The Arabic Language Pre-requisite While Doing Business In Saudi Arabia

With one of the most rapidly expanding populations in the world

, there are excellent opportunities for companies setting up a business in Saudi Arabia. Businesses in Saudi Arabia need to take into consideration the latest regulation pertaining to the mandatory language for all business dealing requirements.

Saudi Arabia has made Arabic as the mandatory business language in all commercial and business dealings. Companies doing business in Saudi Arabia are required to abide by the new ruling requiring business and commercial documents like utility bills, advertising, contracts, and insurance certifications to be written in Arabic.

The enterprises which fail to adhere to the ruling will be liable to pay a fine of SR 100,000, which can be doubled. In case of repeated offence, businesses may also face the risk of being asked to close down for a year.

The earlier legislation required keeping commercial books of business in Arabic language. However, in practice, the Department of Zakat and Income Tax (DZIT) has been satisfied with receiving responses to its objections or queries in Arabic.

After this new legislation, the use of Arabic language would be mandatory in all commercial and business dealings for businesses operating in Saudi Arabia. Therefore, businesses may need to translate books of accounts and commercial records in order to comply with the new legislation.

New Form for claiming Tax Incentives

In another update from Saudi Arabia, DZIT has issued a new form which needs to be submitted to take advantage of special tax incentives. However, there are several qualifying conditions that must be satisfied to avail capital incentives.

An expert to help overcome the Challenges

Businesses looking to set their first foot abroad need all the advice and assistance to make their international business expansion a successful one. The biggest trouble faced by the companies expanding to Saudi Arabia besides bureaucracy is contract enforcement. With no civil court system for resolving contract disputes or bankruptcies, and no legislation for the protection of shareholders or investments, business operations could prove challenging in Saudi.

When doing business overseas, especially in Saudi Arabia, it is important to acclimatize yourself with the law and the latest regulations. Partner with a reputed business consultant who can offer suitable guidance in almost all aspects of your business, be it legal, HR, Payroll, compliance or international accounting, tax for expats.

The tax authorities of Denmark have proposed reforms to indirect taxes which are likely to take effect in 2013. The draft law which is subject to the Parliament"s approval will also avoid erosion of tax base by providing for indexation of tonnage tax based on inflation and wages.

Chinese tax authorities have clarified the Corporate Income Tax (CTI) treatment of equity incentive compensation plans (EICP) taking effect from 1 July, 2012. The recent clarification dealing with executive compensations is likely to improve the chances of business expansion in China and develop the country"s securities market.

Switzerland has temporarily re-introduced authorization requirements for workers coming into the country from the eight Eastern European countries that joined the European Union (EU) in 2004commonly referred to as the EU-8.

by: brianwarren

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