Author name: noushad

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 Extends Tax Amnesty Program: A New Opportunity for Compliance and Relief The Kingdom Saudi Arabia has announced an extension of its tax amnesty program to provide people and companies facing financial penalties for a variety of tax regulations. The Saudi authorities announced an extension that will last until December 31, 2024. The law was first put into effect in March 2020 in an effort to lessen the COVID-19 pandemic’s negative economic effects. The amnesty program has been repeatedly extended by the government to assist individuals and enterprises. The goal of the most recent extension is to provide more assistance to individuals who are still dealing with financial difficulties.  The tax amnesty initiative gives a wreck by using waiving consequences for overdue registration below tax laws, delayed tax bills, past due submitting of tax returns, VAT return amendments, and violations found throughout VAT audits and e-invoicing policies. This initiative targets to offer comfort and encourage compliance. However, the tax amnesty does no longer cover tax evasion fines or fines associated with returns due after July 1, 2024. According to the Initiative, a taxpayer must be registered with the tax system, submit all previously unsubmitted returns to ZATCA, and pay off any primary tax debt related to the outstanding returns in order to qualify for the exemption. As long as the application is made when the initiative is still in operation, and all outstanding installments are paid by the deadlines listed in the Authority-approved installment plan, taxpayers can also request an installment plan from ZATCA. It is crucial to remember that fines paid before the initiative’s effective date and penalties associated with tax evasion breaches are not included in the initiative.  At the same time, businesses and individuals are advised to consult a tax professional to ensure compliance with the requirements for the tax amnesty program. This extension of the tax amnesty initiative demonstrates Saudi Arabia’s commitment to assisting its commercial enterprise community and fostering conducive monetary surroundings. Accurate Business Formation Agency‘s Managing Director, Noushad, has been actively sharing his insights and expertise on this development with 24 News. Noushad underlined in his talks the significance of this change for companies doing business in Saudi Arabia and the ways it will affect different industries. It’s critical for businesses to remain aware and compliant as they navigate these new rules. Accurate’s professional advice will be essential in assisting companies in comprehending and adjusting to these developments, guaranteeing their survival in a changing environment. You can rely on Accurate to deliver the most recent information, expert counsel, and assistance required to ensure a seamless transition. Accurate’s thorough knowledge and proactive attitude to Saudi Arabia’s evolving business requirements can help you stay ahead of the curve. https://youtu.be/tZuaUq7ws-o?si=agNq_kfHL2a_D5FQ Featured News Saudi Arabia Extends Tax Amnesty Program: A New Opportunity for Compliance and Relief Zakat, VAT & Other Tax Requirements in Saudi Arabia Top 5 Business Formation Companies in Saudi Arabia 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

HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS HOME ABOUT US RIYADH JEDDAH ACCOUNTING VAT AUDITING BUSINESS SETUP CONTACT NEWS Worried About Business Bank Account Setup Delays in KSA? Since the identification of oil from Saudia’s soil, the nation has undergone a drastic transformation. Through petroleum exportation, the country nourished its economy, but when global warming and climate change hit the plant, Worsley, Saudi government also took decarbonization as their top agenda.  Then, to maintain international investors’ interest in conducting business in Saudi Arabia, the ruling House of Saud is aware that it must widen its economic base. The foundation of the Vision 2030 initiative is this. Foreign investors are now considering KSA for investments outside of the oil industry due to this extremely ambitious economic initiative for diversification. This is the major factor that attracts Indian businessmen to the desert land. Indian diasporas have been building their dreams in the country as Saudi’s land is fruitful for Indian investors.  However, there are some challenges that make the investor’s process a little bit harder. One of the predominant challenges that an Indian businessman commonly faces in the country is opening a business bank account. Even though, Saudi has an advanced-banking system, businessmen usually have to face some complications in banks. Why Open a Business Account in Saudi Arabia? Investors-friendly countries like Saudi Arabia are stringent for the transparency and credibility of a business, especially in the case of foreign companies. Thus, opening a specific business bank account is a basic necessity for all businesses in the country. In actuality, it improves your company’s general reputation and transparency in addition to streamlining financial procedures. These are some strong arguments for the need for a business bank account in the country. Moreover, opening a business bank account in Saudi Arabia means making sure you follow local laws, which foster the transparency of your venture. Transparency has a significant role in building trust with the clients and authorities. In addition, financial transactions run more smoothly when you have a dedicated account, making it easier to handle income, spending, and payroll. Access to specialist financial services, such as business loans and credit facilities, is another benefit of opening a business account. Eligibility Requirements All companies must qualify to establish a commercial bank account in Saudi Arabia. Initially, the company must furnish essential documentation, including a copy of the investment license granted by the Ministry of Investment (MISA), and ensure possession of the company’s registered national address in Saudi Arabia.The general manager must authorize the establishment and administration of the bank account, and you will want the Articles of Association pertinent to your local company, along with a copy of the general manager’s residency permit card (Iqama). Primarily, acquire a copy of your company’s business license and the board resolution. Steps to Open a Business Account The first and most important step to open an account is choosing the right bank. Only through a perfect banking partner, you can explore the business’s financial journey. There are a lot of factors that need to be understood before choosing the right bank. Begin this journey by researching banks in the country, and comparing their services, fees, and reputation with other banks to determine the right bank for your business. Customer service that is friendly and responsive is crucial when selecting a bank in order to quickly resolve any questions or issues. To protect the money in your company, you should give priority to banks with strong security protocols because of how sensitive financial transactions are. Since every business has different needs, it’s critical to choose a bank that can customize a range of account types to meet your unique needs. Your bank should also be in line with the long-term objectives of your company, offering support that develops with it to provide long-term value.Opening a business bank account in Saudi Arabia has a key role in establishing a credible and transparent business in the market. While the process may present challenges which is usually a nightmare for foreign investors, understanding the requirements and selecting the right banking partner can make the journey a cakewalk. If you are looking for expert guidance and support, Accurate is the perfect solution for you. We are the best consultancy for business setup in Saudi Arabia. with extensive knowledge of the local banking landscape and commitment to client satisfaction, we offer top-notch services to make creating an account easier. Indian businessmen and other overseas investors can successfully overcome the challenges of setting up their financial operations in Saudi Arabia by working with Accurate, opening doors for profitable projects in this exciting market. 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! 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