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HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP Trade Mark Registration Income Tax Registration CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP Trade Mark Registration Income Tax Registration CONTACT NEWS Financial Health Alert: Signs Your Business Needs Urgent Action Running a business is not easy, and for your business to be successful in the long run, you need to be able to spot and deal with financial red flags on time. However, most businesses fail to see the signs that ring a bell before impending money troubles. Ignoring these signs might lead to situations such as poor cash flow, excessive debt, or, in extreme cases, outright closure. A great way to spot these early warning signs on time and rectify mistakes is to do regular financial health checkups. Accurate is among the best providers of auditing services and accounting services in KSA, and here, we will discuss some of the most obvious early signs of financial red flags you should notice in your business. Reduction in Profitability For any business to sustain, cash flow is crucial; a persistent decline in net income or declining profit margins are just two ways in which declining profitability can appear. It’s a serious warning sign if your business routinely fails to make ends meet even when you are making money. Rising expenses, poor pricing tactics, or a drop in sales are possible causes behind this.  If you notice a reduction in profitability, it is time to conduct a complete analysis to determine the main causes behind it. The results will help you create and put specific plans into action, such as renegotiating supplier agreements, streamlining operations, or reassessing pricing schemes. Payment Delays When you run a business, the relationships you create along the way are very important in sustaining and growing your business. When you regularly miss payments to creditors, employees, or suppliers, it is a definite indication of Financial instability. These late payments can harm your reputation in the industry while also causing legal issues and souring business relationships.  Inadequate Budgeting and Financial Reporting The world we live in is data-driven, and proper documentation, budgeting, and financial reporting generate the data for proactive decision-making. Transparent financial records and budgets are everything to a business, and inadequacy in budgeting and reporting is a major crisis you should avoid by making a structured financial reporting system and conducting regular reviews. A financial consultant can guide you in this process. Lack of Clear Strategies and Planning A company is likely to fail if it lacks a clear financial goal or roadmap. Financial issues will eventually surface if there is no systematic plan for increasing revenue, controlling costs, and expanding. Developing a clear business strategy and setting financial goals is the solution to it. Staff Loss Driven by Financial Instability Employees make a company, and if you are constantly losing your staff due to financial uncertainty and salary-related issues, it is definitely an issue that should be looked into. Constant employee loss can affect the productivity and reputation of your company, so if you notice such a trend, start by ensuring prompt payroll processing and investing in employee engagement. Over-Reliance on Clients Your company is in grave danger if most of your income comes from just a small pool of clients. This means that when you lose an important client, you can stumble into Serious financial instability. Try to create a diverse pool of clients, a plan for minimizing risk if a key client disappears, and avoid over-reliance on one or two major clients. Conclusion Financial health is an important requirement for any business to succeed and survive. Picking up early warning signs of deteriorating financial health clues in your firm and acting fast will either completely avert a catastrophe or at least keep it from becoming fatal. Stay updated, and don’t hesitate to seek professional advice when needed.  Accurate specializes in auditing services in KSA, along with business formation and accounting solutions; we help businesses get clear and successful in their finances. Our advisors offer customized financial solutions, advice, and assistance to guide you through complicated money matters. Your financial well-being will be safe with us! Take action today with Accurate to get your business back on track; explore our insights and expertise to take control of your business’s financial future. Featured News Financial Health Alert:  Signs Your Business Needs Urgent Action Strengthening the Role of Internal Auditing in Government Entities: Auditing Services In Saudi Arabia Business Visa in Saudi Arabia View this post on Instagram A post shared by Accurate Accountings (@accurateaccountings_) Got Questions? We’ve Got Answers Claim Your Free Consultation Whatsapp Instagram Facebook-f Ready to start your business in KSA? Contact us today for free expert guidance! Ready to start your business in KSA? Contact Us Leave a Reply Cancel Reply Logged in as bloombiz tech. Edit your profile. Log out? Required fields are marked * Message* Accurate accounting is one of the leading company formations, accounting solutions, and VAT service consultancy in Saudi Arabia. Our company offers an extensive range of business formation in Saudi Arabia, and we have decades of experience and qualified team members.  SERVICES Home Accounting Solutions Zakat & Vat Solutions Auditing Business Setup Instagram Facebook Whatsapp Linkedin ➡️Jeddah Office Mob 1 : +966 53 344 1503 Mob 2 : +966 56 641 2742 Mail : sales@accurateaccountings.com Location : Accurate Accounting ,VAT & Auditing Solutions King Khalid Road, Al-Baghdadiyah Al-Sharqiyah, Jeddah 22234, 6th Floor, Room No. 603. 01264579 ➡️Riyadh Office Mob 1 : +966 53 967 9925 Mob 2 : +966 56 627 2958 Landline : +966 11 512 7177 Mail : solutions@accurateaccountings.com Location : Accurate Accountings, Business Setup, VAT & Auditing Building Number 55 Al Hawari Street Al Malaz District Riyadh, KSA 12831

HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS Strengthening the Role of Internal Auditing in Government Entities : Auditing Services In Saudi Arabia The Kingdom of Saudi Arabia has had some major developments in its financial and regulatory frameworks over the last few years. One of those developments that is currently being discussed is the new AS’HMT initiative launched by the Zakat, Tax, and Customs Authority (ZATCA). In this article, we are going to discuss the stress points of this initiative and what it means for government entities, along with the role of internal auditing in ensuring compliance and good governance across the kingdom. AS’HMT Initiative: A New Era of Transformation The Zakat, Tax, and Customs Authority (ZATCA) launched the AS’HMT as an Initiative to reinforce the contribution of internal auditing across government entities. ZATCA’s core values and strategic vision are the foundation for this new initiative, which seeks to foster enhanced governance and assist in elevating audit quality through shared knowledge and the practice of best practices in this field.  Internal audit basically ensures regulatory compliance, assesses the risks, and improves governance. The AS’HMT initiative focuses on the improvement of internal auditing within the government bodies. Supporting ZATCA’s strategic goals, the establishment of an extremely qualified and sustainable audit force, achieving excellence in government operation, and supporting the digital shift of internal auditing operations are equally high on the agenda of the goals of the AS’HMT initiative. This is the beginning of a new age of efficiency and digital innovations in the kingdom. Ensuring Compliance: The Role of Auditing Services In Saudi Arabia Auditing services are instrumental in enforcing compliance by checking an organization’s compliance against legal, regulatory, and internal standards. Auditing services test internal controls, detect possible risks, and make suggestions for improvement to facilitate better compliance practices. Accurate: Your Auditing Partner in Saudi Arabia We offer an extensive list of services at Accurate, including accounting, company formation, and auditing. These services can be adapted to our clients’ needs and wants. Besides, the vast knowledge and expertise of our highly skilled team in the business environment in Saudi Arabia places us among the top auditing firms in the kingdom! Internal Auditing: We offer internal auditing services that can help your organization identify existing and potential risks, improve governance, and make sure you are maintaining compliance with regulatory requirements. External Auditing: Our external auditing services can give you an independent opinion on the financial statements of your organization, ensuring transparency and accountability. Compliance Auditing: We also offer compliance auditing services that help organizations adhere to regulatory requirements and industry standards. Why Choose Accurate for Auditing Services in Saudi Arabia? Our team has a deep understanding of the Saudi Arabian market and regulatory environment; this understanding allows our team of auditors to deliver high-quality auditing services that meet the needs of our clients. With us, you can expect the following:  Quality: It is our passion to deliver high-quality auditing services that meet the needs of our clients and surpass their expectations. Regulatory Compliance: Our team constantly keeps track of the latest legal requirements in the Kingdom of Saudi Arabia to guarantee that our clients are up to mark.  Expertise: With a team of seasoned auditors who have dealt with companies of various industries, we remain the top provider of expert auditing services in Saudi Arabia.  Independence: We maintain our independence and objectivity in auditing services, which allows us to give our clients an objective opinion.  Risk Management: Our audit services help identify, assess, and manage risks so that our clients can concentrate on improving and expanding their businesses. Customized Solutions: We customize our audit services according to the specific needs of every individual client to offer highly personalized solutions.  Quick Processes: Time is precious, and we understand this, which is why we ensure that our clients get their audit reports on time.  Professionalism: Our auditing team always maintains the highest standards of professionalism and integrity. The AS’HMT initiative launched by ZATCA highlights the importance of robust financial frameworks in government entities. Because of the continuing changes in the business environment, Saudi organizations need dependable partners to assist them in navigating all the intricacies of auditing, accounting, and taxation. Accurate offers auditing services, accounting services, tax services, and financial advisory services, among many other services. We have an experienced team of professionals dedicated to delivering quality services aligned with the particular needs of private sector organizations in Saudi Arabia. We are here to assist you with auditing, professional accounting consulting, and business formation. Contact us today to learn more about our services and how we can support your organization’s success. Featured News Strengthening the Role of Internal Auditing in Government Entities: Auditing Services In Saudi Arabia Business Visa in Saudi Arabia A Comprehensive Guide to Trademark Registration in KSA – Copy View this post on Instagram A post shared by Accurate Accountings (@accurateaccountings_) Got Questions? We’ve Got Answers Claim Your Free Consultation Whatsapp Instagram Facebook-f Ready to start your business in KSA? Contact us today for free expert guidance! Ready to start your business in KSA? Contact Us Leave a Reply Cancel Reply Logged in as noushad. Edit your profile. Log out? Required fields are marked * Message* Accurate accounting is one of the leading company formations, accounting solutions, and VAT service consultancy in Saudi Arabia. Our company offers an extensive range of business formation in Saudi Arabia, and we have decades of experience and qualified team members.  SERVICES Home Accounting Solutions Zakat & Vat Solutions Auditing Business Setup Instagram Facebook Whatsapp Linkedin ➡️Jeddah Office Mob 1 : +966 53 344 1503 Mob 2 : +966 56 641 2742 Mail : sales@accurateaccountings.com Location : Accurate Accounting ,VAT & Auditing Solutions King Khalid Road, Al-Baghdadiyah Al-Sharqiyah, Jeddah 22234, 6th Floor, Room No. 603. 01264579 ➡️Riyadh Office Mob 1 : +966 53 967 9925 Mob 2 : +966 56 627 2958 Landline : +966 11 512

HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS Business Visa in Saudi Arabia Saudi Arabia is one of the most notable hubs for businesses in the Middle East, with its growing economy and opportunities. Entrepreneurs from around the world aim to do business in Saudi Arabia; however, the difficulty of obtaining a business visa in Saudi Arabia can be challenging for foreign entrepreneurs and companies. This is a complete guide to assist you in knowing the advantages, requirements, and process of acquiring a visa in Saudi Arabia. What is a business visa, exactly? A Business Visa in Saudi Arabia is a unique visa that allows people to travel to the Kingdom for business reasons, providing various advantages. The visa permits you to participate in different business activities, including: Attending meetings and conferences Carrying out local market research Investigating business opportunities While a Business Visa does not allow one to work full-time in Saudi Arabia, it gives you the opportunity to Develop business ties Pursue business investment opportunities Launch a new company in the country In essence, a Saudi Business Visa acts as a ticket to the business arena of Saudi Arabia and a pass for tapping into new sources of opportunities. Requirements for a business visa in Saudi Arabia If you are looking to get a business visa for Saudi Arabia, it’s important to know that the requirements can vary based on the type of visa and your nationality. However, there are some common requirements you should keep in mind: Valid passport: You will need a passport that’s valid for at least six months. Online application form: Fill out the online Saudi Arabia business visa application. Health insurance: Non-US citizens must purchase health insurance from KSA. Recent photographs: Recent photographs of the applicant, which meet the Saudi Arabian government’s specifications (taken within the last six months with a white background, measuring 200 x 200 pixels, and between 5-100 Kb in size). Proof of business: Proof of business, such as a commercial registration certificate, a business license, or a letter from the employer. Electronic invitation letter: Obtain an electronic invitation letter from a Saudi company. Additional documents: Be prepared to provide additional documents if required, such as proof of accommodation and financial stability. Process of getting a business visa in Saudi Arabia The process of getting a business visa in Saudi Arabia can be complex and time-consuming. Here are the general steps involved: Submit application: Submit the application form and required documents. Pay fees: Pay the required fees, which vary depending on the type of visa and the applicant’s nationality. Wait for approval: Wait for the application to be approved, which can take several days or weeks. Collect visa: If you successfully fulfill all the necessary requirements for a Saudi business visa, you can expect a smooth process with minimal processing time, allowing you to collect your visa as quickly as possible. Why you should get a Saudi business visa? If you are looking to tap into the vast and lucrative market of Saudi Arabia, a business visa can be your key to unlocking new opportunities, connections, and growth.  Step into the Saudi market: With a business visa, you will gain direct access to the vibrant market of Saudi Arabia. This is your chance to experience the market firsthand, understand local needs and demands, and identify areas for growth. Expand and develop your business: Holding a business visa in Saudi Arabia provides the perfect opportunity to extend partnerships, find new growth opportunities, and take your business to the next level. Network with the best: A Saudi business visa opens doors to top officials in the Saudi business world. These connections can be invaluable in helping your business grow quickly and efficiently. Promote your brand: While in Saudi Arabia, use the opportunity to promote your brand and build a strong presence in the dynamic market.  Conduct in-depth market research: A business visa in Saudi Arabia allows you to conduct thorough market research, gathering essential data to drive your business forward. In short, a Saudi business visa is your ticket to unlocking new opportunities, connections, and growth in one of the Middle East’s most vibrant markets.  Getting a business visa in Saudi Arabia can be a complex and challenging process, but the right kind of guidance and support will help you unlock a new world of opportunity. At Accurate, we specialize in providing expert guidance and support to foreign entrepreneurs and companies looking to establish a presence in Saudi Arabia. Our team of experienced professionals can help you navigate the business visa process in Saudi Arabia, ensuring that you comply with all the necessary regulations and requirements.  Apart from Company formation services in KSA, the services we provide include accounting, VAT, and auditing. Our extensive knowledge and connections in the Saudi Arabian business landscape can take you far on this journey. Accurate can be your one comprehensive source for all business development and management needs. Contact us today to learn more about how we can help you succeed in the Saudi Arabian market. Featured News Business Visa in Saudi Arabia A Comprehensive Guide to Trademark Registration in KSA – Copy A Comprehensive Guide to Trademark Registration in KSA View this post on Instagram A post shared by Accurate Accountings (@accurateaccountings_) Got Questions? We’ve Got Answers Claim Your Free Consultation Whatsapp Instagram Facebook-f Ready to start your business in KSA? Contact us today for free expert guidance! Ready to start your business in KSA? Contact Us Leave a Reply Cancel Reply Logged in as bloombiz tech. Edit your profile. Log out? Required fields are marked * Message* Accurate accounting is one of the leading company formations, accounting solutions, and VAT service consultancy in Saudi Arabia. Our company offers an extensive range of business formation in Saudi Arabia, and we have decades of experience and qualified team members.  SERVICES Home Accounting Solutions Zakat & Vat Solutions Auditing Business

HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS Top 5 company formation agencies in Riyadh Are you a business owner trying to establish your brand in Saudi Arabia? Navigating the complex procedures of company formation can be a difficult task, especially in a foreign country! But it is not difficult if you have an experienced company formation agency by your side. They will assist you in ensuring a seamless setup and walk you through the entire process! But there are so many agencies to choose from, so how do you choose the one to help you establish your business? In this article, we are going to introduce you to the top 5 agencies for company formation in Riyadh to help you make an informed choice. What to look for in a company formation agency Before we learn more about the five agencies you can look into if you are trying to find the perfect agency to help you with company formation in Riyadh, let’s first discuss what to expect from a company formation agency. Here is what to expect from a company formation agency you can rely on: Expert guidance on business structures and licensing requirements Extensive knowledge of legal proceedings Assistance with obtaining necessary permits and approvals Ongoing support with accounting, bookkeeping, and tax compliance Connections to local networks and business communities Top 5 company formation agencies in Riyadh 1. Accurate Accounting & Bookkeeping Services Accurate is your one-stop shop for accounting services, VAT, auditing solutions, and company formation in Riyadh. With over 10 years of experience and a portfolio of 1500+ satisfied clients, you can trust our team of seasoned experts to help you with every step of the process, from selecting the best business structure to securing the required licenses and permits! Our services include accounting, bookkeeping, auditing, business setup, trademark registration, tax consulting and compliance, financial advisory and planning, etc. Working with Accurate ensures: Fast and efficient company formation process Expert guidance on Saudi Arabian business regulations and laws Continued support with accounting, bookkeeping, and tax compliance Access to a team of experienced professionals with international expertise 2. Company Formation Saudi Company Formation Saudi is a major name in the industry, providing company formation and business setup services in Riyadh. Their team of experts has extensive knowledge of Saudi Arabian business laws and regulations. 3. Analytix Analytix is another reputed agency providing company formation and business setup services in Riyadh. They would be able to help you with company services such as registration and formation, tax planning and compliance, business advisory services, and visa and labour support. 4. Tetra Consultants Tetra Consultants is an international firm that specializes in company formation and is well-known in Saudi Arabia. When it comes to advising on business structures, licensing requirements, tax compliance, and business strategy, their team is trustworthy.  5. TASC Corporate Services A full-service consultancy, TASC Corporate Services can help you streamline business operations and setup in Saudi Arabia. They guarantee a smooth and effective setup process by taking a customized approach and assisting you in navigating the intricate legal and regulatory environment. TASC is renowned for providing complete, end-to-end services that are intended to support businesses in the Kingdom, from initial consultation to business licensing. Conclusion Setting up a business in Saudi Arabia is a complex and time-consuming process, especially when you do not know the legal proceedings and licensing requirements in the country. But with the right guidance, you can turn this journey into a smooth and successful experience. When choosing a company formation agency, you need to consider many factors before choosing the right one for your cause.  At Accurate, we will help you establish a strong business foundation in Riyadh! As one of the most trusted agencies for company formation in Riyadh, we guarantee a seamless and efficient setup process that saves you time and effort. Our team of experts will guide you through every step and provide comprehensive services from company registration to ongoing compliance. Connect with us to learn more about our services and to get a free quote. Featured News A Comprehensive Guide to Trademark Registration in KSA – Copy A Comprehensive Guide to Trademark Registration in KSA Extension of ZATCA's Penalty Relief Initiative View this post on Instagram A post shared by Accurate Accountings (@accurateaccountings_) Got Questions? We’ve Got Answers Claim Your Free Consultation Whatsapp Instagram Facebook-f Ready to start your business in KSA? Contact us today for free expert guidance! Ready to start your business in KSA? Contact Us Leave a Reply Cancel Reply Logged in as bloombiz tech. Edit your profile. Log out? Required fields are marked * Message* Accurate accounting is one of the leading company formations, accounting solutions, and VAT service consultancy in Saudi Arabia. Our company offers an extensive range of business formation in Saudi Arabia, and we have decades of experience and qualified team members.  SERVICES Home Accounting Solutions Zakat & Vat Solutions Auditing Business Setup Instagram Facebook Whatsapp Linkedin ➡️Jeddah Office Mob 1 : +966 53 344 1503 Mob 2 : +966 56 641 2742 Mail : sales@accurateaccountings.com Location : Accurate Accounting ,VAT & Auditing Solutions King Khalid Road, Al-Baghdadiyah Al-Sharqiyah, Jeddah 22234, 6th Floor, Room No. 603. 01264579 ➡️Riyadh Office Mob 1 : +966 53 967 9925 Mob 2 : +966 56 627 2958 Landline : +966 11 512 7177 Mail : solutions@accurateaccountings.com Location : Accurate Accountings, Business Setup, VAT & Auditing Building Number 55 Al Hawari Street Al Malaz District Riyadh, KSA 12831

HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS A Comprehensive Guide to Trademark Registration in KSA Saudi Arabia is one of the biggest business hubs in the world today, and the expanding economy and pro-business policies of the country are fuelling this growth. If you are a business owner, you would know the significance of a brand identity. The brand you create for your business is a promise to your customers; it is a reflection of your values and a key aspect that differentiates you in the market. Your brand needs proper protection against theft, misuse, and infringement. That’s where trademark registration comes in! Trademark registration protects your brand and this is your guide to trademark registration and company formation in KSA! What is a trademark? Before we dive into the details of trademark and tradename registration in Saudi Arabia, first we need to understand what a trademark really is. A trademark is a distinctive sign, symbol, word, phrase, logo, or design that identifies your product or service and differentiates it from others. Trademarks can be registered for a lot of things, including business names, logos, product names, packaging, taglines, domain names, and even social media handles. Why register a trademark in KSA? Registering a trademark in Saudi Arabia offers you a wide range of benefits, and if you are a business owner planning to establish a brand of your own, trademark registration is an essential step in the process. Trademark registration allows you to display your brand name and logo on boards, signage, and other promotional materials. Registration gives you exclusive rights to use the trademark in connection with the goods or services you provide, which will distinguish you from your competitors. Registration also provides you with a legal basis for taking action against anyone who infringes on your trademark. Branding your services and products will help you distinguish and improve the brand value of your business among customers and investors. Trademark registration will deter your competitors from using similar symbols and marks, which will help you protect your market share. The trademark registration process in KSA Now that you know what a trademark is and how it can boost your business in KSA, let’s dive into the trademark registration process in Saudi Arabia, which involves several steps. Conduct a trademark search: To make sure your mark is distinct and doesn’t violate any already-existing ones, the first step in registering a trademark is to perform a comprehensive search of existing trademarks. Prepare and file the application: After completing the research process and confirming that your mark or name is unique, you can submit a trademark application to the Saudi Authority for Intellectual Property (SAIP) along with the necessary paperwork, including a power of attorney, a copy of your trade license (if you’re applying as a business), a copy of your passport or identification, the artwork for your brand name or logo, a list of your products and services, the priority document, etc., and fees. Consideration period: The consideration period is a 90-day-long period in which SAIP will review your application to make sure it meets the necessary requirements; a fee of 1000 SAR applies during this period. Your trademark will appear in the official gazette if it is approved. Publication period: After your trademark is published in the Gazette, third parties have a 60-day window to object. You will need to pay a fee of 500 SAR during this period. Registration and Renewal: If no objections are received during the publication period, your trademark will be registered. The registration fee is 5000 SAR and the validity period of a trademark is 10 years in KSA, so you need to renew it every 10 years. Registering trademark in KSA with Accurate Trademark registration in KSA is not an easy process and Failing to conduct a thorough search, failing to provide required documents, incorrect classification, and not renewing the registration on time are all common mistakes business owners make with this process. But Accurate can help! We are your one-stop solution for company formation in KSA and we will help you with the complete legal proceedings and uniqueness search of your tradename and trademark registration journey! Mistakes and confusion on your end while filing for trademark registration can lead to delay and rejection, but at Accurate, we ensure a fast and error-free registration process you can rely on. Conclusion Registering your trademark is an essential first step in creating and protecting your brand identity. Accurate can help you with a hassle-free trademark registration process in Saudi Arabia if you are set on creating a unique brand identity for your products or services. Get in touch with us to learn more. FAQs What is a trademark? A trademark is a unique sign, symbol, word, phrase, logo, or design that identifies a product or service and distinguishes it from those of others. Why should I register my trademark? Registering your trademark provides exclusive rights, protects your brand from infringement, and increases its value and credibility. How long does trademark registration last? Trademark registration is valid for 10 years in KSA, and it is renewable. How long does it take to register a trademark? The trademark registration process typically takes several months, depending on the complexity of the application. Featured News A Comprehensive Guide to Trademark Registration in KSA Extension of ZATCA's Penalty Relief Initiative Statutory Auditing in Saudi Arabia: Compliance Made Easy with Accurate Accounting View this post on Instagram A post shared by Accurate Accountings (@accurateaccountings_) Got Questions? We’ve Got Answers Claim Your Free Consultation Whatsapp Instagram Facebook-f Ready to start your business in KSA? Contact us today for free expert guidance! Ready to start your business in KSA? Contact Us Leave a Reply Cancel Reply Logged in as bloombiz tech. Edit your profile. Log out? Required fields are marked * Message* Accurate accounting is one of the leading company formations, accounting solutions, and VAT

HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS Extension of ZATCA’s Penalty Relief Initiative Extension of ZATCA’s Penalty Relief Initiative: Financial Relief and Compliance for Taxpayers The Zakat, Tax and Customs Authority (ZATCA) has extended the “Cancellation of Fines and Exemption of Financial Penalties” initiative by the Minister of Finance for another six months until June 30, 2025. With exclusions from several financial penalties under all tax rules, this ruling provides much-needed assistance to taxpayers throughout the Kingdom. Among the fines covered by the program are those for late tax registration, late tax payment, and late tax return filing. Penalties for VAT return errors, infractions of the rules surrounding e-invoicing, and general VAT rules have also been removed. It is worth noting that it does not affect fines paid prior to the effective date of the initiative, penalties arising from returns that are due after December 31, 2024, or those penalties that come from tax fraud. Taxpayers must ensure that they enroll with ZATCA to file any unfiled or missed tax returns to benefit from the program. They also have to pay the principal tax amount due on filed or revised returns. For taxable persons who have significant tax obligations, taxpayers may also request an installment payment plan. All payments should be made as per the conditions of the installment agreement that has been approved by the authority, and this plan should be applied for within the active period of the initiative. By posting a condensed guideline on its official website, ZATCA has made the specifics of this endeavor clearly available. This guidance describes the precise circumstances in which taxpayers can take advantage of the exemption, explains in detail which penalties are covered, and guides taxpayers through the application process for installment plans. It further clarifies the consequences of field infractions, especially those pertaining to VAT and electronic invoicing. Before this extension expires in June 2025, the ZATCA encourages taxpayers to make the most of it. By doing this, they can guarantee that their tax responsibilities are met while also removing or lessening the financial burden of penalties. Taxpayers are invited to contact ZATCA’s unified call center at 19993 for any inquiries or additional information, as support is always accessible. Accurate Guidance on ZATCA’s Extended Tax Penalty Exemption Initiative Extension of the “Cancellation of Fines and Exemption of Financial Penalties” initiative up to June 30, 2025, by Zakat, Tax and Customs Authority, has been a valuable opportunity for Saudi taxpayers. In this regard, the initiative works to reduce various tax penalties for both individuals and business organizations, alleviating financial stress. It spans a variety of penalties, including late tax registration, late payments, and returns. It also removes fines associated with errors in VAT returns and violations of e-invoicing regulations. By extending this initiative, ZATCA promotes compliance and opens a door for taxpayers to rectify past oversights without piling up extra financial burdens. Taxpayers will be able to take advantage of this program if they are registered with ZATCA and file all outstanding tax returns. They have to pay the principal tax amounts due on those filings. ZATCA allows taxpayers who are subject to heavy tax liabilities to enter into an installment payment plan, which helps businesses manage cash flow while fulfilling obligations. Accurate can be a significant source of aid for businesses moving through this turbulent landscape. For years, this business formation service in KSA has been specifically focused on clients’ tax questions and compliance: ensuring that proper filings are in place and getting them done to the letter by the deadline. Accurate may help reduce exposure to risks while maximizing the availability of benefits within initiatives. The extension of this program is a timely reminder for taxpayers to reassess their obligations. In the face of agencies such as Accurate, businesses can easily navigate their tax responsibilities while at the same time minimizing penalties. Taxpayers are urged to act promptly before the initiative runs out in June 2025 to fully enjoy this opportunity to ease their financial burdens. Featured News Statutory Auditing in Saudi Arabia: Compliance Made Easy with Accurate Accounting A New Companies Law and Its Compliance with Saudi Businesses Essential Reasons for Obtaining a Saudi Business Visa View this post on Instagram A post shared by Accurate Accountings (@accurateaccountings_) Got Questions? We’ve Got Answers Claim Your Free Consultation Whatsapp Instagram Facebook-f Ready to start your business in KSA? Contact us today for free expert guidance! Ready to start your business in KSA? Contact Us Leave a Reply Cancel Reply Logged in as bloombiz tech. Edit your profile. Log out? Required fields are marked * Message* Accurate accounting is one of the leading company formations, accounting solutions, and VAT service consultancy in Saudi Arabia. Our company offers an extensive range of business formation in Saudi Arabia, and we have decades of experience and qualified team members.  SERVICES Home Accounting Solutions Zakat & Vat Solutions Auditing Business Setup Instagram Facebook Whatsapp Linkedin ➡️Jeddah Office Mob 1 : +966 53 344 1503 Mob 2 : +966 56 641 2742 Mail : sales@accurateaccountings.com Location : Accurate Accounting ,VAT & Auditing Solutions King Khalid Road, Al-Baghdadiyah Al-Sharqiyah, Jeddah 22234, 6th Floor, Room No. 603. 01264579 ➡️Riyadh Office Mob 1 : +966 53 967 9925 Mob 2 : +966 56 627 2958 Landline : +966 11 512 7177 Mail : solutions@accurateaccountings.com Location : Accurate Accountings, Business Setup, VAT & Auditing Building Number 55 Al Hawari Street Al Malaz District Riyadh, KSA 12831