Saudi Arabia fast solution
Within 2 months Healy Consultants Group can provide our Client with i) a company registration number ii) a corporate bank account number and iii) a city centre business address. Within 3 months, our Client can legally iv) recruit local and foreign staff and v) issue sales invoices and sign customer contracts.
Steps for a fast solution in KSA
Summary of steps for a fast solution
- Healy Consultants Group registers a new LLC, wholly owned by our Saudi Arabian national professional, passive nominee shareholder and director (click link);
- We secure regulatory license approval and open a multi-currency corporate bank account;
- Our multi-national Client can legally trade through this licensed entity, including recruit employees, secure office premises and sign local contracts;
- Over the following 10 months, Healy Consultants will i) appoint our Client preferred shareholders and directors ii) secure SAGIA (click link) foreign investment approval iii) appoint your preferred bank signatory.
Detailed steps for a fast solution
No. Steps Month 1. Healy Consultants Group Compliance Team receives the required corporate and personal due diligence information from our Client; 1 2. Our Client signs Healy Consultants Group engagement letter and returns the original to our head office. Our Client settles our fees; 1 3. Our Client confirms by email the planned corporate structure and e-mails the required due diligence; 1 4. Upon completion of all the above, Healy Consultants Group will draft and send the nominee agreements for our Client’s review and signature; 1 5. Only upon receiving the signed nominee agreement, can Healy Consultants Group commence company set up with our passive nominee national shareholder and director; 1 6. Healy Consultants Group provides our Client i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number. Our Client can close deals and sign customers and suppliers contract and invoices; 4 7. Healy Consultants Group prepares and emails our Client the documents required to appoint our Client’s preferred directors and shareholders including i) the legal share allotment and legal share transfer forms ii) the change of company address and iii) the lease agreement in Saudi Arabia (if required); 5 8. Simultaneously with the above, Healy Consultants Group applies for the Iqama of the future bank signature. Only then will the bank supply internet banking access to our Client 5 9. Our Client reviews and signs the required documentation in front of a Notary Public and courier-return the same. The legal forms are in both English and Arabic; 5 10. Upon receiving the original notarized forms, Healy Consultants’ Company Secretary Team submits the transfer documents together with a business plan and ii) the application for a new/amended foreign Investment License to SAGIA; 5 11. Following a review of the foreign investment license application, SAGIA may revert to Healy Consultants Group for additional information. Healy Consultants Group and our Client provides the same in a timely manner; 6 12. SAGIA approves the change of company ownership application and issues a foreign business license Healy Consultants Group's Company Secretary Team submits the same together with the updated MAA to MOCI for their final approval; 7 13. MOCI reviews and approves the corporate structure change. Healy Consultants Group i) prepares and ii) signs a shareholder’s resolution in front of a Notary Public. Thereafter we iii) publish the changes in the Official Gazette; 8 14. Immediately after Healy Consultants Group emails our Client i) the SAGIA and MOCI approvals and ii) the amended M&AA showing the appointment of the new foreign shareholders and directors; 9 15. Assuming the Iqama is approved, Healy Consultants Group's Banking Team proceeds to change the bank signatory of the already opened bank account by submitting the corporate bank package containing:
- Signed appointment of bank signatory forms;
- Client’s passport copy and proof of address;
- Saudi Arabia company kit; and
- Proof of business together with other Client due diligence.
Following a review of the corporate bank account signatory change application, the bank(s) may revert to Healy Consultants Group for additional information. Healy Consultants Group and our Client provides the same in a timely manner;
There is a 60% that the bank will ask the new bank signatory to travel for a one-hour interview. As always, Healy Consultants Group will aggressively negotiate a travel exemption, asking the bank to just perform a Skype or phone conversation with the bank signatory. Depending on Client nationality, sometimes we are successful and our Client does not have to travel to Saudi Arabia;
10 17. The bank approves the appointment of the new bank signatory and will courier internet banking documents (login, password etc) directly to our Client; 12 18.
Healy Consultants Group will courier the following to our Client:
- Company kit containing original Saudi Arabia corporate documents;
- The banking kit;
- Healy Consultants Group Customer Satisfaction Survey.
12 19. Our Client receives a courier from the bank comprising internet baking information. The bank signatory activates the internet banking. 13
- Saudi Arabia law prohibits the use of Saudi nominee shareholders and directors. However, the majority of small and medium sized foreign businesses in Saudi Arabia continue to use professional, passive nominee directors and shareholders during KSA business setup;
- Healy Consultants Group advises foreign investors using nominees either directly or indirectly to secure the appropriate foreign investment license;
- Foreigners who fail to comply with above are liable under the Anti-Concealment Law (Anti-Fronting Law) and will be require to settle outstanding taxes, will face deportation and will be banned from returning and conducting business in Saudi Arabia.
Healy Consultants fees
Healy Consultants’ fees for this fast solution amounts to US$129,653. This solution includes professional passive nominee director and shareholder services for 12 months, until the corporate structure is successfully completed.