Nowadays, many foreigners are searching for ways to relocate to Saudi Arabia in hopes of being able to set up a business. Fortunately, Saudi Arabia is one of several countries that offer IIPs (Immigrant Investor Programs). These programs allow foreigners to successfully relocate to Saudi Arabia and create startup companies. One of the most famous programs in Saudi Arabia includes residence visas, more specifically, Investor and Golden Visas.
In this article, we will provide you with general knowledge about visas in Saudi Arabia. This is a crucial detriment, especially if you are trying to relocate to this country. Before opting for an investor visa, you should search as much as you can about it.
- What is an Investor Visa?
- Benefits of an Investor Visa in Saudi Arabia
- Requirements and Procedures to Obtain an Investor Visa and a Golden Visa in Saudi Arabia
- What is a Golden Visa?
- Why should you move to Saudi Arabia?
- How can we help you obtain a visa to travel to Saudi Arabia?
What is an Investor Visa?
Firstly, before talking about what an Investor Visa is, you need to take into consideration what we previously mentioned. In Saudi Arabia, entry visas are temporary, with immigrants being viewed as ex-pats trying to relocate to Saudi Arabia. This factor does not change if the immigrant is a student, a foreign worker, a visitor, etc. In other words, you could consider a Saudi Arabian visa as a residence permit that you need to renew from time to time.
The government created SAGIA (Saudi Arabian General Investment Authorities) in 2000 to oversee all activities related to investment. Its creation occurred at the same time a law was passed that allowed foreigners up to 100% control over industrial ventures. SAGIA allowed this law to be applied to LLCs and Joint-Stock Companies. Consequently, such foreign-owned companies could sponsor and apply for entry visas for their investors and employees.
The investment needed for those companies to be established depended on several factors. For instance, an LLC in the service sector does not require any investment, while in the industrial sector, it requires an investment of SR 1 Million. Aside from demonstrating financial capability, if the investor applying for the investor visa resided for 3 years in the country, they also need a NOC letter from the former or current sponsor.
Lastly, the Investor’s Visa only allows you to move into Saudi Arabia and is valid for 3 months after SAGIA issues it. Once you obtain one, SAGIA will assist you in converting your immigrant visa into a residency permit. Moreover, with the help of our specialists, you will be able to apply for a family visit visa for your family members.
Benefits of an Investor Visa in Saudi Arabia
An investor visa also provides several benefits aside from allowing you to relocate to Saudi Arabia. According to local specialists, the benefits of an Investor Visa are the same benefits you could obtain by investing in Saudi Arabia. Some of them include:
- The right that a foreign investor can obtain to full repatriation of capital.
- Right to be able to transfer profits
- The ability to have real estate ownership. You must know how to buy a property in Saudi Arabia.
Another main benefit that foreigners obtain is the fact that they are not levied personal income tax by local specialists. However, you need to take into consideration that the government still applies a 20% corporate tax rate. If you have trouble understanding these procedures, you can contact our accounting experts.
other benefits regarding investments include:
- The ability to have tax concessions for investment in less-developed regions in Saudi Arabia.
- Incentives that the government provides to hire Saudi Arabian labor. This includes access to benefits provided by the HR Development Fund in Saudi Arabia.
Another big advantage foreigners get if they relocate to Saudi Arabia with an investor visa is the fact that they can interact with government bodies through SAGIA. This government body provides several government-related services with its Business Centers. These services include the Directorate General of Passports, the Ministry of Foreign Affairs, and the Ministry of Labor.
Lastly, with an investor visa, the main and biggest benefit is the fact that it allows you to sponsor yourself using your own company. This allows you to bypass the need for a 3rd party sponsor (either corporate or an individual). This benefit grants autonomy to foreigners, something that is not very common in Saudi Arabia.
Requirements and Procedures to Obtain an Investor Visa and a Golden Visa in Saudi Arabia
Investor visa in Saudi Arabia
In reality, the process of obtaining an Investor Visa is not difficult to understand. Primarily, you need to know that the residence permit related to the investor visa has 2 forms. The main ones are:
- A permanent residence permit. To obtain it, the investor needs to pay a lump of at least SAR 800,000 to the authorities, which is approximately 213,000 USD.
- A renewable residence permit which you will need to renew yearly. For this permit, the investor will only need to pay a lump of at least SAR 100.000 to the authorities, which is around 26.000 USD.
In addition to this, there are other requirements you need to fulfill to obtain an investor visa as well as provide some documents. For the requirements you need:
- An included valid passport.
- Adequate financial resources to prove you can relocate to Saudi Arabia and live successfully.
- A sound health report. You need this as proof that you are healthy.
- A certificate that proves you do not have a criminal record.
In regards to documentation, you only require 2 documents to be able to apply for an investor visa. These are:
- Copy of the commercial registration of the original country´s entity. You need to take into consideration that the Saudi Arabian Embassy must authenticate it.
- And financial statements from the last year. An internationally acclaimed legal office must prepare it, and the Saudi Arabian Embassy must authenticate it.
Golden Visa in Saudi Arabia
There are several ways you can obtain an Investor Visa as well as even a Golden Visa. However, before obtaining one, if you plan to relocate to Saudi Arabia, you need to follow some steps as well as fulfill some requirements. Nevertheless, these requirements are way lower in comparison to other European countries. According to the national portal for Government Services, the minimum requirements are:
- Investments of SAR 100.000 to obtain the renewable residence permit (around 27.000 USD).
- A lump sum of SAR 800.000 to have an available permanent residency (around 213.000 USD).
- Have at least 31 years of age.
- Wait 30 days to get the application´s approval.
Many consider this program one of the easiest ways of immigrating to the Middle East. Furthermore, you need to remember that if you do not know how to buy a property in Saudi Arabia or create startup companies; our company formation agents can guide you through these procedures. In other words, you can count on the help of our local specialists for it.
What is a Golden Visa?
A Golden Visa in Saudi Arabia is also known as a premium residency visa in the same country. This visa serves as a renewable or permanent residency permit and allows you to live freely in Saudi Arabia.
As we already mentioned, there are several prerequisites you need to fulfill to be eligible for a premium residence visa. Aside from those we mentioned, these are:
- Presenting a valid passport.
- Submitting proof of criminal record to prove that the applicant lacks any precedents.
- Providing proof of the financial solvency of the applicant.
- Submitting a health report that proves the applicant is free from any contagious diseases. You need to submit this report no later than 6 months after the date of progress.
To be able to issue a Golden Visa in Saudi Arabia, the government established the Premium Residency Center in conjunction with a Royal decree. This is an independent administrative and financial agency. Its main mission is to coordinate with all sectors or state agencies to implement a system for premium residency.
Foreigners benefit from this system if they want to implement this system and obtain a distinctive residence in the country through its electronic services system. Moreover, they also do it through their various departments and direct contact with customers from everywhere.
Why should you move to Saudi Arabia?
At this point, you might wonder what good reasons are there to move into this nation. Here are the main reasons you should contact our company formation agents in Saudi Arabia to start your immigration process.
Earnings
This is widely considered the main reason why several ex-pats decide to relocate to Saudi Arabia. This is considered such since Saudi Arabia has good financial prospects that allow foreigners to profit greatly. Mainly, salaries are tax-free in Saudi Arabia in comparison to other countries where you have to pay taxes up to 40 or 50% of your earnings.
In addition to this, foreigners can get easier savings since not only salaries are tax-free, but they also are higher than in most parts of the world.
Career
According to local specialists, immigrating to Saudi Arabia is a great way of boosting your experience in your CV. Thanks to this; you will be able to use your investor visa to boost your career. Although, if another individual sponsors you, then you still will be able to showcase to employers a great ability to work even when you are not accustomed to a culture.
Saudi Arabia is business-heavy, meaning it might be difficult to do business successfully, but it still is a rewarding experience.
Lifestyle
Surprisingly, the standard of living in Saudi Arabia is high since the cost of living is low. You can commonly observe ex-pats enlisting the services of drivers, maids, gardeners, nannies, etc. All of this depends on your preferences, but it still shows the country allows foreigners to enjoy a good lifestyle.
Culture
Saudi Arabians are certainly friendly with foreigners and ex-pats. You can learn this alongside local cultures as well as observe the hospitality that they provide. Additionally, aside from the locals, you can explore several places that show their culture and history.
These interesting places are famous since Saudi Arabia is diverse in landscapes as it is in culture and traditions. The range can go from desert fortresses or mountain ranges to even coral reefs and wonderful fish.
How can we help you obtain a visa to travel to Saudi Arabia?
Saudi Company Formation seeks those interested to obtain visas and immigrate to Saudi Arabia. After all, Saudi Arabia´s law is constantly changing to give foreigners that want to immigrate and set up a business a chance at it.
With so many changes, it can become difficult to keep up with the law. That is why we recommend that you contact the best legal professionals at our company so you can get guidance to set up a business in Saudi Arabia.
Would you like to contact us to know more about our visa services? Our team will gladly help and guide you, just email us at office@companyformationsaudiarabia.com or call us at +971 58 515 8876 and you will get an answer to your questions. With us, obtaining an investor visa will be easier than it is. Saudi Arabia, rated 29th in the Global Bank’s 2020 Doing Business Report, has permitted no just under 555 improvements aimed at simplifying the company registration procedure. As a consequence, the formation procedure was reduced from 15 days to less than one day. If you’re interested in immigrating to Saudi Arabia by applying for an investor visa Saudi Arabia and require assistance, please contact us.
