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The Kingdom Of Saudi Arabia's Regional Headquarters Program: A Summary Of Key Provisions.pdf

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Preview of The Kingdom of Saudi Arabia's Regional Headquarters Program: A Summary of Key Provisions
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📊 Size: 139 KB
👤 Author: Lara Zentena
⬇️ Downloads: 49

Summary

The Kingdom of Saudi Arabia (KSA) is implementing a Regional Headquarters (RHQ) program through Cabinet Decision 377/1444, effective January 1, 2024, aligned with Vision 2030. This initiative encourages companies to establish or relocate RHQs in the KSA by offering regulatory advantages.

Key Provisions:
- Companies seeking an RHQ license from the Ministry of Investment must conduct specific strategic activities, refrain from revenue operations, and employ at least 15 full-time employees within a year.
- A foreign company is considered to have an RHQ in the KSA if it has one in the Middle East and North Africa region and is not on MISA's list of companies without RHQs.
- Government agencies (GAs) are prohibited from contracting with companies lacking RHQs in the KSA, except under limited exceptions, including tenders with low costs or projects executed outside the KSA.
- GAs can accept bids from non-RHQ companies only if there's a single technically acceptable bid, or the best technical bid is at least 25% lower than the next best offer.

The decision will significantly affect multinationals in the KSA, particularly those heavily reliant on public tender awards, prompting companies to quickly restructure their operations to comply with the new requirements by next year.

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Description

Saudi Arabia's Regional Headquarters Program, governed by Cabinet Decision 377/1444, aims to attract or relocate foreign companies' regional hubs, offering regulatory frameworks for GA-company contracts as of 2024, in line with Vision 2030.

Technical Information

  • File Format: PDF
  • File Size: 139 KB
  • Pages: 2
  • Language: EN
  • Author: Lara Zentena
  • Total Downloads: 49
  • Last Updated: 1 month ago

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