- COMPANIES IN SAUDI ARABIA
- TAXATION AND ZAKAT
- FOREIGN ACCOUNT TAX COMPLIANCE ACT FATCA:
- INTELLECTUAL PROPERTY
- FOREIGN INVESTMENT IN SAUDI ARABIA
- REAL ESTATE
- BANKING LAW
COMPANIES IN SAUDI ARABIA
Corporate Law Royal Decree No. (M/3) Dated 28 Muharram 1437 H Corresponding 10 November 2015 regulates companies in Saudi Arabia.
It specified five structures and criteria for companies.
At Dr. Abdul Kareem Al-Shehri Law firm Group, we provide a comprehensive legal service pertaining to Saudi and foreign companies registered in Saudi Arabia.
This includes, but not limited to:
- Advising clients on the most suitable corporate structures.
- Drafting and Amending Articles of Association and Memoranda of Understanding.
- Issuing Commercial Registration, appropriate Permits and License for different industries, such as Commercial Real Estate; Industrial; Housing; and Petrochemicals.
- Agency agreements.
- In-House Contract and Third-Party Contracts.
- Representing companies in expanding their market share by opening new branches and subsidiaries in Saudi Arabia, GCC, the United States, and Internationally.
- Establishing new companies (Saudi or Foreign) in Saudi Arabia or partnering with (Saudi or Foreign) companies, under different structures; such as Partnership; Joint Ventures JV; Merger and Acquisition M&A; Agencies and Franchises.
- Providing legal support in the Merger and Acquisition structures and procedures in compliance with Saudi laws.
- Counseling and provide legal advice in different corporate and financial restructuring matters. This includes bankruptcy, liquidations, and insolvency processes.
TAXATION AND ZAKAT
Foreigners are exempted from Zakat and Individual and Income tax. They are only obligated to pay taxes on the revenues of their commercial entities in Saudi Arabia. Taxes usually does not exceed 20% and losses are taken into consideration.
There is no income or individual tax in Saudi Arabia; the government only imposes taxes and Zakat on the revenues of commercial entities.
Dr. Abdul Kareem Al-Shehri Law firm Group represents Saudi and non-Saudi entities or companies, in the following:
- Filing Tax Declarations
- Calculation of Tax and Zakat Dues
- Tax Dispute Resolution
- Tax Adversary Resolution
Several countries have signed Double Taxations Agreements with Saudi Arabia. Including:
FOREIGN ACCOUNT TAX COMPLIANCE ACT FATCA:
We represent American individuals residing in Saudi Arabia to comply with FATCA rules and reporting requirements to the appropriate authority.
We represent client’s in the legal processes to obtain a permanent residency in different countries. Such as European countries (such as the United Kingdom, Spain, France) and the United States of America. This includes, but not limited to the following:
EU Foreign Residence: Counseling clients in complying with the necessary requirements for acquiring a permanent residency in European countries (such as the United Kingdom, Spain, France, Portugal, Malta, and Greece), which allows those with residency in Schengen states to move freely within the Schengen countries without a visa, and a recognized European Passport to internationally
U.S. Foreign Residence Representing clients and companies in obtaining legal work authorization and legal permanent residence in the United States of America: whether business, investment, and employment, such as obtaining a business visa, permanent residence (Green Card) under EB-5 Immigrant Investment Program.
E-1 Treaty Trader Visas; E-2 Treaty Investor Visas; L-1(A) Intercompany Transferee Executive or Manager Visa with dual intent (nonimmigrant and immigrant), L-1(B) Intercompany Transferee Specialized Knowledge; and others
Saudi Residence: We represent companies in Saudi Arabia (Foreign and Saudi companies) in processing applications for work permits on behalf of their foreign employees and executives hired to perform duties in Saudi Arabia.
Intellectual property rights and propriety are highly protected in Saudi Arabia. Saudi Arabia has been a member of the World Intellectual Property Organization since 1982.
In Saudi Arabia Trademarks, Copyrights, and Patents are registered under different governmental agencies and follow different appropriate regulations.
Dr. Abdul Kareem Al-Shehri Law firm Group represents clients, individuals, and corporations in intellectual property registration, amendments, and disputes. This includes:
- Registration of intellectual property (trademarks, copyrights, and patents in different countries such as Saudi Arabia; GCC Countries (UAE, Qatar, Oman, Bahrain, and Kuwait); and the United States and Egypt
- Registering of Trademarks under the United States Patent and Trademarks Office (USPTO)
- Representing clients in Intellectual Property Disputes
- Representing clients in Intellectual Property Negotiations and Dispute Resolution
FOREIGN INVESTMENT IN SAUDI ARABIA
Saudi Arabia’s membership in the World Trade Organization WTO on December 11, 2005, presented a major opening for foreign investment.
Saudi Arabia is a favorable destination for foreign investment due to many factors such as the following memberships and international agreements:
- OPEC: Saudi Arabia is a founding member of the Organization of the Petroleum Exporting Countries OPEC in 1960
- GCC: Saudi Arabia is a founding member of the Gulf Cooperation Council GCC countries, whose members are UAE, Qatar, Bahrain, Oman, and Kuwait. National businesses of GCC countries are only obligated by a 5% tariff on imported goods
- EFTA: The GCC countries have signed the European Free Trade Agreement in 2014 with Singapore and the European countries for a free trade association
- GAFTA: Saudi Arabia is also the founding member of the Greater Area free trade area GAFTA established in 1997 whose members are GCC countries, Algeria, Egypt, Jordan, Lebanon, Morocco, Palestine, Sudan, Tunisia, and Yemen
- BILATERAL AGREEMENTS: Saudi Arabia also signed bilateral trade agreements with a number of countries, namely, Azerbaijan, Austria, Belgium, China, France, Germany, Italy, Malaysia, Philippines, South Korea, and Taiwan
- COOPERATIVE AGREEMENTS: Saudi Arabia also signed cooperative agreements with Indonesia, Lebanon morocco Pakistan Russia Tunisia and Turkey
At Dr. Abdul Kareem Al-Shehri Law firm Group, we represent foreign clients, individuals, and corporations in various legal aspects of foreign investments in Saudi Arabia such as,
- Foreign Business Registration in Saudi Arabia
- Providing legal advice on the regulatory requirements and compliance
- Drafting Legal Agreements pertaining to foreign investments
- Issuance of Foreign Investor’s Licenses and Commercial Registration
Real estate investment has increasingly become a trend for Saudi individuals and families, especially in the European and United States markets. At Dr. Abdul Kareem Al-Shehri Law firm Group, we represent clients in the purchase and sale of real estate in (the U.S and European markets).
- Due diligence
- Drafting and reviewing purchase and sale agreements
- Registration and ownership
- Providing legal advice in property taxes
- Counseling on procedures and requirements related to benefits associated with real estate investments, such as obtaining a permanent residency in Europe
Saudi Arabian Monetary Agency SAMA, a regulatory body that provides various banking regulations compliant with Sharia Law, regulates local and foreign companies in Saudi Arabia.
Our teams of experienced and professional attorneys provide comprehensive legal services in banking and finance in Saudi Arabia.
- Government bids and private auctions
- Project financing in Saudi Arabia to be compatible with Islamic banking principles
- Drafting MURABHA and IJARA agreements