One of the most important aspects of operating a business is accounting as there are specific regulations that need to be respected. Our accountants in Saudi Arabia are at the service of those who need assistance in financial matters.
| Quick Facts | |
|---|---|
| Accounting services available | – bookkeeping, – financial statement preparation and filing, – tax consulting and advisory etc. |
Payroll services availability (YES/NO) | Yes, payroll and HR services are available with our accountants in Saudi Arabia |
VAT registration availability (YES/NO) | Yes, our accountant in Saudi Arabia can help you obtain a VAT number |
| VAT rates | 5% standard rate |
| Corporate tax rate | 20% |
| Zakat tax rate | 2.5% calculated on the net worth of a company |
| Special tax rules applied to foreign investors | Foreigners are not imposed the Zakat. |
| Tax allowances availability (YES/NO) | Yes, costs associated with: – salaries, – retirement contributions paid by employers, – startup expenses |
| Accounting and reporting standards in Saudi Arabia | International Financial Reporting Standards |
| Audit services availability (YES/NO) | Yes, our auditors in Saudi Arabia can provide audit services |
| Financial statements filing requirements | 120 days after the financial year ends |
| Audited financial statements required (YES/NO) | Yes |
| Double tax treaties access (approx. number) | Approx. 55 double tax treaties |
| Personal income tax | Saudi Arabia does not levy a personal income tax |
| Other services | Apart from our accounting services, we also offer company formation services in Saudi Arabia. |
Table of Contents
What accounting services do you offer in Saudi Arabia?
Our accountants in Saudi Arabia can help in the following:
- tax and VAT registration, which is a service that can be provided from the beginning of commercial operations in this country;
- bookkeeping, which is one of the most important services associated with accounting in Saudi Arabia;
- payroll and human resources administration services, which cover accounting and employment-related services, and are very appreciated by foreign investors;
- tax advisory services for business owners who are looking to improve their operations or who are interested in adopting a new direction;
- financial statement preparation and audit services that must be completed in accordance with various regulations.
What are your VAT-related services in Saudi Arabia?
Registration for taxation must be completed with the General Authority of Zakat and Tax. The procedure can be completed by our accountants in Saudi Arabia as part of the company formation procedure. We can also handle the VAT registration formalities and other aspects related to accounting in Saudi Arabia.
What are the bookkeeping services available with your accountants in Saudi Arabia?
We can handle the following:
- accounts payable: we will register the incoming invoices;
- accounts receivable: we issue invoices and keep records of the outstanding payments;
- transaction administration: we keep track of all transactions made by the company and record them in the accounting books according to their types;
- accounts reconciliations: we match accounting records with financial statements.
What do your payroll services entail in Saudi Arabia?
We offer payroll and HR management services, as follows:
- employment agreement creation, amendment, and termination;
- representation with the Saudi authorities for payroll purposes;
- payroll setup and monthly administration, which includes salary calculations and payments directly into the employees’ accounts;
- preparation and distribution of monthly payslips;
- social contributions payment.
IMPORTANT! Our accountants in Saudi Arabia can also handle the administration of payroll for expat employees, as certain regulations apply differently in their case.
Here is also an infographic on our accounting services in Saudi Arabia:
Do you also offer audit services for Saudi companies?
Yes, we do. We perform mandatory audits, which are imposed on certain types of companies, as well as optional ones, on request.
Do you also provide accounting services to foreign companies with operations in Saudi Arabia?
Yes. Our services are tailored to the type of enterprise you operate under: a branch office or a subsidiary.
Do you offer industry-based accounting services in Saudi Arabia?
Yes, we do. We can assist businesses that operate in the oil and gas sector, which are subject to a specific tax regime, as well as businesses with operations in other industries, such as: real estate, import-export, commerce, etc.
Can you also assist me if I am a Saudi sole trader?
Yes, if you need accounting services, you can rely on our specialists for tailored solutions.
How are foreign investors taxed in Saudi Arabia?
As an Islamic state, Saudi Arabia imposes a few taxes on local companies and investors; however, it also imposes taxes on those from other GCC countries. Some of these levies are not imposed on foreign investors, such as the Zakat. It implies a donation that must be made by each individual, and it is calculated based on the wealth of the respective taxpayer.
Here is also a video on this topic:
What prices do your accountants in Saudi Arabia practice?
We offer hourly rates for one-time services, as well as packages for recurrent services, so you can choose in accordance with your needs.
If you need accounting services in other countries, such as the UAE, we can put you in touch with our local partner – accountants in Dubai.
If you are interested in immigration to Saudi Arabia and the taxes you need to pay, you can rely on our agents.
If you have any questions on other taxation matters in Saudi Arabia, you can rely on our accountants. They will also provide information on various matters related to accounting in Saudi Arabia, so do not hesitate to contact us for support.