The experience of stepping out of the airport into Riyadh is nothing like it was a decade ago. Saudi Arabia has changed quickly — due to its Vision 2030 plan. No longer just about oil. Today, it is one of the most thrilling cities in the world for both business and lifestyle.
Expanding to the Gulf is a huge step for British founders and global investors alike. This is far beyond opening a company and looking at the balance sheet. Now YOU gotta know what a REAL LIFE in The Kingdom consists of to make it big in the ME—most competitive economy. What unfolds when board meetings wrap up and family time commences? Let’s explore.
When executives think about moving their families, safety is always, of course, one of their first considerations.. The good news? Saudi Arabia is one of the safest countries. Violent crime is very rare, and certainly falls to an incredible low compared with the majority of main City centres in Europe or North America.
You can stroll freely through Riyadh’s King Abdullah Financial District (KAFD) or Jeddah corniche at midnight. Street crime is almost zero. Much of this is due to the country’s robust security, as well as a culture that prizes respect and hospitality.
Everything from the religious zeal to social life in Saudi Arabia has changed a lot.
The urban areas are designed with consideration for comforts. Smooth highways, the new Riyadh metro, clean parks and first-class private hospitals like Dr. Sulaiman Al Habib are what you will see here. Hence, expat life in Saudi Arabia is a very easy and comfortable one.
How you decide to locate, is the tempo of your family. International executives generally choose between either gated expat compounds or independent private villas and apartments.
For many years expats have opted to live inside gated compounds. Some of the more recognized ones include Al Hamra, Arizona Golf Resort at Riyadh and Arabian Homes in Jeddah.
Welcome to these compounds as if it is a tiny Western village. With swimming pools, tennis courts, gyms, shops and maybe even kindergartens. Within the gates, it is a laid back community where children play with safety and adults are easy to meet.
These days, most business owners choose to live outside of the compounds. Regarding Riyadh, you can find very nice modern villas and big apartments in upscale neighborhoods, such as Al Nakheel or Hittin. Such houses typically offer greater space as well as personal yards, along with a placement closer to the largest service locations in the city.
Excellent private schools offer British, American, or International (IB) curriculums if you are relocating with the kids. Most teachers are native speakers.
The good schools get filled fast, so applying early is the way to go. This is a rough guide to the fees that you could pay:
International companies often provide an education allowance in the relocation package to fund these costs.
In order to examine the cost of living in Saudi Arabia, you must consider it with a broad look. However, the huge tax benefits compensate for the overall high costs of rent and international school.
Stuff like luxury imports or dining out are equally priced to London levels. Although petrol and everyday household utilities are extremely affordable. 15% is for any value added tax (VAT) on most goods and services.
The biggest financial perk? Saudi Arabia has 0% personal income tax on salary. If you are a founder receiving remuneration or dividends from your firm, 100% of them goes to you. There is also no capital gains tax (tax on investments that can be realised). That’s part of why this can be such a great area in which to build and preserve wealth.
If you would prefer not to rely on your employer for your visa and instead have one that can be renewed independently, the Saudi Premium Residency (Also commonly known as a Golden Visa) is a good choice. It provides you better flexibility and security.
In fact, there are multiple directions you could go with it:
We understand that for a seamless lifestyle within Saudi Arabia, your business needs to be established in a certain way. A legal company is the only way to get your residence permit (Iqama), pay rent, purchase a car or employ employees.
For expats, managing life in Saudi business goes a straightforward way:
Legalisation is something that many British business people fear. On the bright side, Saudi Arabia recognizes the Hague Apostille. This means your documents from the UK only have to be notarised and stamped with an Apostille by the FCDO. You do have to fork out for them to be stamped in London at the Saudi Embassy any more. This saves a lot of time.
Relocating your family and business to Saudi Arabia need not be a stressful affair. But you need the right team to show you how.
When it comes to mining the market, Trek Consultancy is the expert partner. We are located in Al Mansourah, Riyadh. Support teams are present in London and place around the world. We simplify the entire process for you.
We take care of MISA licensing, MoA drafting, selecting & Opening a bank account to get the necessary visas on-ground for you.
Contact our Riyadh office today. Okay then, grab your coffee & let’s talk about facilitating your business expansion and establishing a successful presence in Saudi.
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