Hello friends,
My family is planning to start up a business and we have found the kafeel that we are looking to work with. We plan to do "import and sales" business. I have few questions that I would like to ask those who have knowledge of doing business in SA:
1. What are the documents that I should ask kafeel to provide me? For eg: Letterheads, Banks letter of authority etc etc?
2. Which bank is mostly used in importing goods from China for Letter of Credit?
3. How about visas? Will I be able to bring someone from my country to work for me?
4. Any other advice that you would like to give to me?
Have a nice day gentlemen.
Start business with Kafeel (Import/Export business CR)
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Congratulations on embarking on the new business. I wish you all the best.
What documents you'll need isn't a single shot task. You'll need constant support from the sponsor and will continually ask him for many different things.
I hope you are fulfilling all the legal requirements as per the labor law. For example, your sponsorship must be with the same sponsor and your iqama profession must be what you actually do. The similar consideration has to be given to saudization quota.
No banks will open LCs for you until and unless you have account history of couple of years with them. The LC ceiling limit will be offered to you based on your transactions frequency and amount. NCB is one of very good banks for such trades. All banks will need from you the financial statements produced by external auditors registered with the Chamber of Commerce. Usually they ask for 2 years statements (mizaania).
The visas availability will depend on your sponsor file in Jawazat. He'll have to produce detailed documentation of manpower requirements in order to request visas that will be applicable to appropriate countries.
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do not forget that doing business in saudiarabia as a foreigner is prohibited by law and your sponsor will give you final exit once the business becomes good and can continue without you
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