Most Common Steps After Business Incorporation In Saudi Arabia

Learn the essential post-incorporation steps for maintaining compliance in Saudi Arabia, from managing key government portals to setting up a corporate bank account and meeting GOSI requirements.

After registering a company in Saudi Arabia, the next steps include opening a corporate bank account, managing key government portals such as Muqeem, Qiwa, Mudad, and GOSI, and hiring staff.

A foreign business must meet the post-incorporation requirements to keep the company in good standing and avoid disruptions to operations or fiscal penalties.

Common post-incorporation steps in Saudi Arabia

1. Manage Key Governmental Portals

What Needs to Be Done:

• Register and maintain the following portals:
  • Muqeem: For managing expatriate employee records.
  • Qiwa: For workforce management and hiring.
  • Mudad: For payroll and labor compliance.
  • GOSI (General Organization for Social Insurance): For social insurance compliance.
• Regularly update these portals to ensure uninterrupted access.

2. Meet GOSI Requirements

What Needs to Be Done:

• Obtain and maintain an updated GOSI certificate.
• Ensure timely payment of social contributions for employees.
• Keep GOSI records current to remain eligible for government contracts and projects.

3. Set Up a Corporate Bank Account

What Needs to Be Done:

• Complete the bank account setup process quickly:
  • Sign account opening documents promptly.
  • Update documentation before license renewals.
  • Maintain consistency in the company’s legal name after the bank account setup.

Avoiding penalties in Saudi compliance and post-setup process

Common consequences in case of non-compliance in Saudi’s governmental portals

• Blocked portals can prevent your company from hiring new employees.
• Delayed updates may halt critical business operations.
• Lack of portal access can lead to an incomplete business setup, stalling expansion efforts.

Common consequences in case of non-compliance in GOSI

• Non-compliance can result in significant fines and penalties.
• Your company may be unable to bid on government projects.
• Delays or non-compliance with GOSI requirements can lead to withheld payments from government entities.

Common consequences in case of non-compliance in setting up a bank account in Saudi:

• Delays in banking setup can disrupt financial operations.
• Sudden bank account blockages may hold up commercial contracts and delay payments.
• Non-compliance with banking procedures may lead to legal actions from employees or regulatory bodies.

For a deeper dive into understanding overall areas of compliance, check out our quick guide on compliance in Saudi here

Whether you are a seasoned business owner or just planning to launch a startup, having professionals on your side can streamline your company incorporation process. AstroLabs can help you stay compliant with Saudi Arabia's business practices and regulations to enjoy a streamlined business incorporation process – contact them today.