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HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS Statutory Auditing in Saudi Arabia Compliance Made Easy with Accurate Accounting In Saudi Arabia, businesses are required to conduct statutory audits in order to track and assess their performance. A statutory audit is an audit that is mandated by law to assess the financial records and situation of the firm.  A statutory audit is typically carried out for the general public. In order to provide a fair and impartial assessment of a company’s financial situation, statutory audit firms examine and keep an eye on the company’s financial records and accounting procedures.  While guaranteeing compliance with legal requirements, hiring accounting and auditing services in Saudi Arabia can reduce the workload for internal accounting teams. Businesses must submit their financial statements to ZATCA and the Ministry of Commerce on time. The General Authority of Zakat and Tax (ZATCA) requires submission within 120 days after the end of the financial year. In Saudi Arabia, companies can adopt either the Gregorian (calendar) year or the Hijri year as their fiscal year. However, most businesses follow the calendar year, meaning their fiscal year ends on December 31. Consequently, they must submit their audited financial statements by April 30. Failure to do so results in a SAR 20,000 fine from ZATCA. Additionally, audited financial statements must be submitted to the Ministry of Commerce via the Qawaem portal by June 30. Non-compliance with this requirement may result in further penalties from the Ministry of Commerce. Legal Structure and Supervision of Compliance The legal framework in which Saudi Arabian audit firms operate is regulated by a number of laws and rules. The Companies Law, which was most recently amended in 2016, specifies basic standards for financial reporting and corporate governance. Financial institutions are also required to follow the Banking Control Law’s rules for auditing and accounting procedures. Saudi Arabian auditing practices comply with International Financial Reporting Standards (IFRS), which are required by Regulation No. M12 of the Certified Public Accountants. The operations of audit firms are monitored by the Saudi Organization for Certified Public Accountants (SOCPA), which makes sure that ethical and professional standards are followed.  The purpose of statutory auditing services Statutory auditing services are intended to guarantee the accuracy and fair presentation of a government’s or company’s financial records. Statutory audits are conducted by an outside organization and are mandated by law. Financial transparency by formalizing the accuracy and fairness of financial statements, investor support by enhancing trust in a company and drawing in new investors, compliance by making sure a company complies with regulatory requirements and standards, fraud prevention by identifying irregularities and discouraging fraud, and decision-making by giving a clear and trustworthy picture of a company’s financial position. Statutory audits look into a business’s finances, transactions, and financial statements, including bank balances, accounting, and bookkeeping records. Regarding the validity and soundness of the company’s financial records, the statutory auditor offers an unbiased assessment. How to Perform Audits in Saudi Arabia To conduct an audit in Saudi Arabia, take the following actions: The Ministry of Commerce, which maintains the audit registration, must first grant you an audit license. For planning, review prior audits and scholarly works. Notify and include audit participants, then plan and coordinate the procedure. Complete the audit and create an audit checklist. Document and evaluate results, conduct research, and develop and carry out action plans. Authorized workers must digitally sign documents and submit financial reports using the Zakat, Tax, and Customs Authority (ZATCA) computerized network. Before submitting, make sure all the data is correct. Saudi Arabia adheres to the Saudi Organization for Certified Public Accountants’ (SOCPA) accounting standards.  Fulfilling Audit Requirements Saudi businesses are required to hold annual shareholder meetings, produce financial reports on schedule, and submit financial accounts for the previous year’s operations by March 31 of the current fiscal year. To successfully navigate Saudi Arabia’s audit standards, one must follow the law, work with certified audit firms, and be dedicated to open and honest financial reporting. Businesses may guarantee compliance and cultivate investor trust in the ever-changing Saudi market environment by utilizing the experience of audit professionals. Services Offered by Audit Firms Audit firms in Saudi Arabia offer a variety of services to meet client needs, including internal or operational audits that assess company performance and operational efficiency, external audits that analyze financial operations and ensure compliance with regulatory standards, and statutory audits conducted annually by independent auditors, which involve comprehensive reviews and reporting on financial statements.  Accurate, a business formation agency in Saudi Arabia, helps businesses with their statutory audits, ensuring thorough and compliant financial reviews. Our statutory auditing team consists of experienced professionals to effectively conduct the statutory auditing procedure. The team members remain acquainted with the latest changes in the statutory auditing arena to stay ahead in the loop. If you are in search of one of the best Statutory Audit support services in KSA, look no further and contact Accurate where you will find a team of dedicated consultants equipped with relevant experience who take pride in creating value for their clients.  Our statutory audit department conducts audits by adhering to various global accounting and auditing standards for conducting fair and accurate audits for various stakeholders like government, banks, financial institutions, the general public, and investors. Additionally, we specialize in assisting with company formation in Saudi Arabia, ensuring a smooth and compliant setup process. You can contact us to enquire more about the statutory audit services as well as our company formation expertise. Featured News A New Companies Law and Its Compliance with Saudi Businesses Essential Reasons for Obtaining a Saudi Business Visa Saudi Arabia's Economic Surge: A 2.8% Growth in Q3 2024 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!

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 New Companies Law and Its Compliance with Saudi Businesses The Saudi Ministry of Commerce is giving companies one last chance to change their status in accordance with the new Companies Law. As required by the Royal Decree of 12/1/1443, this law, which went into effect on January 19, 2023, mandates that all currently operating corporations comply with its restrictions by January 18, 2025. If they don’t, they will have to cover the cost of the modifications. The Ministry is actively urging businesses to revise their statutes or articles of organization by using the Business Platform offered by the Saudi Centre for Economic Business, which can be found at business.sa. In order to streamline this procedure, businesses are encouraged to make use of the platform’s “Amendment of Articles of Association/Statutes” feature. Through this service, companies can electronically complete and submit their application. Importantly, there will currently be no financial charge for publication fees for businesses changing their statuses. The Ministry has particularly emphasized that compliance with this regulation is important, and after 18 January 2025, the regulatory body will take actions against firms that do not update their documents to meet the new provision of Companies Law. Such actions form part of the government’s efforts to enhance the Kingdom’s regulatory environment and unify business regulations in the country. This move is in line with the larger economic reforms Saudi Arabia is undertaking, which are intended to enhance accountability and transparency in the corporate sector and significantly boost the competitiveness and health of the business environment. Therefore, businesses are encouraged to move quickly to ensure compliance and benefit from the current incentives provided throughout the amendment process. Key Benefits of Amending the Articles of Association The transition from paper to electronic forms is critical for businesses looking to digitalize their operations through digitalization. Companies that do not embrace this change face penalties. The Article Amendment Act allows businesses to change through the amendment of partners, invitation of new ones, add activities, alteration of partnership percentages, changes of addresses, and modification of powers of partners. This amendment also allows changes in the capital structure of business, addition and deletion of information of shareholders and alteration in management positions and rights. The effective date for this modification is January 18, 2025. Digitalization brings several advantages, such as increased efficiency and security of data, besides cost-cutting measures regarding the storage and management of paper. With paper documents transformed into digital forms, organizations can reduce complexities in workflow and improve access. It minimizes the risk of losing data or accessing unauthorized data but is also a sustainability factor since it saves paper. The opportunities presented by the digital shift are thus balanced by the challenges that arise during its implementation. Benefits of Partnering with Accurate for Articles of Association Amendments Working with a seasoned Company formation firm in Saudi Arabia like Accurate can be highly beneficial for organizations going through this transformation. Accurate provides customized services that streamline the amendment process and specializes in assisting companies in comprehending and adhering to the new Companies Law. Their knowledge guarantees that businesses take use of the benefits provided by the new law, including increased freedom in governance and operational structure, in addition to meeting regulatory requirements.  Before the deadline, businesses should make updating their articles of association a top priority. Businesses can optimize their organizational structure for future expansion and guarantee a seamless transition that complies with regulatory requirements by working with Accurate. In addition to protecting against any fines, taking pre-emptive measures now will put companies in a favorable position within Saudi Arabia’s changing economic environment. Featured News A New Companies Law and Its Compliance with Saudi Businesses Essential Reasons for Obtaining a Saudi Business Visa Saudi Arabia's Economic Surge: A 2.8% Growth in Q3 2024 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 Essential Reasons for Obtaining a Saudi Business Visa Business Visa in Saudi Arabia Saudi Arabia boasts the most diverse economy and is among the most powerful nations in the world. Saudi Arabia has fantastic commercial prospects, so if you’re wanting to establish a firm or find a new career, this country can be a wonderful choice. If you intend to travel for work-related reasons or if your firm is hosting a meeting or conference in Saudi Arabia, the Saudi Arabia business visa is perfect.  Both single-entry and multiple-entry visas are available. The duration of stay in Saudi Arabia is specified by these visas. You can enter Saudi Arabia with a single-entry business visa and remain there for ninety days. If you have a multiple-entry visa, you can stay for 180 days.  Saudi Arabia Business Visa Application Requirements To apply for a Saudi Arabian business visa, you need several essential documents. These include an original passport valid for less than six months with at least two empty visa pages. You must fill out an online Saudi Arabia visa application form on VisaHQ and purchase health insurance from KSA if you are a non-US citizen. Passport photographs taken within the last six months with specific dimensions (200×200 pixels and 5 to 100 Kb) are required, along with an electronic invitation letter from a Saudi company. An employment verification letter stating “business” as your purpose of travel, copies of your company’s business registration in Saudi Arabia and the US (if you’re a US citizen), and any additional documents that may be required are also necessary. Lastly, your passport must not indicate any prior or intended travel to Israel. Saudi Arabia Business Visa A Saudi Arabia business visa is necessary if you wish to conduct business in Saudi Arabia. Conferences, talks, client meetings, general meetings, project discussions, and branch openings are the primary reasons for obtaining a KSA business visa. Letter of invitation for a business visa to Saudi Arabia An invitation from the Chamber of Commerce or the Ministry of Foreign Affairs is required for all Saudi business visas. The first step in getting your Saudi Arabia business visa is receiving this invitation letter. Application for a Saudi Arabian business visa You can obtain the Saudi Arabia business visa application form from VisaHQ. It includes the employer support letter template, pre-check guidance, related questions, and an outline of the procedure. You will be asked for your residence information, travel details, including dates and flights, data about the individuals you are visiting in Saudi Arabia, and information about your marital status and religion on the visa application form. Besides, a non-native person in Saudi Arabia with a resident permit can apply for a business visa without returning to his homeland. Request for a business visa to Saudi Arabia The Saudi Arabia business visa application form is available from VisaHQ. An outline of the process, precheck instructions, relevant questions, and the employer support letter template are all included. On the visa application form, you will be asked for your residence details, travel information (such as dates and flights), information about the people you are visiting in Saudi Arabia, and details about your religion and marital status. Processing period for a Saudi Arabian business visa After you receive your invitation, the first step in obtaining a Saudi Arabia business visa is gathering all the necessary paperwork. It will take two or three working days to process your Saudi Arabian business visa. Cost of a Saudi Arabian Business Visa A Saudi Arabian business visa’s price depends on a number of variables. It is advised that you ask the person who invited you to Saudi Arabia for any specific visa requirements you may have while you are building a working connection with them. When they receive the invitation from MOFA or the Chamber of Commerce, they will make your request. The cost of visas differs depending on the nationality of the passport, even if nationality is fixed. The majority of visas are either single or multiple entry, but they can range in duration from three, six, or twelve months to two or five years. You can check VisaHQ for more details about visa fees.  How do I apply for a business visa in Saudi Arabia? The first step in applying for a business visa in Saudi Arabia is to get an email invitation from your Saudi sponsor. The invitation is in Arabic and needs to be translated, so one of the visa consultants will send it to you. A comprehensive Employer Support letter is also required. Complete the remaining criteria, including the order form, application form, medical form, and pictures. Within two to three working days, the processing is finished. Medical Insurance for Saudi Visas Every visa that the embassy issues comes with travel insurance that covers any medical needs you may have while in the country of Saudi Arabia. Not allowed to work on the statement On a business visa, you can see a “Not Permitted to Work.” This implies that you are unable to obtain an Iqama with this visa, rent a home, work full-time, or remain on it for an extended period of time. You need to apply for a KSA work visa, have a full-time job with a contract, and have your company’s visa block number in order to do these things. Accurate Accounting is one of the leading company formations, accounting solutions, auditing consultant and VAT service consultancy in Saudi Arabia. Featured News Essential Reasons for Obtaining a Saudi Business Visa Saudi Arabia's Economic Surge: A 2.8% Growth in Q3 2024 Tourism Trends in Saudi Arabia View this post on Instagram A post shared by Accurate Auditing Firm (@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

HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS Saudi Arabia’s Economic Surge: A 2.8% Growth in Q3 2024 A Strong Economic Performance Saudi Arabia’s economy has shown striking resilience, as indicated by recent figures given by GASTAT showing that 2.8% year-to-year growth occurred in the third quarter of 2024. All this goes to confirm the momentum of the kingdom towards further diversifying its economy and toward sustainable economic growth. The latest GASTAT report shows a dynamic economic profile with several key sectors undergoing notable growth. Of crucial importance to the diversification strategy of the kingdom is that the non-oil sector managed to grow by 4.3% year on year, the contributions from tourism, technology, and manufacturing being on the rise, while government activities also registered year-on-year growth of 3.1%, reflecting proactive measures to stimulate economic activity and generate employment. Meanwhile, stability was maintained in the oil sector with a minor growth of 0.05%, showing efforts in production optimization and energy efficiency improvement. Consumer spending accelerated by 6.2 percent year-over-year, supported by solid domestic demand, strengthened consumer confidence, and growth in disposable incomes. These higher levels of spending further boosted the demand for goods and services across industries. Total fixed capital formation was also at 4.5 percent year-over-year, meaning investment activity remains strong in public and private sector initiatives designed to increase capacity and induce new economic activity. All these efforts have contributed to the generally positive economic performance, with evidence of strategic diversification and sustainability in the kingdom’s growth. Driving Forces Behind the Growth: Several key factors have been behind Saudi Arabia’s impressive economic performance. This was the impetus provided by a sovereign wealth fund called the Public Investment Fund, driven through strategic investment inside and outside the country to fuel job creation, foreign direct investment, and innovation. Fiscal reforms rationalized spending and increased non-oil revenues, hence strengthening fiscal sustainability while improving the financial standing of the government and reducing dependence on debt. More, the increasing oil prices have positively impacted the economy, while the diversified economic structure of the kingdom has reduced its dependence on such volatile fluctuations. Focusing on non-oil sectors like tourism, technology, and manufacturing shows much improvement and provides a robust and diversified economy for Saudi Arabia. The efforts combined present a strategic focus on economic diversification and sustainable growth. The economic outlook for Saudi Arabia remains promising, with continued focus on diversification, infrastructure development, and private sector growth as the kingdom navigates global economic challenges, its strong economic fundamentals, strategic reforms, and ambitious vision position it for sustained prosperity.  Saudi Arabia’s Q3 2024 performance clearly underlines how robust and strategic the move in this direction is from this kingdom. This makes impressive 2.8 percent growth of Saudi Arabia’s economy year-on-year show its success with very great contributions from the sector not connected to oil business activities, increased consumer spending, as well as a rise in investment activity, especially concerning what can now be seen as direct, pragmatic Vision 2030 implementations at work by the government within fiscal space. With these global economic challenges, diversification and infrastructural development would remain a commitment to the advancement of Saudi Arabia, and that is where Accurate fits in. It’s one of the prominent business formations, as well as accounting, VAT Zakat solution, and auditing service agencies that could help businesses align themselves to the objectives of the kingdom. By providing expert guidance and comprehensive services, Accurate helps businesses optimize their operations, ensure compliance, and take advantage of new economic opportunities. As the kingdom continues to move forward toward a more diversified and sustainable economy, Accurate is ready to help businesses contribute to and benefit from Saudi Arabia’s ongoing economic transformation. Together, let’s drive forward the vision of a thriving and resilient economy, ensuring prosperity for all. Featured News Saudi Arabia's Economic Surge: A 2.8% Growth in Q3 2024 Tourism Trends in Saudi Arabia Saudi Arabia Extends Tax Amnesty Program: A New Opportunity for Compliance and Relief View this post on Instagram A post shared by Accurate Auditing Firm (@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 Tourism Trends in Saudi Arabia Saudi Arabia, a country rich in culture, history, and stunning scenery, is becoming a significant force in the world travel market. Saudi Arabia provides a distinctive and remarkable travel experience with its breathtaking landscapes, historic cities, and energetic coastal regions. Now, the forward-looking country is planning to diversify its economy through multiple sources to reduce dependency on oil and gas.  The country’s long-term development plan, vision 2030, also aims to make its economy eclectic. Thus, the Saudi is investing a huge amount of money for promoting tourism. Saudi Arabia’s Tourism Growth Trajectory The travel and tourism market in Saudi Arabia is on a remarkable growth trajectory. It is expected that by this year, the market will be able to generate an impressive revenue of US$3.95 billion. This is a significant milestone for the tourism industry, reflecting the growing interest and investment in Saudi Arabia’s tourism sector. Annual Revenue Growth Rate Looking beyond 2024, the revenue of travel and tourism market is forecasting to keep growing. At an annual growth rate of 3.51%, the market is estimated to reach US$4.70 billion by 2029. This growth has been stable and, thus, a clear indication of the prospects and resilience of the tourism sector in Saudi Arabia. Dominance Of The Hotel Market The hotel market was the largest segment within the travel and tourism sector in Saudi Arabia. In this year, market volume for hotels will hit US$2.56 billion. This dominance underscores the importance of accommodation services catering to the inflow of tourists and business travelers. Growing Number of Hotel Users The number of users in the hotel market is expected to increase considerably. By 2029, it is estimated that 11.88 million users will be staying in hotels in Saudi Arabia. The increase in hotel users is a sign of growing demand for hospitality services and the country’s ability to attract more visitors. User Penetration Rate In this year, the user penetration rate will have reached 27.3% in the hotels market in Saudi Arabia; and it is projected at 34.6% for 2029. Since it has been going higher every year, a huge majority of the population is using hotel service, thereby symbolizing wider acceptance and greater dependency on the hospitality sector in the country.  Average Revenue Per User (ARPU) Average revenue per user in the Saudi Arabian travel and tourism market is expected to be US$386.80 by 2029. The metric gives an insight into tourist spending behavior and the value generated per visitor, which in turn is healthy and lucrative. Shift to Online Sales One of the trends in the Saudi Arabian travel and tourism market is online sales. Online channels are expected to account for 86% of the total revenue in this market by 2029. This trend highlights the need for digital platforms and the increasing desire for online booking and purchase by travellers. Global Comparison A very interesting comparison is that of globally; in the travel and tourism market, the United States will be the highest revenue earner, with US$214 billion expected in this year. This comparison brings to the scale and potential Saudi Arabia’s market in the global scenario. Drivers of Growth The rapid growth in the tourism industry of Saudi Arabia is due to new infrastructural developments, preservation and promotion of cultural heritage sites, and an emphasis on luxury experiences in travel. All of these factors combine to make Saudi Arabia an increasingly attractive destination for tourists across the world. Saudi Arabia: A Thriving Hub for Business and Investment The growth of the tourism industry drives the hike of businesses in the country. The GDP of the country skyrocketed as a result of the booming of foreign investments in the country. Besides, the country become one of the fascinating destinations for investors the world over. Saudi Arabia’s commitment to expanding its tourism sector under Vision 2030 is paving the way for a diverse and sustainable economic future. Which makes the country a suitable soil for businesses. The business-friendly country is planning mega and giga projects to attract foreign investments. However, building a business in the Arabic land is not as easy as we think. Businessmen have to face a lot of challenges while opening a business in the country. When launching a business in Saudi Arabia, you must submit several important documents, such as the application for an investment license and a notarized board resolution, etc. Even though starting a business in Saudi Arabia is not an easy task, we can make it simple with the help of well-experienced business formation agencies. They can make the process uncomplicated. Similarly, finding a reputed business formation agency in Saudi Arabia is also a headache for many.  Accurate prides itself on having the most significant industry experience in Saudi Arabia and offers a comprehensive store solution for business creation, accounting solutions, and VAT service. Accurate’s over 10 years of experience and local understanding ensure that Accurate can help you accomplish your business goals in a straightforward and structured way.  Accurate helps you create a legitimate corporation in Saudi Arabia quickly and lawfully. Accurate’s skilled team oversees the incorporation process in collaboration with government agencies and has a thorough understanding of the Saudi market. At every stage of the company creation process, Accurate ensures that you’re on the right track for long-term success and expansion.  Key Tourism Trends in Saudi Arabia Cultural tourism Saudi Arabia has a rich and diversified cultural tourism experience. Tourists can visit ancient cities such as Al-Ula and Madain Saleh, where they can experience the depth of the country’s history. Moreover, cultural festivals such as Winter Wonderland and Red Sea International Film Festival have created vibrant opportunities to dive into the unique culture of Saudi Arabia. Adventure tourism Adventure tourism in Saudi Arabia presents a wide range of adventure activities. Visitors can go for thrilling desert safaris, dune bashing, and camel rides. Asir mountains offer treks up the mountains to explore secluded valleys and waterfalls. In addition, crystal-clear water of the

HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS Zakat, VAT & Other Tax Requirements in Saudi Arabia Saudi Arabia is a vibrant country with an excellent business climate. Its thriving economy and strategic location make it an ideal destination for business formation. However, company formation in Saudi Arabia is not as easy as we think in the country. We all know that! In a forward-looking country like Saudi Arabia, you must face many challenges: Zakat, Value Added Tax (VAT), and other tax requirements to build your dream. This blog will help you easily handle your responsibilities. What is Zakat? Zakat is an obligation under Sharia and the ‘obligatory tithe’, equivalent to 2.5% of the owner’s wealth, which should be distributed to the needy. Zakat in Saudi Arabia is calculated on the company’s Zakat base at a rate of 2.5%. The principle is mainly applicable to Saudi nationals and citizens of the GCC. A Zakat payer is defined as a natural or legal person conducting activities subject to Zakat under the Regulations, which includes sole proprietorships, corporations, or individuals operating a business with a valid license from a competent authority. Those who obtain a certificate exempting them from Zakat are also recognized as Zakat payers. Additionally, residency requirements specified in Article (3) of the Regulation apply to these individuals. Conversely, anyone who does not meet the residency criteria is classified as a non-resident. The fiscal year for Zakat payers can be either Hijri or Gregorian, and it may vary in length and be applicable at the beginning or end of their activities. Understanding VAT VAT was first implemented in Saudi Arabia in January 2018 at a rate of 5%; however, on July 1, 2020, it was raised to 15%. Most products and services sold in Saudi Arabia are subject to VAT, an indirect tax. Value Added Tax (VAT) is a type of indirect tax that consumers in Saudi Arabia pay on a variety of goods and services. The VAT Law describes the VAT implementation outlined in the Unified VAT Agreement of the Cooperation Council for Arab States of the Gulf, within the framework of Saudi Arabia’s corporate and legislative laws. An indirect tax on the use or consumption of goods or services, value added tax (VAT) is imposed at every level of the supply chain, from the point at which the producer buys raw materials to the point at which the merchant sells the goods to the customer. VAT registrants will collect the VAT from their clients that is relevant to their taxable activity and submit the collected tax to the appropriate authorities. Anyone who engages in commercial activity, whether natural or legal, is liable for VAT and must register. The present rate of 15% for most goods and services is one of the significant features of VAT. Certain goods, known as “zero-rated supplies,” may be exempt from taxes, such as exports and particular foods.  Companies whose yearly deliveries are above SAR 375,000 are required to register for VAT. Smaller companies may choose to voluntarily register if their supplies fall below this limit. Other Tax Requirements Corporate Income Tax For investors outside of this Saudi kingdom, income tax becomes 20% of the net adjusted profits. However, income derived from oil and hydrocarbon production can be taxed up to as high as 85%. It all depends on the conditions and factors during the time of production. Withholding Tax (WHT) The rates of WHT go between 5% and 20%, depending on the nature of the payments made to non-residents for services rendered within Saudi Arabia. Real Estate Transaction Tax (RETT) There is a 5% tax on the total value of real estate transactions in whatever condition or usage. Excise Tax Excise tax applies to specific goods, such as tobacco products (100%) and sugary drinks (50%). The manufacturers and importers must register with Zakat, Tax and Customs Authority (ZATCA) to comply with these regulations. Compliance and Reporting Commercial enterprises must maintain accurate accounts and report on a regular basis to ZATCA (Zakat, Tax and Customs Authority). For any business, an accountancy firm needs to make sure the proper registration with respect to VAT and other taxes relevant to the business is done. Recording of transactions that include sales invoices that reflect the amount of VAT is considered important. A business needs to file its VAT returns monthly if it exceeds SAR 40 million in annual supplies. Correcting know-how with respect to changes in tax laws is important to avoid penalties.   Familiarity with Zakat and VAT, among other tax requirements, plays an essential role in complying with Saudi Arabia’s tax requirements and running a successful business. They have to understand all these obligations, and records should be kept accurately to deal with all the bureaucracy of the Saudi tax system. If you plan to form a business or require guidance with tax requirements, Accurate Accountings will be there for you step by step. We have a clear understanding of the lay of the land here, which will allow us to provide finely customized advice as your business takes root and flourishes in Saudi Arabia’s fast-changing marketplace. Featured News Zakat, VAT & Other Tax Requirements in Saudi Arabia Top 5 Business Formation Companies in Saudi Arabia Starting a Business in Riyadh: Your Guide to Company Formation View this post on Instagram A post shared by Accurate Auditing Firm (@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

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 Business Formation Companies in Saudi Arabia Forming a business in Saudi Arabia is a dream of many, as well as the virtues of perks the country offers to companies, its thriving economy, and its strategic location. The government is planning to develop its economy through various sectors beyond oil. Hence, Saudi authorities are promoting foreign investments. However, you need to face many challenges to form a business in an ambitious country. Don’t worry! There are a plethora of business formation agencies in the forward-looking country that will reduce your stress in the entrepreneurial journey. This blog will discuss the top five business formation agencies in Saudi Arabia. 1. Accurate Accounting Accurate is one of the leading company formations, accounting solutions, and VAT service consultancy in Saudi Arabia. With decades of experience, Accurate has served more than 1500 clients and has a 99% success rate, and Accurate provides a wide range of business setup services in Saudi Arabia. Accurate’s quality requirements include constant customer confidentiality, business establishment, and compliance with Saudi tax laws. Accurate makes sure to finish all of the services provided to customers on schedule while also delivering precise final goods.With offices across the UK, Bahrain, Oman, UAE, India, Morocco, Qatar, and Saudi Arabia, Accurate helps you grow your business wherever. Additionally, Accurate offers comprehensive support from the start of your company to its success. Accurate provides a range of services for your company’s everyday operations.The skilled staff at Accurate assists you in overcoming any obstacles head-on and collaborating with all relevant stakeholders, including the government, business community, employees, and clients, to create solutions that serve their interests. 2. Analytix Analytix has years of experience offering beneficial assistance to companies entering the Saudi market. Analytix’s clients receive important business services, such as bookkeeping and accounting, tax and auditing, GRO and PRO services, and more.With the help of a knowledgeable and accomplished staff, Analytix has grown to become one of Saudi Arabia’s top consulting businesses for international business settings. From incorporating your business to streamlining its day-to-day operations, Analytix offers diverse services, and the team of Analytix can meet challenges without compromising their quality of service or professional integrity. Analytix provides a wide range of services, from business incorporation to optimizing daily operations. Their staff can handle obstacles without sacrificing service quality or professional ethics. 3. Creation Business Consultants For international corporations, investors, and entrepreneurs looking to operate and grow their businesses in Saudi Arabia and the Gulf Cooperation Council (GCC), Creation Business Consultants offers solutions that will protect control and ownership. It might be difficult for newcomers to the GCC market to know which business setup alternatives are available and which structure is best for their purposes. When finished, your company will be extremely profitable, compliant, and under your control, giving you an advantage over your rivals. 4. Company Formation Saudi We at Company Formation Saudi aim to simplify the process of setting up your business in Riyadh. Giving you the resources you need to register your international business in Saudi Arabia and grow it over time. Because of this, you don’t have to worry about conducting in-depth market research to determine whether or not your firm will flourish. We offer unmatched business guidance that will give you a thorough understanding of what you can and cannot accomplish if you establish a business in Saudi Arabia. 5. Creative Zone Creative Zone is one of the most reputable and prominent business setup counselors in the Middle East, offering SMEs and prospective entrepreneurs invaluable assistance. Creative Zone extended its reach to Saudi Arabia following years of expertise in Qatar and the United Arab Emirates. We constantly work to get better and expand. We stay up to date with the constantly shifting business environment.     Among these consultancies, Accurate is the most affordable and comfortable company formation consultancy in KSA and more than ten years of experience. Our experts have made things easier for you over the years. We manage Business set-up, Accounting, and Auditing, as well as Zakat, VAT, and E-invoice. Accurate Solutions is ready to serve you again for a long time. Featured News Zakat, VAT & Other Tax Requirements in Saudi Arabia Top 5 Business Formation Companies in Saudi Arabia Starting a Business in Riyadh: Your Guide to Company Formation View this post on Instagram A post shared by Accurate Auditing Firm (@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 7177 Mail : solutions@accurateaccountings.com Location : Accurate Accountings, Business Setup, VAT & Auditing Building Number 55 Al Hawari Street Al Malaz District Riyadh, KSA 12831