\nSaudi Arabia will allow some companies to operate without having headquarters in the country, which is great news for small retailers in the kingdom.<\/p>\n
Businesses with overseas activities under SAR1 million ($266,000) can operate in the kingdom without having a local headquarters. Firms competing for government contracts without any other bidders are also exempt from the rules, reported Khaleej Times.<\/em><\/p>\n The news comes following a Companies\u2019 Law that was passed by the Saudi Cabinet on June 28.<\/p>\n Arab News<\/em> said the kingdom has two conditions under which government agencies can invite companies that are headquartered outside the kingdom to work.<\/p>\n “The first condition is the absence of more than one qualified competitor other than the companies with a regional headquarters in the kingdom or related parties to carry out the business or secure the required purchases.<\/p>\n “The second condition is the existence of an emergency situation that can only be overcome or dealt with by inviting those companies that do not have a regional headquarters in the kingdom or from the relevant parties “, Arab News<\/em> reported.<\/p>\n The kingdom previously stated that, starting in 2024, it will no longer sign contracts with international businesses unless their regional offices are established in the kingdom.<\/p>\n According to the regulations reported in Khaleej Times<\/em>, businesses without a head office in the kingdom will not be permitted to sign contracts with any person, institution, or fund linked with the government or its agencies.<\/p>\n Within 30 days of signing a contract, government organisations working with international businesses without a Saudi headquarters must submit a letter of justification.<\/p>\n In order to create new industries and diversify the oil-rich economy, Saudi officials anticipate that 480 firms would have their headquarters in the country by 2030.<\/p>\n Khaleej Times<\/em> reported in October 2021 that 44 companies received government licences to set up headquarters in the country, which included Unliver, Philips and Tim Hortons, among others.<\/p>\n Riyadh has put in place investor-friendly infrastructure as part of efforts to diversify its economy and establish itself as a leading business hub.<\/p>\n","protected":false},"excerpt":{"rendered":" Saudi Arabia has said it will allow some companies to operate without having a headquarter in the country, which is great news for top retailers in the kingdom.<\/p>\n","protected":false},"author":42,"featured_media":20440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[4594,1765,2683],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/20437"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=20437"}],"version-history":[{"count":7,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/20437\/revisions"}],"predecessor-version":[{"id":20464,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/20437\/revisions\/20464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/20440"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=20437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=20437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=20437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}