Creative Zone announced their expansion into the Saudi Arabian market. Having operated in the UAE since 2010, the company has worked with startups and entrepreneurs setting up their businesses in Dubai and many of the free zones such as Fujairah Creative City and Shams Free Zone in Sharjah.
“Expanding into Saudi Arabia was our most obvious choice due to the interest that Saudi is taking in the international business scene. Through their VISION 2030 announced by Sheikh Mohammad Bin Salman Al Saud, Crown Prince of Saudi Arabia, the country has set in place initiatives aimed at opening up the economy to foreign investors. It is in our opinion a must for businesses looking to expand their operations further into the Middle East. Investors need a helping hand when it comes to setting up in a new country like Saudi Arabia; we have developed a 360 degree solution that helps business owners through the entire processes from company formation and setup, tax and legal advice, business introductions and market launch” says Steve Mayne, Managing Partner at Creative Zone.
The country has accelerated the shift from a government-led economic model to a market-based approach by introducing changes to their investment law, updated business regulation, more openness to competition and international trade, as well as easing the barriers of entry to investors. In this regard, the former Saudi Arabian General Investment Authority in the Ministry level now known as the Ministry of Investment (MISA) is the entry point for any foreign investor looking to set up in the Kingdom.
Some of the most attractive incentives provided to expatriates are – 100% foreign ownership of property and companies in certain industries, lower minimum capital requirements, no restriction on repatriation of capital, foreign investors can sponsor foreign employees, and tax incentives. All expatriate companies are formed through the Ministry of Investment (MISA) that issues a trade license allowing foreign individuals to own 100% of the onshore company without the need of a local partner.
Lorenzo Jooris, CEO of Creative Zone added, “During our 10 years of existence, we have helped over 36,000 entrepreneurs set up their businesses in the UAE. We have many clients asking us to support them in expanding into Saudi Arabia aside from the general interest we are witnessing by new entrants into the Middle Eastern Market. Having the right advice is key when starting a new venture, and it can become a deciding factor for launching successfully into a new country like Saudi Arabia”.