Social Development Dr.Ali Al-Ghafees announced on Monday the Saudization of 12 new sectors starting from September this year. Khaled Aba Al-Khail, official spokesperson for the Ministry, said the ministerial decree was issued as the Kingdom strives to provide more employment opportunities for Saudis in the private sector and reduce the rate of unemployment among Saudi men and women which…