sagia.gov.sa Conversion Of Foreign Entity into National Entity Saudi Arabia
Organization : Saudi Arabian General Investment Authority
Facility : Conversion Of Foreign Entity into National Entity
Country : Saudi Arabia
Website : https://sagia.gov.sa/en/InvestorServices/InvestmentServicesGuide/Pages/CONVERSIONOFFOREIGNENTITYTONATIONAL-ENTITY.aspx
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SAGIA Conversion Of Foreign Entity into National Entity
This service is for any firm that wants to end its status with SAGIA with the exit of the foreign shareholders and conversion of the firm into a 100% national owned business.
Related : SAGIA Transfer of Ownership to Inheritor : www.statusin.org/42247.html
Service Documents
** A letter from the firm or decision of the shareholders requesting conversion of the firm into a 100% national project, containing justifications of the application, authenticated by the Chamber of Commerce.
** Sales contract signed by the seller and the buyer, and attestation of their signatures.
** Any proof indicating authority of the applicant.
** Copy of the Commercial Registration (CR).
** Copy of the Articles of Association.
** Copy of the Zakat and Income certificate.
** Copy of the shareholders’ Identities (IDs).
** Copy of valid Social Insurance certificate (GOSI).
** The last financial report of the company.
** Approval of the Saudi Industrial Development Fund (SIDF) on the requested modification for industrial projects, or a proof of non-existence of industrial loan.
** An undertaking by the firm that it does not own any real estate with the approval of the Authority (SAGIA).
** An undertaking by the firm to finalize the investor’s status and convert to a national entity.
** An undertake from the new owner/ owners to finalize the decision of the shareholders and amend the commercial certificate into national within 3 months from the announcement of the decision.
Rules & Restriction
** The decision shall not be accepted except after receipt of original of the investment license.
** Once the decision to convert to national is announced it will be implemented immediately and the previous owners do not have the right to appeal or cancel the decision.
** Converting to national will only be granted to foreign entities and companies that have effective projects and are already active.
Service Mechanism
** Application is submitted on the website – E- services portal.
** Application is referred to the licensing department after verification of the entirety of the documents submitted.
** Application is referred to the licensing panel for recommendation.
** Application is referred to the Governor for decision.
Frequently Asked Questions
1. Will this type of facility be serviced only or will there be addition to other types in the future?
Currently, these facilities will only be serviced during this initial stage. In the future, the expansion will be extended to serve segments and other categories of facilities.
2. For the Saudi investor, what distinguishes this center?
** The presence of all government agencies above in one center, which facilitates the process of completion and termination of the procedures during one visit
** Provide a package of services for different types of installations
** Fast transaction termination and easy access to information
3. What are the services provided by the business centers to the Saudi investor?
** Consulting services related to the establishment of companies and the issuance of necessary licenses and commercial register
** Provide some relevant government services
** Responding to inquiries regarding investor services