As a strong move in this direction, Saudi Arabia issued 44 licenses for multinationals to move their headquarters to Riyadh, including PepsiCo, Deloitte, Unilever and Baker Hughes. From 2023, foreign companies will need a regional headquarters in Saudi Arabia to qualify for a foreign investment license.
Some of the targeted companies have regional headquarters in the neighbouring United Arab Emirates, which the Saudi Arabians want to rival as the No. 1 business hub for West Asia and the Middle East.
Challenges come alongside the potential benefits. Payroll management is among those challenges, whether your company is considering moving employees abroad or hiring new staff in-country. Employment laws, payroll and income tax regulations are areas where you cannot afford mistakes.
Bradford Jacobs’ Professional Employer Organisation (PEO) and Employer of Record (EOR) platforms and networks provide complete answers to every question your company will encounter before you move into the economy, especially when it comes to operating payroll.