Creative Zone: Addressing business needs in Saudi Arabia
Filed on July 4, 2021 | Last updated on July 12, 2021 at 11.40 am
With the Kingdom’s evolving image as a preferred global business destination, firms like Creative Zone are helping meet entrepreneurial demands
As the Kingdom of Saudi Arabia swiftly moves towards transforming its business and investment landscape, the country has backed its approach with solid and pragmatic regulations, giving international and local entrepreneurs the confidence to come, live and work in Saudi Arabia.
The Kingdom has the right combination of factors that make it a fertile ground for entrepreneurship and innovation to thrive, attracting both multinationals and start-ups alike to recognise the ripe conditions that the Kingdom presents for growth and disruption.
Reforms like 100 per cent foreign ownership in several industries, low minimum capital requirements, favourable tax laws, easy and affordable registration process, widespread support from regulatory authorities (Sagia), and leniency in the socio-cultural space have changed people's earlier perception of Saudi Arabia as a closed and conservative society. The celebrated 'Vision 2030' is Saudi Arabia's solid game plan to put the Kingdom on a fast track towards becoming one of the region's key business and financial hubs.
Since the Kingdom has relatively new and dynamic business structures, foreign entrepreneurs and investors could need a bit of help in understanding the local business landscape. This is where Creative Zone, Middle East's largest and most trusted business setup consultancy, comes into play.
The company provides turnkey solutions for business setup in Saudi Arabia and the UAE and has assisted over 44,000 businesses to efficiently launch their ventures. Their services include trade name reservation, commercial registration, drafting articles of association, activation of Chamber of Commerce Services portal, registration with Social Insurance (Gosi), registration with General Authority of Zakat and Tax, registration with Ministry of Labour, registration of Wasel, assisting in opening corporate bank accounts in KSA and all other business setup assistance.
Creative Zone was launched with a simple yet revolutionary model; to serve as a one-stop shop with flexible payment plans, for easy company incorporation.
Some of the company's portfolio partners include the likes of Microsoft, DHL, Telr, Zoho, and many more. The business setup advisory also provides in-house services for tax and accounting, concierge, and bank account opening.
Why Setup in Saudi Arabia
A positive entrepreneurial ecosystem
In the past few years, the Kingdom of Saudi Arabia has taken several significant steps towards cultivating a thriving business ecosystem. Listed are a few:
First mover advantage
It is a particularly exciting time for entrepreneurs and investors as the Kingdom of Saudi Arabia, also the biggest economy of the Middle East, has fully opened its doors for private businesses and foreign investment, giving companies the first mover advantage and a head start into an emerging market that promises endless growth opportunities.
100 per cent foreign ownership of listed companies
The Saudi government has opened 100 per cent foreign ownership across varied industries with no minimum capital requirements, increasing the country's competitive edge and facilitating business. The move has also boosted the Kingdom's appeal as an attractive destination for foreign investors, entrepreneurs, and professionals.
Diverse and inclusive outlook
The Kingdom is doing a lot to make the business landscape more inclusive to the international business community wanting to access the diverse and lucrative Saudi market. Since 2017, authorities have been granting international entrepreneurs an innovation license to pilot the expansion of their start-ups. In addition, Sagia has recently launched VENTURE, an initiative to attract global venture capital firms to the Kingdom.
Funding opportunities for start-ups
A SAR1 billion fund has been allocated to support initiatives across the tech sector. The fund will be targeting investors, entrepreneurs, government entities, accelerators, and tech developers in Saudi Arabia.
Agile to emerging trends
Many useful crowdfunding platforms are sprouting up across the Kingdom. The Saudi Arabian Monetary Agency (Sama) launched 'Fintech Saudi', which brings together key stakeholders to foster a culture of innovation in the financial sector in Saudi Arabia. A few examples of such companies include Business Incubators and Accelerators Company (BIAC), Riyad TAQNIA Fund, and Research Products Development (RDP), a centre for technology development and commercialisation.