Terms specified for foreigner to partner or own firm in Saudi
INDUSTRIAL NEWS
The Ministry of Commerce has set five conditions for a foreigner to enter into a partnership with a Saudi investor or own a facility, in accordance with the corrective period for violators of the anti-tasattur regulation, said a report.
The first and second requirements are that the establishment’s total revenues should be over SR40 million ($10.66 million), or the number of employees should exceed 50, a
Saudi Gazette report quoting the Undersecretary of the Ministry of Commerce Ayidh Al-Ghwainem said.
The third condition is that the commercial register should have been issued before the date of the corrective period, and the fourth is the right to set forth in providing the capital, gradually, for a period of three years, and the fifth of these conditions is the approval of the Saudi sponsor.
Al-Ghwainem explained that submitting an application to correct the cover-up (Tasattur) violation does not require the consent of the two parties.
In other words, one of the parties can submit a request for rectification, whether to become a partner or the owner of the facility or to obtain a privileged residence permit (Iqama) for small entities, and the corrective period has waived the requirement for the international presence of the beneficiary enterprise.
He said that the platform for correcting the status of violators of the anti-cover-up regulation is independent of all government and monitoring regulations.
Hence, all the information provided to the platform enjoys total privacy and confidentiality. The information provided by applicants for correction of their status is not shared with any party.
