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Permits granted to 4 new FinTech firms to operate under Regulatory Sandbox by Saudi Central Bank

Riyadh: The Saudi Central Bank (SAMA)  announced granting a new batch of companies the permit to provide Open Banking Solutions in the Regulatory Sandbox. Permitted FinTechs are: Wally Global Arabia Sanam Aliliddikhar for Information Technology Istishraf Al-Bayanat for Financial Technology Spare Arabian Financial Company This will bring the whole number of Read more…

Saudi: Draft Investment Law Published

Investors can express their views and feedback on the latest draft investment law till 05 May, 2022. The Ministry of Investments Saudi Arabia (MISA) has climbed another historic milestone by publishing an investor friendly draft of the latest investment law. The Law aims to attract Direct Investments, enhance the investment Read more…

No Minimum Capital for Trading Sector!

Ministry of Investments clarified that there is no minimum capital requirement even for trading sector under “Tasattur” correction program. Riyadh: Saudi Arabia is entering its last quarter of the amnesty period announced for commercial correction of businesses in the Kingdom. This scheme allows any foreigner or a foreign entity to Read more…

E-Invoicing Penalties Announced

ZATCA has announced violations and penalties in relation to e-invoicing. The Zakat, Tax and Customs Authority (ZATCA) has given out more information regarding the penal provisions for non-compliance regarding the e-Invoicing regulations and requirements, that will be effective from 4 December, 2021 in the Kingdom of Saudi Arabia (KSA). Please find the Read more…