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Saudi Arabia has witnessed a radical transformation due to its promising plan to make the country one of the biggest business centers in the globe. The food industry, in a similar way, has boomed in the last few years and still has a long way to go with an expected value of USD 22.4 billion and a CAGR of over 9% by 2026.
This food industry provides diverse opportunities due to the wide range of cuisines that is available from all over the world thus providing a large range of business possibilities. As a result, many international entrepreneurs consider Saudi Arabia as a potential location to open up restaurants. You can be among them with the help of a local specialist like us, depending on what you want to own, either a café, restaurant, or food truck, we can help you achieve quick and simple at a very reasonable price.
It cannot be denied that the food industry delivers lucrative business, however, operating a restaurant in a place that isn’t your home country is a tough row to hoe. The same goes for Saudi Arabia. Before you can open the doors to your audience in Saudi Arabia, you must meet several standards.
In this blog, we’ve put up a list of what you’ll need to open a restaurant in Saudi Arabia. But first, we think it is important to know why the Kingdom is a perfect destination for your business.
Why Should you choose Saudi Arabia to open your restaurant?
The Kingdom’s status as a magnet for small and large-scale businesses conducting lucrative commerce is well-deserved. Apart from oil and natural gas, the country now provides considerable prospects for firm growth and expansion in tourism, hotel and hospitality, food industry, education, and many other industries, thanks to the execution of Vision2030.
Saudi Arabia has seen an incredible rise in its economy in recent years and has outperformed most of the gulf countries. Due to its expansion in business opportunities in other sectors, it is now easily accessible to foreign investment. Furthermore, Saudi Arabia’s tax structure, which includes a low sales tax and no income taxes, is a major appeal for global companies.
The food business in the Kingdom of Saudi Arabia is very impressive. Since people from various ethnic groups reside here coming from all over the world, the cuisine s quite diversified. Hence, you can open a food corner of your choice and even see a good dividend in your income.
What are the steps involved to get 100% business ownership of a restaurant?
Once again, yes, for a foreign investor, it is possible to open a restaurant in Saudi Arabia and retain 100% business ownership. But the steps involved in its final execution are something to be considered. Because believe it or not, the task that you will have to complete will be quite a list. First of all, you must demonstrate that you have the financial means and capability to invest in the country.
You will also have to register the business name that you have chosen.After that, you will need to apply for licenses and visas. To live, work, and reside in Saudi Arabia, you’ll also require a business visa.
Because you’ll be making and selling food, you’ll need to follow all applicable food codes as well as health and safety regulations. The specific criteria will be determined by the kind and size of your restaurant.
When applying for a restaurant license in Saudi Arabia, you must present the following documents:
- Proof of ID and address for directors and shareholders
- Passport copies for shareholders and directors
- Copy of trade name confirmation
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Bank reference letter
What should you collaborate with Thinkdirect BPO?
To trade in Saudi Arabia, all enterprises must get a license. Thinkdirect BPO can assist you with obtaining this license and also complete all the formalities that are required in the process. While the measures required of foreign investors are not overly hard, they do necessitate some prior knowledge. It’s especially important to double-check that all of your business/visa/license applications are error-free. This can be stressful, hence, working with a business formation professional is the fastest way to get up and running.
Over the last ten years, Thinkdirect BPO has assisted thousands of entrepreneurs in starting their enterprises. We provide you with the greatest options for starting a business in Saudi Arabia with a customized solution to meet your exact requirements. Our team will take care of acquiring all the required documents while you focus on business growth.
Your safe entry to the Kingdom is in safe hands. Hence, if you are to start your business, let us know and we will begin the process for your walk towards a successful business.
