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Opening Digital Business Account with Wio Bank The banking industry is reshaping and bringing in new business models. With a greater focus on improving the customer experience in this digital era, the banks are embracing transformation: Digitalisation Innovation Sustainability Convenience Difference between Online Banking and Digital Banking You can carry out your daily banking practices through online banking and access some banking services using the internet. While digital banking is an umbrella term used for a broader purpose, and online banking is a part of it. You can conduct all banking activities, from opening a bank account to accessing all banking services using the technology. Wio Bank: Pioneer Digital Banking Platform Recently, Wio Bank emerged as the Middle East’s first platform bank. The big companies in the UAE jointly own Wio Bank: Abu Dhabi Development Company (ADQ) and Alpha Dhabi Holding have 65% shares, Etisalat has 25%, and First Abu Dhabi Bank (FAB) has 10% shares in it. The Central Bank of the United Arab Emirates regulates and oversees Wio Bank. Wio Bank took the lead in digital banking services, catering to individuals and businesses. Wio Bank boasts three key capabilities: Digital Banking Apps Embedded Finance Banking as a Service Solutions Wio Business App Facilitating Businesses Wio Business is the first digital banking application to serve start-ups, Small and Medium Enterprises (SMEs) and freelancers. The business app focuses on customers’ business needs and provides easy-to-access banking tools for smooth business management. Wio Business has transformed the concept of banking from complex to simple. By offering integration of payment information and services at a single platform, the app has become the first choice for customers to manage their businesses effectively. Wio Bank is efficiently proving its worthwhile presence in the region: ✓ Addressing business requirements ✓ Providing top-notch banking services ✓ Ensuring seamless user experiences ✓ Supporting robust digital financial system Word of Mouth: First-hand Experience Tasawar Ulhaq, the General Manager of Al Taasis, recently had an overwhelming experience with Wio Bank. “Wio Bank truly has the best corporate banking experience available in the UAE. I recently had an urgent need for a banking business solution. Sadly, no matter how many businesses one owns, opening a business account can take 3-6 months at best. In an environment where entrepreneurs are trying to build businesses to please investors, generate revenue or simply cover their costs, waiting six months is not a viable solution, and it hurts the business. My experience with Wio Bank went as follows: I submitted all shareholders, and KYC documents on Wednesday, got an immediate acknowledgement, the bank account opened on Thursday, and I received my debit card on Saturday. This is the best banking experience anyone can have in the UAE! Thank you, Wio Bank, for providing a solution for millions of businesses.” Contact us to know more about the prerequisites of your business journey. Subscribe to Our Newsletter! Enter your email to receive our monthly newsletter. Popular Articles Saudi Arabia’s Economic Cities KSA, an Irresistible Attraction for Tourists Government Entities and Online Portals Dealing with Import and Selling in Saudi Arabia: SFDA, SASO, SABER and FASAH Business Licenses Offered by MISA to Foreign Investors Visa Types in Saudi Arabia No posts found

Saudi Arabia’s Economic Cities, Special Economic Zones, and Industrial Cities Overview Saudi Arabia’s strategic goals are vivid and straightforward as it is working to transform into the leading investment hub by offering lucrative regulatory and financial incentives. The Kingdom has become an attraction for pioneering companies as well as small and medium-sized enterprises (SMEs) and entrepreneurship companies. In alignment with its Vision 2030, the Kingdom has designated specific zones with less restrictive rules than the rest of the Kingdom. These zones are not named Free Zones in the Kingdom but serve the same purpose of offering flexible regulations and incentives. Currently, there are 36 Industrial Cities, 4 Economic Cities and 1 Special Economic Zone while, the rest are in progress. The focus of these special zones is high-priority sectors. Economic Cities in Saudi Arabia Economic Cities are strategic projects of the Kingdom to accelerate its economic diversification. Each city has a specific focus sector acting as a business hub. Initially, the Kingdom announced the development of six Economic Cities, but currently, its focus is on four economic cities in Hail, Medina, Rabigh and Jazan. The government’s role is as a regulator, facilitator, and promoter, while private industry would provide capital, land ownership and development. The Economic Cities aim to boost the Saudi economy and elevate living standards by: Attracting global investors Creating new jobs Enhancing Saudis’ skills Developing the regions Economic diversification King Abdullah Economic City in Rabigh (KAEC) Based north of Jeddah, KAEC is a global logistics and manufacturing hub open to businesses. Through its ‘Industrial Valley’, KAEC seeks to develop sectors including logistics, fast-moving consumer goods (FMCG), plastics, automotive, building materials, and pharmaceuticals. The components of KAEC include: Modern Seaport Industrial District Financial Island Education Zone Resorts Residential area Prince Abdulaziz bin Musaid Economic City in Hael (PABMEC) PABMEC is located at the crossroads of trade and transportation routes for the Middle East. Its focus is on logistics, agribusiness, minerals, and construction material. The components of PABMEC include: Logistics & Transportation Centre Dry Port International Airport Petrochemical Industries Centre Business Centre Knowledge Centre Agriculture Industries Mining Centre Entertainment Area Knowledge Economic City in Madinah KEC is located near the Holy Mosque of the Prophet in Madinah. Its focus is on knowledge-based industries with an Islamic focus and services. The components of this project include: Educational/Entertainment Park Medical Sciences and Bio-Technology Center High-tech Park Islamic Civilization Studies and Research Centre Multi-modal Transportation Centre Business District Major Retail Hub (souks) – Hotel complex Jazan Economic City JEC is located on the Red Sea in the Kingdom’s southwestern region. It is a logistics and industrial hub, a significant destination for regional raw materials and an export platform for global consumer markets. Its focus is on Energy and labour-intensive industries. The components of the JEC project include: Industrial Park Sea Port Agriculture repackaging and distribution Fisheries Business and Cultural Centre Health & Education Area Special Economic Zones Saudi Arabia aims to establish special economic zones to offer global investors fiscal, regulatory, and labour incentives. There are 20 free zones in progress in the Kingdom. Each Zone will be sector-specific and cater to the particular needs of that priority sector, followed by competitive regulations: The Kingdom plans to facilitate technology and skill transfer to its nationals by creating research, development and manufacturing zones. These zones will attract foreign investment in diverse sectors, including healthcare, life sciences, biotechnology manufacturing and cloud computing. The Economic Zones tempt foreign companies to relocate their regional headquarters to Saudi Arabia. First Special Economic Zone- Integrated Logistics Zone General Authority of Civil Aviation (GACA) has launched the first integrated logistics zone in Riyadh adjacent to the Riyadh International Airport. The Zone contributes to making the Kingdom a global transportation and logistics hub and providing a business-friendly climate. The Zone offers the following incentives to the entities operating in the Zone: 50 years tax holiday; including VAT and customs suspension 100% foreign ownership No tax withholding from payments to non-residents (subject to certain conditions) 100% suspension of customs and import restrictions 100% capital repatriation 100% capital repatriation The Zone offers aviation facilities, cargo handling, government-sponsored training programs and advanced cargo-tracking technology. Besides, a Government Services Office in the ILBZ provides all government services in a single place to the investors. The Economic Cities and Special Zones Authority The ECZSA supervises and promotes the Economic Cities and Special Economic Zones of Saudi Arabia. After the recent amendment, the authority is also responsible for establishing and regulating Special Economic Zones and providing single-window government services to investors and residents. Industrial Cities in Saudi Arabia Saudi Arabia has launched the National Industrial Development and Logistics Vision Realization Program (NIDLP), positioning the Kingdom as a leading industrial power and an international logistics platform in several promising areas. The NIDLP program focuses on four key sectors: industry, mining, energy and logistics. The program also targets developing appropriate systems and infrastructure, facilitating financing, and enhancing research and innovation. All the Industrial Cities fall under three sectors: Eastern Sector The Central Sector The Western Sector The Industrial Cities offer advantages of free Zone, including: Low rent and utility costs Import tax exemptions Finance with an extended repayment option Regulatory Authority of Industrial Cities The Saudi Authority for Industrial Cities and Technology Zones (MODON) currently oversees 36 Industrial Cities with more than 3,500 factories in the Kingdom and more in the pipeline. MODON offers several advantages, products, services, and incentives, to attract investments from GCC, Arab, and global markets to Saudi Arabia. Al Taasis is Your Forever Business Partner We know the Saudi landscape and local laws and procedures. Launch your business with Al Taasis in the most suitable jurisdiction. Contact us to know more about the prerequisites of your business journey. Subscribe to Our Newsletter! Enter your email to receive our monthly newsletter. Popular Articles Opening Digital Business Account with Wio Bank Saudi Arabia’s Economic Cities KSA, an Irresistible Attraction for Tourists Government Entities and Online Portals Dealing with Import and Selling in Saudi Arabia: SFDA,

Saudi Arabia, an Irresistible Attraction for Tourists and the Leading Business Hub for Investors Saudi Arabia is the next bellwether of tourism in the Middle East. With the implementation of the new Tourism Law and Digital Tourism Strategy, tourism in the KSA will be a massive boost globally. Saudi Arabia has taken the plunge to redefine its tourism goals in alignment with National Tourism Strategy and Vision 2030. The Saudi leadership has witnessed green shoots in the post-pandemic era by bringing together strategic steps and resources. The Kingdom is rightly looking forward to positioning itself as one of the top five global tourism industries by following the best international practices. The Thriving Tourism Industry of Saudi Arabia The Saudi Tourism Industry boasts a growth spurt as Saudi Arabia leaps ten places to rank 33rd in 2021 from 43rd in 2019 in the World Economic Forum’s Travel and Tourism Development Index, recognised as the second highest climber globally. In the first quarter of 2022, visits were up 130% compared with the last quarter of 2019. The Kingdom aims to attract 100 million visitors and ensure the tourism sector contributes 10% of GDP by 2030. New Tourism Law, a Silver Lining for Global Investors The Kingdom of Saudi Arabia is a top echelon, maintaining the highest standards for tourists and businesses. The government has taken a commendable initiative by introducing an E-Visa for citizens from 49 eligible countries. Global investors deem the Kingdom’s regulatory environment conducive for tourism business. One of the leading investment hooks is special licenses for new or experimental tourism and support from the Ministry. The One-stop-shop will offer streamlined licensing processes and procedures and elevate the quality of tourism services. Investors will hail the anticipated lucrative incentives and tax and customs regulations’ flexibility. Giga Projects for Unique Tourist Destinations in Saudi Arabia The mesmerising and captivating tourist destinations are under development, including NEOM, a smart, innovative and sustainable city that will be an enthralling tourist destination. The Red Sea Project will be a great feast for tourists with beaches, mountains, and unrivalled leisure facilities. Al-Soudah is a luxury mountain tourist destination attracting Nature lovers. The cultural jewel of Saudi Arabia, the historic site Diriyah Gate is set to showcase the Kingdom’s rich culture. The Amaala Project, Middle East Riviera, aims to construct 2,500 luxury hotel rooms by 2028 to enhance luxury tourism in the Kingdom. Qiddiya, an entertainment megaproject, will be the Kingdom’s capital of Entertainment, Sports and Arts. Take the Lead to Launch Your Tourism Company in Saudi Arabia Al Taasis facilitates your business expansion to Saudi Arabia. We know the key target markets of your tourism business destination and your legal obligations. We offer tailored services for your tourism business with our local support system. Contact Us! Subscribe to Our Newsletter! Enter your email to receive our monthly newsletter. Popular Articles Saudi Arabia’s Economic Cities KSA, an Irresistible Attraction for Tourists Government Entities and Online Portals Dealing with Import and Selling in Saudi Arabia: SFDA, SASO, SABER and FASAH Business Licenses Offered by MISA to Foreign Investors Visa Types in Saudi Arabia No posts found

Government Entities and Online Portals Dealing with Import and Selling in Saudi Arabia: SFDA, SASO, SABER and FASAH Saudi Arabia is emerging as the preferred destination for trade in the region. The Saudi government is working relentlessly to remove the trade barriers and make customs clearance easier and faster through a structured and standardized workflow. Do you want to import and sell in KSA? Before initiating the process to import and sell in Saudi Arabia, you must understand which government entities and online portals are related. Saudi Food & Drug Authority (SFDA) The Saudi Food & Drug Authority (SFDA) is the government agency that regulates the safety of food, drugs, medical devices, cosmetics, pesticides, and feed. SFDA oversees products’ safety, security, and effectiveness by controlling and supervising manufacturing facilities. Importers can get confirmation about the safety and quality standards of the products to be sold in Saudi Arabia through an online portal of SFDA by entering manufacturer information and uploading relevant documents. Saudi Standards, Metrology and Quality Organisation (SASO) Established in 1972, the Saudi Standards, Metrology and Quality Organisation (SASO) govern the organisational and executive tasks related to standards, metrology, and quality. SASO develops the quality infrastructure in Saudi Arabia by working closely with the private sector, government bodies, consumer representatives and other stakeholders. SASO ensures that the products are compliant with the applicable standards and technical regulations. SABER SABER was introduced by SASO in 2019, replacing the old system for issuing the SASO Certificate of Conformity (CoC) for goods exported to Saudi Arabia. The online portal aims to facilitate and accelerate procedures for entering goods into the Saudi market in coordination with the Saudi Customs. To enter the Saudi market, product registration and issuance of SABER certification for products and shipments are mandatory, whether they are imported or locally manufactured. FASAH Since 2020, the SABER and FASAH integration has facilitated the entry of compliant products into the Kingdom of Saudi Arabia. FASAH is a unified portal for secure electronic data exchange between all parties and stakeholders involved in import and export operations, facilitating and accelerating cross-border business processes. Offering more than 135 integrated services through the electronic platform, FASAH allows you to clear your shipment customs and track them before reaching the Kingdom’s ports until the completion of customs procedures. Contact Us! Join our newsletter! Enter your email to receive our latest newsletter. Email(Required) Don’t worry, we don’t spam Edit Template Popular Articles Opening Digital Business Account with Wio Bank Saudi Arabia’s Economic Cities KSA, an Irresistible Attraction for Tourists Government Entities and Online Portals Dealing with Import and Selling in Saudi Arabia: SFDA, SASO, SABER and FASAH Business Licenses Offered by MISA to Foreign Investors Visa Types in Saudi Arabia No posts found Edit Template

Types of Business Licenses Offered by the Ministry of Investment Saudi Arabia (MISA) to Foreign Investors You want to expand your business into the Kingdom of Saudi Arabia, but you know nothing about the procedures. Don’t worry! The business setup in Saudi Arabia is not a hard nut to crack. All you need is proper guidance about the available license options. We will provide you with detailed information through this blog. Move forward to the next step with Al Taasis. Foreign Direct Investment on the Rise in Saudi Arabia Foreign investment is at its peak in Saudi Arabia, reaching a historical high in Q1 2022 with a record-breaking number of new licenses. Saudi Arabia marks the seventh consecutive quarterly rise, the first quarter witnessing 9,383 new foreign investment licenses. The Number of Newly Issued Foreign Investment Licenses (quarterly) 9383, new licenses issued in Q1 2022 (total) 19x increase compared to Q1 2021 350% quarterly increase in licenses Get an Investor License in Saudi Arabia The Ministry of Investment caters to local and international investors equally with the same rights and obligations. The Ministry of Investment, along with the Ministry of Foreign Affairs and the Ministry of Commerce, has accelerated the issuing of investment licenses as per international best practices. List of Business Licenses Offered by MISA   Services License       Industrial License       Real Estate License       Commercial License       Transport License       Consulting License       Entrepreneur License       Agricultural License       Mining License       Regional Headquarters License       Audiovisual Media License       License for Scientific and Technical Office       Printing and Publishing License     Professional License with Shareholder   License for Serving Agents and Providing Workers Services   Services License A service activity license covers the following activities: Constructions Administrative Investment Information Technology Tourism Training Health Insurance and Re-Insurance Education Advertising and Media Logistic Services Organising Exhibitions Catering and Food Services Financial Services Aviation and Handling Services Required Documents 1. You will provide these: a) A copy of the commercial registration of the shareholding partner certified by the Saudi Embassy. b) A copy of the national identity, if one of the partners is a natural person holding the nationality of one of the GCC countries (in case his data is not registered in the ABSHAR system). 2. You will provide the foreign company’s financial statements for the last financial year certified by the Saudi Embassy. Rules and Restrictions 1. There should be consistency between the total percentage of the Saudi shareholder(s) and the capital as per the financial limits stated for the type of activity. 2. Premium residence holders have an exemption for the above documents. 3. If one of the partners was previously licensed by the Ministry of Investment, it must be mentioned in the partners’ data while filling out the electronic application. 4. The applicant must enter the data of the Saudi national identity / Premium residence/residence if one of the partners holds any of them or the commercial registration data for the participating Saudi companies while filling out the electronic application. 5. In case the license is a health activity, the following shall be required: – The legal entity must be a company. – The health facility must have accreditation from a recognised health organisation. – Have at least three years of experience in the country of the establishment. Industrial License You can get industrial licenses for heavy and light industries and transformative industries. Required Documents 1. You will provide these: a) A copy of the commercial registration of the shareholding partner certified by the Saudi Embassy. b) A copy of the national identity if one of the partners is a natural person holding the nationality of one of the GCC countries (in case his data is not registered in the ABSHAR system). 2. You will provide the foreign company’s financial statements for the last financial year certified by the Saudi Embassy Rules and Restrictions 1. If one of the partners was previously licensed by the Ministry of Investment, it must be mentioned in the partners’ data while filling out the electronic application. 2. Premium residence holders have an exemption from providing the above documents. 3. The applicant must enter the data of the Saudi national identity / Premium residence/residence if one of the partners holds any of them or the commercial registration data for the participating Saudi companies during the electronic application submission. 4. The licensee must rehearse the Ministry of Industry and Mineral Resources to obtain an industrial license and the General Presidency of Meteorology and Environmental Protection to acquire an environmental approval. License for a Scientific and Technical Office This license is for the foreign companies that distribute their company products through Saudi agents across the Kingdom and intend to open an office for providing scientific and technical services to agents, distributors and consumers of their products. Required Documents You will provide: 1. A copy of the commercial register of the participating entity authenticated by the Saudi Embassy. 2. A copy of the agency authorising the agent or distributor. Rules and Restrictions 1. The scientific and technical office will be required to conduct market feasibility studies on the company’s activity and prepare reports for the main centre. An annual summary of its activities must be submitted to the Ministry of Investment. 2. The office is prohibited from performing any contracts, commercial activities, or investments in the Kingdom directly or indirectly. It is also prohibited from charging fees for training Saudi technicians. Real Estate License This license is provided to foreign companies in the property field if: The total cost of the project, including both land and construction, is not less than 30 million Saudi riyals. The investment is established outside the cities of Mecca and Medina. Required Documents 1. You will provide these: a) A copy of the commercial registration of the shareholding partner certified by the

Visa Types in Saudi Arabia Saudi government offers various types of visas: Tourist Visa, Business Visit Visa, Residence Visa, Employment Visa, Premium Residency Visa, Newborn Visa, Family Visit Visa, Companion Visa, Personal Visit Visa, Hajj and Umrah Visa and Student Visa. Visit, Live and Work in Saudi Arabia. Saudi eVisa Saudi Arabia has introduced a new tourist e-Visa that citizens of 49 eligible countries can get through an online portal. The e-Visa will be a one-year, multiple entry visa that will allow the tourists to stay up to 90 days in Saudi Arabia. It is issued for tourism-related activities and Umrah but does not include the Hajj season. Saudi Business Visit Visa We can assist you with a Saudi Business Visa that allows you to visit Saudi Arabia for a short period for business meetings, discussions, business deals and training events. You can stay up to a maximum of 30 or 90 days during each visit depending on your visa validity. The Saudi government will decide whether you should get a single or multi-entry visa. 3-month single entry Saudi Visa 6-month and 12-month multiple entry Saudi Visa Saudi Family Visit Visa We can support you in getting a family visit visa if you are planning to visit your family or relatives in Saudi Arabia. Only a legal Saudi Iqama holder can apply for the family visit visa on behalf of the visitor. The Iqama holder must initiate the MOFA family visit visa application process in Saudi Arabia. The Iqama should have a 4-month validity. Only the immediate family members are eligible to get a family visit visa under the Ministry of Foreign Affairs (MOFA): Parents Husband or wife Children Father-in-law and mother-in-law Brothers or sisters and their families Saudi Tourist Visa We assist you with Saudi Tourist Visa if you want to do tourism-related activities or perform Umrah. You can obtain a multiple-entry visa, allowing you to stay in Saudi Arabia for up to 90 days, and it will be valid for a year. Saudi Residence Visa We facilitate you to get your Saudi Residence Visa quickly. This visa allows you to reside in Saudi Arabia without sponsorship, sponsor residence and visit visas for your family and hire workers from abroad. You have two options: Permanent residency Renewable temporary residency Saudi Work (Employment) Visa We help you get your work visa if you aspire to work full-time in Saudi Arabia. You must have a job offer and be able to provide the contract of employment, official invitations, and medical information. The Saudi Arabian government has set strict guidelines regarding immigration and labour policies. A local employer must act as a sponsor and apply for the Iqama and work permit on behalf of the worker. It supports the foreigner and gives him credibility since a local employer vouches for the applicant. Iqama We assist you in getting Iqama, your official identification document as a foreigner in Saudi Arabia. With this ID document, you can sign rental agreements, enter government buildings, and even get your first Saudi SIM card for communication. You must apply for your Iqama within 90 days after entering the Kingdom. Visa Exempt Countries If you are a citizen of Bahrain, Kuwait, Oman or the United Arab Emirates, you can enter the Kingdom of Saudi Arabia without a visa. You are only required to bring your national identity card. Al Taasis is Your Trusted Visa Partner. We boast the unrivalled capability to help you obtain business and other travel visas quickly, conveniently, and securely. We make your entry into the Kingdom of Saudi Arabia smooth and stress-free. Contact us for further information. Contact Us! Subscribe to Our Newsletter! Enter your email to receive our monthly newsletter. Email(Required) Edit Template Popular Articles Opening Digital Business Account with Wio Bank Saudi Arabia’s Economic Cities KSA, an Irresistible Attraction for Tourists Government Entities and Online Portals Dealing with Import and Selling in Saudi Arabia: SFDA, SASO, SABER and FASAH Business Licenses Offered by MISA to Foreign Investors Visa Types in Saudi Arabia No posts found Edit Template