Lucid Business Services

We are pleased to outline below scope of services that we cater to local, international and multinational companies

A. COMPREHENSIVE SCOPE OF SERVICES (SOS):

1. TAX ADVISORY SERVICES FOR PROPOSED SAUDI ENTITY:

We will:

• Provide corporate legal structures available for foreign companies to set up its legal entity in Saudi Arabia.
• Provide pros and cons in respect of corporate structures and comparisons between Limited Liability Company (LLC) versus a branch office of overseas company to set up legally in Saudi Arabia.
• Provide a tax/Zakat implications of LLC against a branch of an overseas company.
• Provide certain silent features of Saudi Arabian tax/Zakat regulations.

2. ASSISTANCE IN SECURING INVESTMENT LICENSE (MISA) AND COMMERCIAL REGISTRATION (CR) SERVICES:

We will:

• Provide step-by-step procedures to secure an investment license from the Ministry of Investment (MISA) along with the list of documents required.
• Liaise with the company for obtaining the required information and documents for submission.
• Advise company to decide name and activity for the investment license.
• Assist with depositing share capital as required by MISA/MC.

3. STATUTORY AUDIT OF THE COMPANY:

We will provide statutory audit services in accordance with international standards.

4. BOOKKEEPING, ACCOUNTING AND AUDIT COORDINATION SERVICES:

We will assist in maintaining accounting books in compliance with regulations.

5. PAYROLL SERVICES:

We will agree on payroll templates and prepare payroll based on HR department inputs.

6. REGISTRATION WITH GENERAL ORGANIZATION OF SOCIAL INSURANCE (GOSI) DEPARTMENT:

We will carry out the company’s registration process with GOSI.

7. MONTHLY GOSI RETURNS FILING:

We will prepare and submit monthly returns to GOSI after necessary approvals.

8. REGISTRATION OF THE COMPANY WITH THE ZAKAT, TAX AND CUSTOMS AUTHORITY (ZATCA):

We will undertake registration and obtain a tax number for filing declarations.

9. ANNUAL TAX/ZAKAT DECLARATION FILING:

We will advise on Tax/Zakat declaration filing and compliance requirements.

10. WITHHOLDING TAX RETURNS FILING:

We will review agreements and advise on withholding tax implications.

11. VALUE ADDED TAX (VAT) RETURN FILING:

We will assist in VAT return preparation and submission.

12. ATTESTATION OF THE TAX RETURN:

We will certify tax returns for companies with revenue exceeding SAR 1 million.

13. ARABIC BOOKS AND RECORDS:

We will ensure compliance with Arabic record-keeping requirements.

14. OTHER TAX/ZAKAT SERVICES:

We will assist in tax inspections, assessments, and appeals.

15. LEGAL MATTERS FOR LIQUIDATION SERVICES (AS LIQUIDATOR):

We will manage voluntary liquidation processes and closure of company files.

16. SUBMITTING AN APPLICATION TO THE TAX AUTHORITY (ZATCA) FOR FILE CLOSURE OF THE COMPANY:

We will prepare and submit the necessary applications for company closure.