Consequently, his observations concerning the business climate in Saudi Arabia with respect to the significance of religion in the Kingdom can be considered authentic. According to Indris, with respect to the perception of performance and contractual obligations among Saudis, "It should be noted that the issue is not with the belief itself but rather with people's misguided interpretations of the belief and Islam teachings. While Islam teaches that ultimate control is in the hands of God, it also teaches that people should exert their utmost efforts to better their lives" (p. 38). These issues have special salience for foreign direct investors who may experience disputes based on such misinterpretations that cannot be predicted but must be expected. In this regard, Idris concludes that, "Misguided interpretations have a strong impact on the business environment and the commitment to setting and meeting goals and targets in the kingdom. Accountability in running businesses is weak, and it is not uncommon to attribute business mistakes to fate" (2007, p. 38).
Notwithstanding these fundamental differences in worldviews, the Saudi government has launched a number of initiatives that are specifically designed to attract new foreign direct investment. Pursuant to these goals, the Saudi government established the Saudi Arabian Investment Authority which has been tasked with:
1. Creating a pro-business environment;
2. Providing comprehensive services to investors; and,
3. Fostering investment opportunities in energy, transportation and knowledge-based industries (Investing in Saudi Arabia 2011).
The Saudi Arabian General Investment Authority (SAGIA) cites the following factors as being among the more compelling for attracting foreign investors to the kingdom today:
1. Saudi Arabia is ranked 4th in the world for "fiscal freedom" and it is the seventh most rewarding tax system in the world;
2. According to the World Economic Forum, Saudi Arabia is the seventh freest labor market in the world;
3. Saudi Arabia is 23 among the world's 25 largest economies and has the largest economy in the Middle East-North African (MENA) region;
4. Saudi Arabia is one of the world's fastest growing countries: per capita income is forecasted to rise from $20,700 in 2007 to $33,500 by 2020;
5. Saudi Arabia is the world's fastest reforming business climate and the largest free market in the MENA;
6. Saudi Arabia economy accounts for 25% of total Arab GDP;
7. Saudi Arabia ranks 13th out of 181 countries for the overall ease of doing business globally and seventh in terms of ease of paying taxes;
8. Saudi Arabia is ranked first for ease of registering property and it is the largest recipient of foreign direct investment in the Arab world (The Hard Facts 2011).
In sum, the SAIG emphasizes that, "As well as a progressive regulatory environment, generous financial incentives and one of the world's most stable currencies, the Kingdom offers an excellent standard of living -- thanks to our huge experience in hosting expatriate workers and professionals from around the world" (Investment Climate 2011, p. 1)
In addition, the administrative steps that are needed to form a business in Saudi Arabia have been simplified and the process is now fairly straightforward and can be accomplished relatively quickly (Investing in Saudi Arabia 2011). The first step in forming a company in Saudi Arabia involves simply obtaining a foreign investment license and commercial registration (Investing in Saudi Arabia 2011). In those cases where the new enterprise involves industrial projects, investors can opt to obtain an interest-free loan from the Saudi government, but this option requires a feasibility analysis; in the alternative, industrial projects can opt to take advantage of Saudi government-leased land but this option requires engineering drawings as a prerequisite (Investing in Saudi Arabia 2011).
Controlling Legislation for New Businesses in Saudi Arabia
The Saudi regulatory guidance for companies provides for the following types of organizations:
1. Joint-liability company;
2. Limited partnership;
3. Particular partnership;
4. Joint stock company;
5. Stock partnership company;
6. Limited liability company;
7. Company with changeable capital; and,
8. Cooperative company (Applications & Procedures 2011)
All of the foregoing legal entities, with the exception...
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