Company Formation
Saudi Arabia is a prime destination for foreign talent due to tax-free income, straightforward visa rules, affordable living, English-speaking community, low crime, and vibrant culture. With 73% of its workforce comprising foreigners, the country offers abundant career opportunities and a diverse talent pool for global companies. Foreign workers need an Iqama, sponsored by their employer, to reside and work in Saudi Arabia. Explore our comprehensive guide for navigating the iqama services in Saudi Arabia, covering the application process, costs, compliance risks, and strategies for streamlining foreign talent recruitment and relocation in the kingdom.
In Saudi Arabia, an Iqama serves as a residency permit enabling foreign individuals to reside and engage in employment within the country. It is a mandatory requirement for foreign workers to possess both an Iqama residency visa and a valid work permit, ensuring adherence to Saudi Arabia's labor regulations and immigration directives.
Before expatriates can reside and work in Saudi Arabia, they need visa sponsorship from a local employer, such as a Saudi company or a foreign entity authorized to operate in the country. The employer is responsible for applying and obtaining the required work permit and Iqama for each foreign employee.
Here's a breakdown of the process to obtain an Iqama visa in Saudi Arabia:
The sponsoring company initiates the process by applying for approval for a block visa from the Ministry of Labor and Social Development (MLSD). Block visas are quotas issued by the MLSD that allow entities to sponsor foreign employees for long-term work permits. The approval of the block visa depends on the applicant's nationality and job role.
Upon receiving block visa approval, the sponsoring company obtains a visa authorization number and power of attorney from the Ministry of Foreign Affairs in Saudi Arabia. These documents enable the company to proceed with the work permit application on behalf of its employee in their country of residence at the relevant Saudi Diplomatic Mission.
With the visa authorization number and power of attorney in hand, the sponsoring company applies for a work permit on behalf of its employee. The application for the work permit must include the employee's medical certificate issued by an approved medical center.
Once the work permit is approved, the foreign employee can enter Saudi Arabia and start working.
Within 90 days of the employee's arrival, the sponsoring employer must submit applications for a work permit and Iqama to the MLSD. If the foreign employee needs to leave and re-enter Saudi Arabia during the validity of their work permit and Iqama, the sponsor must also apply for an exit and re-entry permit from the Ministry of Interior.
An expatriate worker's work permit and Iqama remain valid for one year following the date of issuance and can be renewed thereafter.
The annual fee for issuing or renewing an Iqama visa is 650 Saudi Arabian Riyals (SAR). According to Saudi regulations, the employer is responsible for covering all expenses related to a foreign employee's work permit and Iqama, including repatriation fees in case of employment termination.
Our comprehensive Global Immigration solution streamlines the process of obtaining visas, ensuring adherence to regulations not only in Saudi Arabia but also in other locations worldwide.
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Internal auditing is a systematic process aimed at evaluating and improving an organization’s risk management, control, and governance processes. It provides insights and assurance to ensure efficiency, compliance, and effective internal control.
Internal audit services ensure a thorough examination of the operations and their acquiescence with the set standards. It helps make better decisions about errors that occur during a process that may later affect the quality of the final result. Internal auditing helps in identifying and reducing risks, ensuring compliance, improving operational efficiency, detecting fraud, and strengthening overall corporate governance within the organization.
An internal audit is conducted by the organization or outsourced auditors to assess internal controls and processes, while an external audit is conducted by independent auditors to verify financial statements’ accuracy and compliance with regulations.
The frequency of internal audits varies based on the organization’s size, industry, and regulatory requirements, but many businesses conduct internal audits annually, semi-annually, or quarterly, depending on risk levels and audit scope.
While not mandatory for all businesses, internal audits are highly recommended, especially for regulatory compliance, corporate governance, and financial transparency. Many organizations also use internal audits to meet industry standards and best practices
Internal audits are typically performed by an in-house audit team or an external audit firm specializing in internal audits. Qualified internal auditors must have a deep understanding of the organization’s processes and risk management. Reyson Badger provides comprehensive internal audit services, offering a team of experienced auditors skilled in evaluating operational efficiency, financial reporting, and compliance.