The Entities in Saudi Arabia are required to prepare Accounts in local GAAP, in the Arabic language and denominated in the Saudi Riyals. Also, Computerized accounting systems are allowed, provided that they comply with the requirements of the MOCI and that Arabic printouts of the accounts.
YourGlobalPro professionals can assist you with the entire bookkeeping and accounting services to your Saudi Arabia Business Setup as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.
In Saudi Arabia, Companies are required to have annual independent audits. All the Joint stock companies and limited liability partnerships must appoint at least one independent auditor – who should be a certified public accountant member of the Saudi Organization for Certified Public Accountants “SOCPA” and licensed within KSA from MOCI.
Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals can provide you auditing services as required by your business.
It is recommended to open account with a local bank when working in Saudi Arabia. Further, Banking facilities are very advanced, and most main banks offer internet and telephone banking.
The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening. The major banks in Saudi Arabia are Arab National Bank, Al Rajhi Bank, SABB, Riyad Bank, Saudi American Bank, Saudi Investment Bank. All banks are stable, reliable and offer the same level of services.
YourGlobalPro professionals can facilitate all the paper work in relation to banking need and can assist you in opening bank account for your business plan in Saudi Arabia.