The Ministry of Commerce has set 5 conditions for a foreigner to enter into a partnership with a Saudi investor or own a business with the corrective period for violators of the anti-tasattur regulation.
The Ministry of Commerce encourages foreigners to rectify their business status if they actually own a business but running it in the name of a Saudi.
It is a golden opportunity for all those expats who are running their business illegally in Saudi Arabia to legalize their practices. The business which a foreigner wants to own or to be a partner with a Saudi should have;
1 – a minimum revenue of SR 40 million per annum.
2 – employed at least 50 employees.
3 – commercial registration dated prior to the corrective period.
4 – the right to set forth in providing the capital, gradually, for a period of 3 years.
5 – approval of the Saudi sponsor.
Source: Saudi Gazette
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