RIYADH — Saudi Arabia has issued licenses for more than 162 regional centers by the end of the third quarter of 2023.
The Ministry of Finance announced key accomplishments in its preliminary statement for the 2024 budget.
These licenses are part of a program aimed at attracting global companies to relocate their regional headquarters to Saudi Arabia.
Regional headquarters in Saudi Arabia serve as bases for multinational companies, established in accordance with Saudi laws to provide support, management, and strategic guidance to their branches and subsidiaries in the Middle East and North Africa.
The Regional Headquarters Program is a collaborative initiative between the Ministry of Investment and the Royal Commission for Riyadh, inviting global companies to transfer their regional headquarters to the Kingdom.
According to the preliminary statement, the Ministry of Investment has implemented a mechanism to grant premium residency to executives in regional headquarters in coordination with the Premium Residency Center.
Additionally, in cooperation with the Ministry of Municipal and Rural Affairs and Housing, the Ministry has devised an exception mechanism, allowing regional headquarters companies wishing to establish their headquarters within one of their branches in the Kingdom.
The Ministry of Investment has worked with the Ministry of Human Resources and Social Development to activate incentives for regional headquarters concerning employees.
This includes visa grants based on the company's needs, permission for the spouse to work under the residency of the husband or wife, and extending the legal age for the stay of children with employees of regional headquarters to 25 years.
Furthermore, the Ministry has collaborated with the Ministry of Commerce to activate a dedicated process for issuing commercial records for regional headquarters companies, streamlining the administrative procedures.
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