Saudi Arabia to grant premium residency for regional HQ executives
24/10/23
Saudi Arabia’s Ministry of Investment is offering a premium residency to executives based at regional headquarters. The initiative is part of its ongoing efforts to enhance its business environment and is in partnership with the country’s Premium Residency Center.
The Ministry of Finance highlighted the collaborative work between the Ministry of Investment and various government entities to remove obstacles for investors. Such incentives include granting visas based on company’s requirements, enabling spouses under the family residency to work and extending the age limit for dependents allowed to stay with regional headquarters employees to 25 years.
Due to these new innovative incentives Saudi Arabia continues to make strides in improving its business climate, attracting investments and fostering a more accommodating environment for foreign companies. In this vein, the Ministry of Investment launched the ‘Meza’ platform, which facilitates investors access to business service providers from the private sector. It offers connectability in areas such as business establishment, financial and tax consulting, logistics and headquarters transfer assistance.
The platform also includes the process of obtaining licenses and subsequent government approvals for the commercial registry. Furthemore, it can assist companies in finding suitable office space, housing and schools for employees families.
The initiative highlights the continuation of efforts to enhance Saudi Arabia’s position as a leading global investment centre building on the success of the launch of four special economic zones in April 2023. In addition, during the first half of 2023, Saudi Arabia’s special economic zones attracted over SAR 47 billion (USD 12.5 billion) in investments in sectors including maritime industry, mining, industry, logistics and modern technologies.
The ongoing target is to develop and diversify the Saudi economy and improve the investment environment in line with the Kingdoms Vision 30 goals.
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