Reasons for expanding your business to Saudi Arabia
If you were asking yourself whether you should expand your business to Saudi Arabia or not, the answer is definitely YES!
If you were asking yourself whether you should expand your business to Saudi Arabia or not, the answer is definitely YES! And, why? Well, to be honest, there are many reasons. For instance, Saudi Arabia has a long history, a great economy, a highly developed financial system, and a favorable business climate. Moreover, people who decide to expand their business and relocate to Saudi Arabia for good also enjoy a top-notch education system, excellent healthcare and some of the lowest crime rates in the world. These are just some of the benefits of expanding your business and working in a country like Saudi Arabia. However, if you are not persuaded yet, do not worry, that is why we are here. Thus, if you are interested in why you should expand your business to Saudi Arabia, keep on reading.
Plenty of Business Opportunities
If you were wondering what you need to know when starting over in SA and expanding your business, it is the fact that you do not have to be involved with oil and gas in order to succeed. As mentioned before, the government is working on encouraging other sectors as well. For instance, there are plenty of job opportunities in education, especially in higher education. There is a need for English teachers and English schools as well.
Then, it should also be noted that the healthcare system is undergoing a significant change and that the country has big plans for modernizing medical systems. And, of course, we have to mention finance and technology sectors that are rapidly advancing and making Saudi Arabia a hot spot for businesses in this field. It is also important to say that the country is attracting visitors more and more every single day, which in turn means that the tourism sector is also booming.
Economy That is Constantly Booming
Saudi Arabia's economy is one of the twenty best economies in the world. And, it has the number one economy in the Middle East. This is because of oil. Oil plays an important role in Saudi Arabia's economy as it has many petroleum reserves which the country exports. Besides oil, the country has one of the largest natural gas reserves too. All of these resources are worth more than US$33.2 trillion. However, Saudi Arabia's government plans to reduce the country's vast dependency on oil and gas, and focus on other economic resources in the upcoming years.
Right now, there are approximately 6 million foreign workers in Saudi Arabia. Some of them are semi-skilled and some highly-skilled, working for both foreign and local entrepreneurs and companies. As you can see, there are plenty of job opportunities for foreigners. The unemployment rate is also one of the lowest in the world! So, now is the perfect time to expand your business to Saudi Arabia.
Expanding or Starting a Business There is Fairly Easy
Moving to a foreign country and starting or expanding your business probably sounds scary and complex. This is because, in most cases, it is. But, in Saudi Arabia, you will not have such problems as the process is genuinely easy according to many people who have already done the same. You will first have to register your business, then open a Saudi bank account, apply for social insurance, write a marketing plan and finish a couple of more steps.
Of course, we are not saying that this process will be a piece of cake, but it is not going to be anything hard either. This is because Saudi Arabia's government reacts really well to foreign businesses and investors. So, there is nothing to worry about, the whole process will go smoothly, just be prepared to invest a lot of time and energy at first. Moreover, if this is your first time expanding a business, it would be a good idea to talk to a business consultant as well.
The Friendly Character of Saudi People
Many businessmen and entrepreneurs usually overlook this fact, as it is not a necessary one for starting, expanding or running a business. But, if you think about it, nobody wants to work with people who are not friendly. Luckily, in Saudi Arabia, you will probably never have any conflicts or struggles with Saudi people, whether they are your partners, employees, or just neighbors. Believe it or not, people here are really open toward foreign investors and entrepreneurs. So, whether you plan on working alone or hiring a large group of people, be sure that you will not have problems when it comes to hiring a friendly and skilled workforce.
Great Standard of Living and Living Conditions
And, the character of the Saudi people is not the only thing that is great here. So is the standard of living and the living conditions. But, do not worry about the standard of living being too high. Yes, the prices are high, but so will be your salary! And, when it comes to living conditions, Saudi Arabia is just a wonderful place to live in. This factor is especially important to people who plan on not only expanding their business but actually moving to SA for a longer period of time together with their family. You will be glad to hear that the crime rate is close to zero and that the previously mentioned education and healthcare systems are rapidly developing. You and your family will probably live in protected areas, in a bought or rented house, and your children will go to private, English-speaking schools.
Author Bio: Mark Collins
Mark Collins has been working as a business consultant for the last 7 years. His hobbies include writing informative business articles for his blog, public speaking, hiking, and horseback riding. He is also a husband and a father of two girls.