Business Using Technology Saudi Arabia

by | Jun 2, 2022 | Business Law

June 2, 2022

Mini Guide for Startups (Q&A)

BACKGROUND

Technology has revolutionized the way companies conduct businesses. This guide provides an overview and understanding of technology in relation to business and the regulation around it in Saudi Arabia.

The target audience are the following: (1) Startups who have a tech idea and don’t understand the law around it, or know how to start a business, or get licensed or protect their idea. (2) A layperson that is interested in how people use technology to make money, get regulated and start a business.

Question: CAN YOU TELL ME WHAT WOULD BE A GOOD ROAD MAP TO START MY TECH BUSINESS? BABY STEPS PLEASE.

  1. Take the online pre-assessment tool on the Fintech Saudi website (know
    where you stand)
  2. Go on the Ministry of Commerce website and click the ISIC4 link https://mc.gov.sa/ar/guides/ISIC4/Pages/default.aspx
    Choose the business activities you want. Every activity has a name and a code number. Save the names and code numbers (those codes will appear on your Certificate of Registration)
  3. Set up a Limited liability Company
  4. If it turns out you need a fintech permit, check which regulator you should Approach
  5. Approach the right regulator. Check their website first and prepare the list of requirements they want
  6. Test the idea with the regulator. It’s a challenging and exciting journey!
  7. Once you get your fintech permit, then you can start operating your Business

Click the link below and read the full guide:-

http://nasreenalissalaw.com/wp-content/uploads/2022/05/BUSINESS-USING-TECHNOLOGY-SAUDI-ARABIA.pdf

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