Saudi Arabia Grants 57 Regional HQ Licenses to Companies in Q2
Kingdom's Vision 2030 Drives Increase in Business Relocations with Tax Incentives and Support
Saudi Arabia Issues 57 Regional HQ Licenses in Q2, Up 84% YoY
RIYADH: More than 57 international firms received licenses to relocate their local headquarters to Saudi Arabia in the second quarter of this year, an increase of 84 percent year-on-year.
A total of 184 permits issued in the first half of the year underscored the country’s attractive and favorable business environment, the Kingdom’s Ministry of Investment revealed in its quarterly report.
The Vision 2030 initiative to diversify the economy includes a move to attract local bases to Saudi Arabia, as well as new tax incentives for multinational companies that secure relocation licenses.
These benefits include a 30-year exemption from corporate income tax and withholding tax related to headquarters operations, along with discounts and support services.
According to recently approved rules, companies with state contracts must have a regional headquarters with at least 15 employees in the country.
