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The Business Climate in Saudi Arabia

Saudi Arabia is perceived by entrepreneurs as the most attractive country in terms of taxation and regulation due to low tax rates and a simplified legal regime. The criterion of coordinated support of business includes mentoring and direct communication with colleagues and entrepreneurs. That is why this kingdom is considered one of the best countries to start a business.

Saudi tax system is considered one of the most reasonable in the world (ranked number seven among the 10 most convenient tax systems in the world). Saudi Arabia’s system of taxation is described as protectionist, aimed to maintain the standard of living and protect the interests of national commercial companies.

Taxes in Saudi Arabia are payed by all categories of individuals and legal entities both by Kingdom residents and non-residents according to the norms of a particular tax. Exemption from tax on the income is available only to third-country nationals employed on contract to work in Saudi Arabia.

Small and medium-sized enterprises in Saudi Arabia actively participate in the creation of new jobs and the development of new export markets. The number of employees in small businesses is between 10 and 49 employees. Such enterprises have the capital that does not exceed $5 million. Medium-sized companies have on average 50-250 employees, and their capital is between $5.5-55 million.

Saudi Arabia is very attractive country for making investments. In terms of direct investments, the Kingdom is ranked first among Arab countries and the 14th in the world. Saudi Arabia’s economy based on market principles is the largest in the Middle East and Northern Africa and is on the 23th place in the world.

Saudi Arabia is a fast-paced and growing market for business. The key factors of this growth include diversification of the economy, liberalization of the market, high level of business activity of the private sector, and modernization of infrastructure at the expense of the vast investment. Currently, the volume of Great Britain’s export in Saudi Arabia reaches £3 billion annually, while major capital projects receive £ 260 million. On the whole, according to many experts, investment attractiveness of Saudi Arabia is much higher than in Europe.

The country’s economy is growing constantly, which inspires confidence in foreign investors, and encourages them to make further steps toward cooperation with the companies of the kingdom. Urbanization in the country is in full swing, and therefore the number of those wishing to purchase a new home in one of the cities has not reduced.

Saudi Arabia is perceived by entrepreneurs as the most attractive country in terms of taxation and regulation due to low tax rates and a simplified legal regime. The criterion of coordinated support of business includes mentoring and direct communication with colleagues and entrepreneurs. That is why this kingdom is considered one of the best countries to start a business.

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Assignment ID
100000969
Type
CREATED ON
July 23, 2016
COMPLETED ON
July 24, 2016
Price
$29
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December 2, 2016
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