As part of Saudi Arabia’s Vision 2030 plan, the Premium Residency Center has recently added five new visa categories. These additions aim to attract foreign entrepreneurs and investors, while also supporting the Kingdom’s economy diversification and growth. In this blog post, we will explore the opportunities provided by the premium residency program and highlight the benefits for business setup in KSA.
What is Premium Residency?
Premium residency is a special visa program that grants foreign nationals the right to live, work, and invest in Saudi Arabia. The program offers a range of benefits, including access to top-tier education, healthcare, and business opportunities in the Kingdom. The introduction of new visa categories further enhances the appeal of premium residency, making it an attractive option for entrepreneurs seeking to establish a presence in Saudi Arabia.
Expanding Visa Categories for Business Setup
The Premium Residency Center has introduced five new visa categories tailored for entrepreneurs and investors, with the goal of fostering economic growth and attracting foreign investment. These categories offer essential support and incentives to facilitate the establishment and growth of businesses in the Kingdom. Now, let’s delve into the details of these five new premium residency products.
- Special Talent Residency is specifically designed for healthcare, science, and research executives and professionals. Its main aim is to attract highly skilled individuals with exceptional expertise, who can actively participate in knowledge and technology exchange.
- Gifted Residency– focuses on integrating proficient professionals and individuals with exceptional talents into Saudi Arabia’s ever-evolving cultural and sports industries. Its primary objective is to nurture a thriving environment that encourages growth and development in these sectors.
- Investor’s Residency is expertly designed to cater to individuals who are investors and are keen on leveraging Saudi Arabia’s prosperous business environment to yield substantial profits in multiple sectors of the economy.
- Entrepreneur’s Residency- is designed particularly for ambitious entrepreneurs and innovative project owners who are eager to establish and grow their startups in Saudi Arabia. By actively participating in the nation’s ambitious economic transformation journey, they make valuable contributions to the development of the country.
- The Real Estate Owner’s Residency- is specifically designed for individuals who possess real estate and aspire to relish the outstanding quality of life in the Kingdom. This category also offers the opportunity to leverage the thriving real estate market, which has witnessed substantial and all-encompassing growth in recent years.
Key Benefits of Premium Residency in KSA
Freedom and Flexibility:
- Reside and work in Saudi Arabia without a sponsor: Unlike the traditional Iqama system, Premium Residency grants you the right to live and work in the Kingdom independently, without being tied to a specific employer. This gives you greater flexibility and control over your career path.
- Move freely between employers: You can easily switch jobs or even start your own business without any hassle. This makes it much easier to pursue your entrepreneurial ambitions or find the right career fit.
- Visa-free travel: Enjoy the convenience of entering and exiting Saudi Arabia without the need for a separate visa. This makes it easier to travel for business or pleasure.
Business and Investment Opportunities:
- Invest in the Saudi economy:
Premium Residency holders have the right to invest in various sectors of the Saudi economy. This includes the capital market, real estate, and private businesses. This opens up a wide range of opportunities to grow your wealth. - Own real estate:
You can purchase residential, commercial, and industrial property throughout the Kingdom, except Mecca, Medina, and border regions. This can be a sound investment for the future and provides a sense of stability. - Establish your own business:
With a MISA/SAGIA license, you can set up a 100% foreign-owned company in Saudi Arabia, giving you the chance to tap into the Kingdom’s growing market.
Family Benefits:
- Bring your family: Your spouse and children under the age of 25 can also reside in Saudi Arabia under your Premium Residency visa. They can enjoy the same benefits as you, including the right to work and invest.
Additional Benefits:
- The application process for Premium Residency is streamlined and efficient, with decisions typically made within a few weeks.
- You will have access to a dedicated team of professionals who can assist you with the application process and answer any questions you may have.
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Why Choose Saudi Arabia for Business Setup?
With its robust economy, strategic geographical location, and ambitious Vision 2030 plan, Saudi Arabia presents numerous opportunities for entrepreneurs. The Kingdom actively diversifies its economy, focusing on sectors like technology, tourism, and renewable energy. By establishing businesses in Saudi Arabia, entrepreneurs can tap into these emerging sectors and become part of the country’s growth story.
Benefits of Business Setup in KSA
- Ease of Doing Business:
Saudi Arabia has implemented significant reforms to improve its business environment, streamlining the process of establishing a business for faster and easier outcomes. - Access to a Thriving Market:
With a population of over 34 million people, Saudi Arabia provides a large consumer base for businesses to target. The rising middle class and increasing disposable incomes present lucrative opportunities in various sectors. - Strategic Gateway to the Middle East:
Saudi Arabia’s geographical location positions it as a gateway to the Middle East market. By establishing a business in the Kingdom, entrepreneurs can easily access neighboring countries and expand their presence in the region. - Government Support and Incentives:
Furthermore, the Saudi government actively encourages and supports businesses by implementing initiatives such as tax exemptions, facilitating funding access, and providing support for research and development activities. Amidst this economic transformation, entrepreneurs have the opportunity to explore the potential of the premium residency program and access the thriving market of the Kingdom.
The new visa categories by Saudi Arabia’s Premium Residency Center open up a world of opportunities for entrepreneurs and investors. Entrepreneurs can take advantage of the Kingdom’s favorable business environment, strategic location, and government support, facilitating business setup in KSA. Amid Saudi Arabia’s economic transformation, entrepreneurs have the opportunity to explore the premium residency program and enter the Kingdom’s thriving market.
