A foreigner can start the business in his own name, excluding the Saudi citizen; Who has the opportunity?

 

Saudi Arabia has allowed a correction period for those who started a benami business to correct documents without penalty. Accordingly, the foreigner has the opportunity to partner with a Saudi investor and change the business to his own name. But the Ministry of Commerce has set conditions that are only possible for big business. The Ministry of Commerce encourages foreigners to run their own business in the name of Saudi Arabia.

The main condition is that the annual income should be 40 million riyals. Or must have at least 50 employees. Must be registered before the correction period. The permission of the Saudi sponsor is also required.

Undersecretary of the Ministry of Commerce Aid al-Ghain explained that the consent of both parties is not required to submit an application to correct a benami regulatory violation.