Wednesday, December 6, 2023
Tax incentives for Companies moving its regional Head Quarters to Riyadh
Saudi Arabia said on Tuesday that it will offer tax reductions to foreign businesses that set up regional headquarters in the Kingdom. One of these is a 30 year exemption from corporate income tax. Most Viewed : Holidays and personal leaves in Saudi Arabia
According to Saudi Arabia's Ministry of Investment, foreign companies that move their regional headquarters to the Kingdom can get advantages with taxes like not having to pay any income tax. These benefits can be used from the date that the regional headquarters license is issued.
- The Royal Commission for Riyadh City and the Ministry of Investment are working together on a program to get foreign companies to set up regional offices in the Kingdom.
- The goal of the regional headquarters program is to show that the Kingdom is willing to give many benefits and incentives to international companies that want to set up their regional headquarters in Saudi Arabia. This will help them do business in the Middle East and North Africa (MENA). Recommend : Saudi Arabia announces new visa centers and direct flights for Indian pilgrims
- Khalid Al Falih, Saudi Arabia's Minister of Investment, said that the country is giving more incentives to foreign businesses that set up regional headquarters in the Kingdom. These incentives include special benefits for companies that meet Saudization requirements.
- He also said that over 200 companies have moved their bases to Saudi Arabia because it is a good place to do business.
- "The new tax exemptions given to the activities of regional headquarters of international companies in the Kingdom will give these firms more clarity of vision and stability, which will enhance their abilities for future planning and expanding their business in the region, starting from the Kingdom," Mohammed Al-Jadaan, the Saudi Finance Minister, said. See Also : Discover Siranna, a unique Tourism retreat in Neom
- In early November, Al-Falih said that Saudi Arabia had already surpassed the goals of the regional offices program, which was to bring in 160 international companies by the end of the year.
- In an interview with Bloomberg, Al-Falih said that the regional headquarters program is a long-term project. He also said that the Kingdom is working with foreign groups to make it possible for companies to open offices in Saudi Arabia.
- In the past few months, well-known companies like PwC Middle East and GE Healthcare have opened regional offices in Saudi Arabia.
- He also said that Saudi Arabia is a safe place for foreign companies to put their money, even though there are problems in the world's politics and the economy is struggling. Subscribe to Saudi Expatriates on YouTube
