Accountants in Saudi Arabia

Updated on Tuesday 20th April 2021

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Starting a business in Saudi Arabia implies completing various steps and procedures before and after the company is incorporated. One of the most important aspects of operating in this country is accounting, as there are specific regulations that need to be respected no matter the size of an enterprise. Moreover, not only companies but also individuals must comply with different accounting obligations.

Our accountants in Saudi Arabia are at the service of those who need assistance in financial matters. We also have a team of specialists in company formation in Saudi Arabia for those interested in doing business here.


Below, we invite you to discover the main accounting regulations and services available in Saudi Arabia.
 

Accounting services offered by our specialists in Saudi Arabia


Both Saudi nationals and foreign citizens and companies can use the services of accounting firms in Saudi Arabia. Moreover, they can choose between one or more services based on their needs.
Our accountants in Saudi Arabia, for example, can help in the following:
 
  1. tax and VAT registration which is a service that can be provided from the beginning of commercial operations in this country;
  2. bookkeeping which is one of the most important services associated with accounting in Saudi Arabia;
  3. payroll and human resources administration services which cover accounting and employment-related services and that are very appreciated by foreign investors;
  4. tax advisory services for business owners who are looking to improve their operations or who are interested in adopting a new direction;
  5. financial statement preparation and audit services must be completed in accordance with various regulations.

It is possible to use different services from various accounting firms in Saudi Arabia, however, it is recommended to choose the desired one in accordance with your needs.

If you are a foreign investor prospecting the market for opening a company in Saudi Arabia, we can also provide valuable information on how to start a business in the sector you are interested in. If you need more information on accounting in Saudi Arabia, we are at your service.
 

Tax and VAT registration services in Saudi Arabia


Foreign investors who want to open companies in Saudi Arabia should note that one of the final steps in the company registration procedure is the registration for tax and VAT purposes. This will enable the company to engage in commercial activities.

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.

 

Bookkeeping services for companies in Saudi Arabia


Bookkeeping is one of the most important services sought from accounting firms in Saudi Arabia, as it implies recording all financial documents issued or received by a business on a day-to-day basis. It is also one of the most time-consuming aspects related to the accounting of a business.

If you are interested in externalizing such services, our accountants in Saudi Arabia can help you.
 

Payroll services in Saudi Arabia


Running a business implies having employees and in Saudi Arabia, there are various regulations that need to be respected in this sense. The Employment Law is one of them, however, having staff also implies having financial responsibilities.

A Saudi company must register for social security and insurance purposes. Employees too must be enrolled with the healthcare and pension systems for which specific procedures must be completed and contributions must be paid.

In order to avoid complications, this part of the accounting in a company in Saudi Arabia can be handled by our accountants. We can also handle the preparation of documents like:
  • paychecks;
  • payment forms;
  • health and social security contributions;
  • employment contracts;
  • amendments to work contracts;
  • annual and sick leave sheets.

Apart from these, we can keep all employee records updated in accordance with the provisions of the law.

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.
 

The Saudi taxation system


Here are the main taxes that need to be considered in Saudi Arabia:
 
  • the corporate tax that is applied at a rate of 20% to which the 2.5% Zakat (a charitable donation calculated based on the surplus income) is added;
  • the value added tax that was introduced in 2018, however, it has one of the lowest rates in the world of only 5%;
  • the social insurance tax is levied at a 2% rate for non-resident employees, and 12% for Saudi residents.

An interesting fact is that Saudi Arabia does not levy any personal income tax.

If you need accounting services in Saudi Arabia, do not hesitate to contact us for tailored assistance and information.