Riyadh - Sharikat Mubasher: Saudi Arabia’s Ministry of Investment (MISA) issued 57 regional headquarters (RHQ) licenses during the second quarter (Q2) of 2024, showing an 84% increase compared to Q2-23 and bringing the total number of RHQ licenses issued during the first half (H1) of 2024 to 184.
In its recent report, MISA stated that it possessed 4,709 applications for the business visa, allowing foreign investors to visit the Kingdom and explore investment opportunities.
The ministry further provided over 58,000 services via the e-platform in Q2-24, marking a 31% increase compared to 45,085 services in Q2-23, as part of its efforts to enhance the investment ecosystem in the Kingdom and improve the investor experience.
The RHQ Program, which entered into effect in January, mandates all foreign companies to have a regional headquarters in Saudi Arabia to start or expand their businesses in the Kingdom.
To streamline the process for multinational companies, MISA added a 30-year tax relief incentive package to the program, including a 0% rate for corporate income tax (CIT), withholding tax (WHT) on dividend payments from RHQ to its foreign parent entity, WHT for payments to related parties, and WHT for services payments to non-resident unrelated parties necessary to carry out RHQ activities as defined in the tax rules.