QUESTIONS & ANSWERS

Frequently Asked Questions

SharkBX stands for Shark Business Experience.

At SharkBX, we aim to provide a unique and dynamic business experience, embodying the agility, efficiency, and effectiveness often associated with sharks in their natural environment. Just as sharks are known for their adaptability and prowess in navigating diverse environments, we offer a similar approach in supporting businesses with their diverse needs. The metaphor of the shark also conveys a sense of confidence, strength, and resilience, qualities that are essential in the competitive world of business. We are poised to navigate challenges head-on and emerge stronger, much like a shark navigating through the currents of the ocean.

By choosing to work with SharkBX, you can expect a trustworthy partner who delivers high-quality results efficiently and cost-effectively.

The duration to obtain entity registration varies according to the type of company structure and some other details. It may take from several days to 4 weeks maximum. The full establishment will be concluded after obtaining the General Manager’s iqama and opening the bank account, which may take up to 3 months.

  •   Typically for an already established company, you will need to provide the following documentation attested from the Saudi Embassy in your home country:
  •         Commercial Registration (CR)
  •         Articles of Association
  •         Last year’s audit report
  •         Power of Attorney prepared from our end.
Only existing foreign investors can have an entity established in KSA unless you come under GCC or Saudi national sponsorship.

The cost to set up an entity in KSA would vary based on several factors such as your nationality (GCC or foreign national), type of business activities, number of shareholders, number of visas, and other factors.

Let us know about your business so our Business Advisor can reach out to you with the requirements and cost estimate.

The minimum capital required varies depending on the type of company structure and several other factors, yet it will not be less than 25,000 SAR.

The appointed General Manager for the established entity would need to travel to KSA to complete the Iqama issuance, which will be towards the end of the setup process.

  1. Limited Liability: It is the most common type of structure which necessitates having at least one shareholder who may be an individual or another company.
  2. Joint Stock: A choice when establishing a large-scale operation, which can be owned fully by one or more foreign individuals or companies.
  3. Limited Partnership: It is ideal for foreign entrepreneurs who may not be familiar with the business market, which should have a minimum of two members, one of which must be a director.
  4. Branch Office: Can operate yet within the scope of approval issued by the authority.
  5. Representative Office: This can be opened by an individual and controlled by the parent company.
  1. It is mandatory to have a commercial office. We provide various configurations to cater to your needs in addition to providing other work necessities like a national address, POBox, and a local phone number.

    Let us know about your needs so our Business Advisor can reach out to you with the options and cost estimate.

SharkBX is established as the one-stop shop partnering on a comprehensive suite of business consulting and support services spanning from meticulous research and seamless setup to streamlining operations for an impactful business experience throughout the companies’ journey in the KSA. You may contact us, and one of our Business Advisors will reach out to you for a free consultation.

Ensuring that employment contracts and offer letters comply with local labor laws is crucial for several reasons. Not only does it ensure legal compliance, but it also protects the rights of both employees and employers, prevents disputes, builds trust, and upholds the company’s reputation.

Maintaining regulatory compliance is crucial for any business operating in KSA to remain compliant and avoid legal issues. Companies need to maintain: Financial Reporting, Tax Compliance, Corporate Governance, Employment Compliance, Commercial Registration Renewal, License Renewals, Trademark Renewal, Compliance with Saudization Requirements, Environmental Compliance, and Insurance Requirements.

You may contact us, and one of our Business Advisors will reach out to you to explain how we can help you to remain compliant.

We can perform, on your behalf, the calculations in accordance with the labor law and as per the terms and conditions of the signed employment contract, ensuring adherence to labor law requirements and avoidance of any legal issues.

You may contact us, and one of our Business Advisors will reach out to you to explain how we can help you to remain compliant.

There are specific regulatory requirements around the Wage Protection System associated with the payment of salaries. Outsourcing payroll contributes to cost savings and compliance with all relevant regulations.

  1. Improved Efficiency: allows to leverage the expertise of professionals who are more efficient at managing financial records, reconciling accounts, and generating reports, freeing up internal resources to focus on core business activities.
  2. Cost Savings: saves on salaries, benefits, training expenses, and overhead costs associated with maintaining an internal finance function. Additionally, outsourcing allows for flexible pricing structures, where businesses only pay for the services, they need.
  3. Access to Expertise: gains access to highly skilled professionals with extensive experience without the need for training or hiring specialized staff internally.
Taxation is governed by the Zakat, Value Added Tax (VAT), and Corporate Income Tax (CIT) regulations. Our professional experts will assist in ensuring compliance with all relevant tax laws and regulations.
Any Questions? Ask Us!!