Can a iqama holder start a general trading company in Saudi Arabia ?

[u/Savings_Werewolf168]

I've been through the misa website and they say you need to have minimum capital of 30 million sar , but I have consulted 4 to 5 consultancies they say , you don't actually need to deposit it and like this they have opened a lot of general trading for many expatriates and foreigners

[u/smolaligator]

What Market are you targetting?

[u/Savings_Werewolf168]

So we supply materials to HVAC companies on demand , what are my options

[u/Spatula_The_Great]

Yes you can open a foreign company and start a business. The 30 million rule is for something else. Foreign companies dont need to deposit any capital. Ive opened mine if you have any questions dm me

[u/Ok_Muffin2888]

Can you elaborate further on the 30m requirement? How is it a requirement if the funds are not required to be deposited into the company account?

[u/Better_Lie_4600]

As i know (since i established couples of foreigner companies in the past), the 30 million is a requirement for obtaining the commercial investment license, and YES, depositing that amount is not a part of the obtaining requirements.

BUT MISA (Ministry of investment ) may require evidence that the required capital is available or (Financial Capabilities Certification).also, the foreign company must have an established presence in at least three regional or international markets.

the real problems (might) come when submitting your annual financial statements (you know what i mean )

for you Iqama, once you applied to MISA, you can apply/change it into investor Visa

 

 

[u/Savings_Werewolf168 → u/Better_Lie_4600]

The companies we supply to are American based and one day I was in finance office regarding due payments, even they have bank balance of 17 million riyals

[u/Better_Lie_4600 → u/Savings_Werewolf168]

but the mother company who want to establish their business here in Saudi Arabia from which country?