This document is intended to provide insights and best practices for Indian startups expanding their business to Saudi Arabia. There will be a series of similar magazines which will help Indian startups expand to other countries as well. Thanks to Saudi Arabian General Investment Authority(SAGIA) for supporting us in preparing the magazine

1. India to Saudi Arabia
Guide for Indian startups to expand into Saudi Arabia
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2. 2
Why Saudi Arabia
Market Access
Resources
Infrastructure
Vision 2030
How to Start
Company Registration
Legal Systems
Visa
Taxes
Employment Law
Emerging Sectors
Artificial Intelligence
Clean Tech
Health Care
Entertainment
03
04
04
05
05
06
07
08
09
10
11
12
13
14
15
16
Startup Ecosystem
Incubators
Accelerators
Venture Capital Firms
Co-working Spaces
Startup Ecosystem in Cities
Appendix
Resources
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18
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Table of Contents

3. Why Saudi Arabia?
The Kingdom of Saudi Arabia is considered to be one of the friendliest places in
the Middle East for startups. Saudi is one among the fastest growing countries
worldwide, with per-capita income forecast to rise from USD $25,303 in 2012 to
USD $33,500 by 2020. It’s the world’s top oil exporter with more than 90%
revenues generated from the sector. However, to reduce the economy’s
dependence on energy exports, under its initiative Vision 2030, Saudi Arabia is
proactively working towards economic diversification.
To attract foreign investors and increase ease of doing business, the kingdom
has been coming up with more initiatives such as reimbursement of government
taxes paid for first three years, indirect funding, VC funding, etc. Also, it’s
attracting global talent to establish itself as a knowledge driven economy,
making Saudi Arabia the regional hub for ICT sector. In addition to these
pragmatic steps, it is the first country in the world’s history to grant citizenship to
Sophia, a robot, to let the world know that ‘Technology is here’.
Additionally, opportunities for emerging businesses have soared high after a lot
of structural reforms and initiatives recently announced by the government with
adequate backing from the private sector.
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4. 4
Market Access
Saudi Arabia is the 19th largest economy in the world. Presently, it has a
population of more than 30 million. Its membership in G20 and access to
highly diversified markets like GCC, MENA and emerging economies
nearby Europe, Asia and Africa increases the scope of expansion and
international prospects for companies established in Saudi.
Furthermore, the kingdom’s bilateral trade and investment agreements
with many countries, including India opens up huge opportunities for every
business in the country.
Resources
Due to its low domestic cost for energy supplies and generous subsidies
and incentives for industrial land, establishing a business here will give
huge benefit to startups.
Initial registrations for cost around 6000 SAR.establishing a business

5. Infrastructure
Saudi Arabia boasts a wide transport network with a particular strength in road
and airport transportation. Presently, under WEF’s (World Economic Forum)
infrastructure quality score, the kingdom ranks 17th in the world.
The kingdom has 6 international airports which make 70% of the world
accessible within 8 hours of flight. The kingdom has an extensive port
infrastructure with Jeddah Islamic Port, country’s largest container port, with a
current capacity of around 5 million TEUs per year. Also, Vision 2030 underpins
the transformation of the Kingdom’s unique strategic location into a global hub
connecting three continents, Asia, Europe, and Africa.
Vision 2030
Vision: “Saudi Arabia the heart of the Arab and Islamic worlds, the investment
powerhouse, and the hub connecting three continents.”
Many initiatives like the Public Investment Fund (PIF) program, the Human
Capital program, the Privatization program etc, are put in place to achieve the
mission. Under their new vision, the kingdom plans to create a $2 trillion PIF.
These funds will be used to boost their non oil revenues six fold, ie $266 billion,
by 2030.
Thriving economy open for business: Opening Saudi Arabia further for business
will boost productivity and accelerate their journey towards being one of the
largest economies in the world.
The Vision 2030 will improve Saudi’s business environment, restructure their
economic cities, create special zones and deregulate the energy market to make
it more competitive.
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6. How to Start?
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7. 7
Company Registration
is mandatory for an expat to own/act
as shareholder for a business in Saudi Arabia. Only an expat with investor visa is
eligible to apply for the Investor Licence (SAGIA License). Board Resolution and
a letter of support from supervising authority (Business Incubators or Saudi
Universities) is also required to obtain an investor licence. This takes 3 to 4
weeks and costs around 2000 SAR.
Saudi govt has created a repository of FAQs for applying for the SAGIA license.
Step by step process to register a company is provided here.
Different options for incorporating a company in Saudi Arabia are discussed in
the next slide.
Investor License from SAGIA2

8. Limited Liability Company
Commercial Agency
Branch Office
Legal Systems
As mentioned in the previous slide, to establish any business in Saudi Arabia,
foreign investors (startups) are required to obtain an Investment License from
SAGIA under Foreign Investment Regulations.
Foreign investors can incorporate their business in the Kingdom of Saudi Arabia
(KSA) in the ways listed below:
1. Commercial Agencies (CA)
2. Limited Liability Companies (LLC)
3. Joint Stock Companies (JSC)
4. Branch Office and
5. Representative Offices (Ex: Technical & Scientific Offices)
Among these, LLC and Branch Office are the most common.
Foreign companies can establish a branch office in KSA with a minimum capital
of SAR3 500,000. The parent company is liable for all the branch office activities.
An SAGIA issued license is required to establish a branch office in KSA Besides,
the branch office is subject to the regulatory authority of MOCI4 and Foreign
Investment Law.
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An LLC is a private entity formed with a minimum of 2 and a maximum of 50
partners (shareholders). The capital of an LLC can not be less than SAR 500,000.
This lower limit may increase for some sectors like Manufacturing (SAR 1
million) and Trading business (SAR 20 million).
Depending on the industry, foreign investors can wholly own a company without
requiring to have a Saudi national in the Board of Directors For trading
companies, foreign ownership is limited to 75%.
If the company has more than 20 partners, a supervisory board with at least 3
members is required. And in case of share transfers, approval from SAGIA and
Ministry of Commerce and Industry (MOCI) is mandatory, and these shares
cannot be offered to third parties without first offering them to the fellow
partners.
Non-KSA producers of goods need to appoint local KSA commercial agents as
their representatives. Commercial Agency Law in Saudi Arabia governs this
arrangement if the KSA agents acts as distributors, sales agencies, etc.
Saudi individuals or companies need to register themselves in Ministry of
Commerce and Industry to act as commercial agents.
Know about all types of legal entities and the list of businesses prohibited for
foreign investments here.

9. Visa
9
Business visa
These are used by individuals who visit KSA for
short term In some cases it also permits
multiple entry with duration ranging from 14
days to 6 months. To know more about the
application process, click here.
Investor visa
Individual must have a Saudi Arabian sponsor5
to obtain Investor Visa An alternative to retain
100% ownership is SAGIA may also act as
local sponsor depending on the type of
business. The process generally takes 5
business days. To know more about different
options of investor visa, click here.
Employment visa
Employer/Sponsor is responsible to arrange for
employment visa (valid from 14 to 90 days) and
then apply for residence permit (Iqama6) for the
employee. Once received, these are valid for a
period of nearly two years, after which they can
be renewed indefinitely.
To know more, click here.

10. Taxes
➔ No personal income tax, no sales tax and no property tax
➔ Standard VAT rate is 5% and no VAT for selected goods and services
➔ No taxes or subsidies on purchases or sales of foreign currency
➔ No tax on expat remittances
➔ 5% of withholding tax is levied in case of full repatriation of capital,
dividends allowed, and profit
➔ Tax credits and tax exemption can be availed on R&D investments and
exports respectively
➔ Expat tax is estimated to gradually increase from SAR 300 in 2018 to
SAR 800 in 2020
Saudi Arabia imposes 2 types of corporate tax:
1. Income Tax: 20% is applicable for non-KSA investors and the
branches of foreign companies.
2. Zakat7: Applicable when ownership is with KSA nationals or other Gulf
Cooperation Council (GCC) countries Zakat is 25% higher than income
tax.
If a company has both KSA and Non-KSA investors/partners, income tax is
applicable for the Non-KSA investor/partner and Zakat for the KSA
investor/partner. Also, Corporate income tax will differ for oil and natural gas
companies.
To attract foreign investors, KSA government is developing many tax
incentives. For example, tax deductions when the capital exceeds SAR 1
million, and tax deductibility on additional training and salary costs for certain
qualified companies. Know more about tax deductions
Social Insurance Tax, levied upon both employee and employer, is based on an
employee’s a) basic salary, b) housing allowance, and 3) incentive pays like
commissions With an upper limit of SAR 45,000, this tax is calculated at 2% for
non-Saudi employees (all paid by the employer) and 22% for Saudi employees
(paid 10% by the employee and 12% by the employer.)
Social Insurance Tax
Corporate Tax
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here.

11. The contract of work needs to be in two copies and should be present with both
employer and employee. For a non KSA employee, the contract should also
consist of work duration. There is no minimum wage standard in the KSA Labour
Law.
Saudi Arabia’s labour law and regulations mandate the employer to be liable for
paying the fees of an employee’s 1) immigration, 2) residence visa (iqama), 3)
work permit visa (plus, the renewal resulting from the delay), 4) re-entry visas,
and even 5) the final departure tickets.
According to Saudi Arabia’s labour regulations, an employee may not work for:
1. More than 8 hrs a day, when the employer uses the daily work criterion.
2. More than 48 hrs a week, when the employer uses the weekly criterion.
Note: During the month of Ramadan, the working hours for Muslims will be
reduced to maximum of six hours a day or thirty-six hours a week.
Employment Law
Ministry of Labor determines Employment Law/Labour Law of Kingdom of Saudi
Arabia. According to Wage Protection System (WPS), the Qualified Employers
(who meet the number of employees criteria) need to transfer the salaries of
their employees through Saudi banks.
Working Hours
Contract Requirements
11

12. Emerging Sectors
12

13. Artificial Intelligence
The Kingdom’s bold move to grant citizenship to Sophia, an AI powered
robot, shows the country’s progressive nature and their acceptance
towards advanced technologies that can transform the world.
Furthermore, the Crown Prince of Saudi Arabia envisions to develop the
city Neom from scratch, turning it into a city with more robots than
humans. He envisages to transform it into a business hub with
Advanced Manufacturing, Bio-tech, Media and Airlines industries.
To position itself at the forefront of technology, the Public Investment
Fund of Saudi Arabia is set to bolster up to $45BN in ‘Softbank Vision
Fund’, a $100BN global tech investment fund that has been announced
by the Japanese tech giant, SoftBank.
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14. Clean Tech
The Kingdom of Saudi Arabia produces 18% of the world’s desalinated water
(according to the annual report issued by the Saline Water Conversion
Corporation (SWCC)), which is the world’s highest KSA, thereby, consumes
an abundant of fossil fuels, raising the demand for cheaper/alternative
desalination technologies In per capita water consumption, the kingdom
ranks 3rd behind United States and Canada.
In the next 20 years, the government plans to spend $109 billion on solar
energy infrastructure to increase its share from renewables to one-third It
offers startups multiple opportunities in smart home energy management,
industrial internet (to monitor and analyze energy consumption data), water
desalination, etc.
To meet this rapidly growing demand for energy and water in Saudi Arabia,
over 800 billion SAR will be invested in water and power sectors in the next
10 years. This calls for local and international entrepreneurs to create
innovative technologies towards significantly changing the consumption
patterns in KSA.
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15. HealthCare
Saudi Arabia offers free health facilities to its citizens, making Healthcare one
of the priority sectors in the kingdom.
The market share of KSA in GCC healthcare sector is 544% (equivalent to $26
billion), according to Marmore’s report on healthcare in Saudi Future demand in
healthcare is certain to grow and the participation of private sector is expected
to increase. Especially, the domestic production in areas like medical equipment
manufacturing is bound to surge, resulting from the collaboration between local
and international players.
Also, the fast-growing economy of KSA invites startups to work on integrating
digital healthcare services using Electronic Patient Records (EPR) and wearable
technology. Such technology integration is expected to help combat chronic
diseases like Diabetes and Obesity. By 2019, the kingdom is aiming to expand
the economy’s contribution from healthcare system to $42 billion.
Additionally, investment opportunities are also very prevalent in healthcare
sector.
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16. Entertainment
Saudi Arabia has announced its plans to build a mega city (334 square kilometers) dedicated to sports,
culture and entertainment. The kingdom wants its people to spend on entertainment more at home and
less on vacations abroad.
Saudi Arabia has launched Vision 2030, a blueprint of what KSA’s economy should look like in the next
few decades. Focusing less on energy exports, the country is trying to grow the tourism and
entertainment sector.
To address the growing demand in entertainment sector, the Kingdom plans to establish its investment
arm with an initial capitalization of SAR 10 billion By 2030, this investment aims to attract 50M tourists
annually to the country and create more than 22,000 jobs in the Kingdom, contributing around SAR 8
Billion ($2 Billion) to the country’s GDP.
Headed by HRH Prince Faisal Bin Bandar Bin Sultan Al Saud as President, the Saudi Arabian Federation
of Electronic and Intellectual Sports (SAFEIS), is creating a world class, first of its kind, public/private
eSports federation, culture and infrastructure.
SAFEIS has partnered with Global eSport Resources (GER) which will act as a planning and execution
company to launch and develop a domestic and international Saudi eSport Industry.
Recently, Saudi Arabia has allowed opening Cinema Theatres in the country And, KSA’s first ever music
concert was hosted in 2017.
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17. Startup Ecosystem
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18. Incubators
Badir
Badir is one of the most prominent initiatives of
KACST8 . It has already established five incubators
that are spread across the cities of Riyadh, Jeddah
and Taif, and they will continue to expand in the
future.
Badir’s technology incubation program focuses on
supporting technology based business
opportunities and the development of technology
entrepreneurship in the middle east. So far, it has
incubated 200 startups, of which 127 are technical
projects, and 34 of these have generated a market
value of $88m.
KAUST
KAUST9 offers training and mentorship to
entrepreneurs both on and off campus, ranging from
scientists or students looking to turn their inventions
into companies to Saudi business owners interested
in adopting an entrepreneurial approach to business
growth.
KAUST invests in high-tech startups from seed (less
than $200,000) to early-stage (up to $2 million) and
becomes a long-term strategic partner of these
ventures.
Oasis500
is an initiative of Badir, funding and
supporting technology oriented companies lin IT,
Mobile and Digital Media Depending on the funding
stage of the company, the incubation facility is
offered to the startup for a period of three to eight
months. During incubation period, it offers office
space in Riyadh and conducts informal training boot
camps according to necessity. Startups who manage
to grow in first round will be offered second stage of
funding In this stage, Oasis500 takes nearly 10-20%
equity stake in the startup.
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Oasis500

19. Qotuf
To fulfill the needs of aspiring Saudi entrepreneurs, a
group of experienced Saudi entrepreneurs came
together and established Qotuf With an aim to
facilitate entrepreneurs in their growth, they have
launched initiatives with public and private sectors in
affiliation with organizations from over 165 countries.
In addition to these, the organization conducts
various events and competitions like Global
Entrepreneurship Week, Innovation Day, Creative
Business Cup, Future Agro Challenge etc to help
accelerate the growth of entrepreneurial culture in
the country.
Accelerators
9/10ths
The offers a full
fledged startup support program for 10 months that
helps entrepreneurs launch their ideas through
mentoring & hands-on support, providing access to
co-working space, developing an initial prototype,
and in some cases the actual product, providing
access to the investment ecosystem, and preparing
entrepreneurs towards market realities, thereby
helping them increase their rate of success as a
whole.
9/10ths do not take stakes for funding. However,
there must be a Saudi founder/co-founder in the
founding team to be eligible for their acceleration
program.
9/10ths Startup Accelerator
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Flat6Labs
Through Accelerator
program, startups receive seed-funding (50,000-
80,000 SAR), strategic mentorship, office-space, a
multitude of perks and services from partners (over
$300,000+), and entrepreneurship-focused business
training and workshops. It supports startups
through a vast network of entities, educational
institutions, advisors, coaches and investors. The
team should have at least one Saudi national to be
eligible to apply.
Flat6Labs Jeddah

20. Venture Capital Firms
MBC VENTURES
MBC VENTURES is the venture capital arm of MBC
GROUP, who invests in Telecommunication, Media
and Technology (TMT) in the MENA region.
The venture arm aims to invest in local startups at
seed stage. It invests in early stage startups (Series
A) for a maximum of $500,000 for 10-20% equity.
Usually, the firm favors startups who have been in the
market for a few months, have tested their products
and can show some traction.
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SAEV
(SAEV) is the
corporate venture arm of the Saudi Arabian Oil
Company (Saudi Aramco), the world’s leading fully
integrated energy and petrochemical enterprise.
The largest funding is made available by Saudi
Aramco Energy Ventures that offers between $5 -
10 million over two to three rounds of financing,
with an ability to invest from $1 - 30 million total
exposure per company, for a dilution of 5 - 35%.
Saudi Aramco Energy Ventures
Wa’ed VENTURES
can invest upto $10 million of
equity in a single venture. In addition to funding, Wa’ed
offers other Kingdom focussed bootcamps,
workshops that deals with ideation, pitching, business
plan formulation, etc.
Wa’ed Ventures, the $200 million venture capital fund,
is focused solely on the Saudi market, investing in
seed to growth stage opportunities in energy,
information & communication technology, tourism,
manufacturing, healthcare, education and services, to
aid towards creating more local jobs and increasing
economic diversity in the country.
Wa’ed Ventures

21. Co-working Spaces
In Riyadh, the concept of co-working spaces is introduced just a couple of years
ago. Some of the co-working spaces also conduct workshops and mentorship
sessions. The costs may vary from SAR 60 to 75 per day to SAR 1000 to 1500 per
month. To know more,
Notable co-working spaces are
Source: http://backendwamdacom/api/v1/downloads/publications/kingdom-saudi-arabia-status-entrepreneurship-ecosystem
Source: http://backendwamdacom/api/v1/downloads/publications/kingdom-saudi-arabia-status-entrepreneurship-ecosystem
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Venture Capital Firms
In general, most of the funds offer between $01-$2 million in seed stage for
around 10% to 20% of equity. Few examples include Saudi Aramco Ventures’
investment of $20 million in the payments startup PayTabs, Raed Ventures and
Riyad Taqnia Funds’(RTF) investment of $4 million on Foodics, etc.
Other VC Firms include
click here.

22. Startup Ecosystem in Cities
Notable startup support organizations are located in 4 major cities: Riyadh, Jeddah,
Dhahran, Makkah/Thuwal & Eastern Province.
Riyadh and Jeddah provide the most balanced financial and non-financial support. On the
other hand, Makkah & Eastern Province focus on creating centres within universities to
support entrepreneurship. Details of different support systems for startups at Riyadh and
Jeddah is shown below.
Riyadh
Jeddah
Jeddah is the second most popular city in Saudi Arabia’s startup ecosystem, after Riyadh
In Jeddah, most of the accelerators are specialized in specific industries. For example:
KAUST’s Hikma focuses on IP-based startups, and Taqadam focuses on FinTech startup.
‘Flat6Labs Jeddah’ is the first private-owned accelerator in the Kingdom of Saudi Arabia.
Also called as a hallmark of Jeddah’s startup support institutions, it provides funding,
strategic mentorship, entrepreneurship-focused business training, and directly supports
startups through an expansive network of partner entities, mentors, and investors.
With the presence of Dammam Technology Park, Prince Abdullah Bin Abdulaziz Science
Park (PASP) etc, Eastern Province focuses on academia and technology. Pilgrimage
opportunities in Makkah (with 2 million muslims each year) and KAUST in Thuwal are
making these cities key startup ecosystems in KSA.
pc: https://wwwwamdacom/2017/06/big-opportunities-startups-ksa-report
Riyadh is the capital of Saudi Arabia and possesses most active entrepreneurship
ecosystem. More than half of entrepreneurship support institutions, funding sources,
accelerators and incubators in the KSA are in Riyadh. Riyadh is home to accelerators like
Oasis500, 9/10ths, Inspireu etc. Also, it is one of the world’s safest cities.
The city also hosts many startup events. For instance, Future Investment Initiative
(powered by Public Investment Fund) is an event that connects the world’s powerful
investors and leaders. Delegates from more than 88 countries attended this event in Oct
2017.
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Appendix
1. Kafalah - A program designed to support SMEs by covering the risk percentage that investing parties take if a company they invested in
fails
2. SAGIA - Saudi Arabian General Investment Authority
3. SAR - Saudi Riyal: Currency of Saudi Arabia
4. MOCI - Ministry of Commerce and Investment
5. Sponsor - The Sponsor can be an individual, a partnership business or a company A sponsor acts as a sort of guardian as well as guarantor
and must undertake all administrative work (ie paperwork) on behalf of the foreigner, including applying for a work and residence visa,
opening a bank account and signing a rental accommodation contract
6. Iqama - An Iqama is a residence permit issued to those expatriates who arrive in Saudi Arabia on an employment visa The Iqama is valid for
a period of 1-2 years
7. Zakat - payment made annually under Islamic law on certain kinds of property and is used for charitable and religious purposes, one of the
Five Pillars of Islam
8. KACST - King Abdulaziz City for Science and Technology
9. KAUST - King Abdullah University of Science and Technology
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Resources
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