GCC nationals company&
A GCC nationals company in Saudi Arabia refers to a business entity established by citizens of Gulf Cooperation Council (GCC) member states, which include Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman
Ownership: A GCC nationals company must be owned entirely by citizens of GCC countries. The ownership structure may vary depending on the specific requirements and regulations of the Saudi Arabian authorities.
Legal Form: A GCC nationals company in Saudi Arabia can take various legal forms, such as a limited liability company (LLC), joint stock company, or partnership, depending on the nature and scale of the business.
Registration: To establish a GCC nationals company in Saudi Arabia, the founders must comply with the regulations and procedures set by the Saudi Arabian Ministry of Commerce and Investment (MOCI). This includes obtaining a commercial registration certificate and fulfilling other legal requirements.
Activities: A GCC nationals company can engage in a wide range of business activities in Saudi Arabia, subject to any restrictions or regulations applicable to foreign companies in the Kingdom.
Taxation: GCC nationals companies are subject to the same tax laws and regulations as Saudi-owned companies. This includes corporate income tax on profits derived from activities in the Kingdom.
Liability: The liability of the owners of a GCC nationals company is typically limited to the amount of their investment in the company, similar to the liability structure of other types of companies.
Reporting Requirements: GCC nationals companies are required to comply with the reporting and disclosure requirements set by the Saudi Arabian authorities, including submitting annual financial statements and other relevant documents.
Local Sponsorship: In some cases, GCC nationals companies may be required to have a local sponsor, who is a Saudi national or a company wholly owned by Saudi nationals, to act as a sponsor or partner in the business.