Mizuho Financial Group, a multinational financial organization, has applied to the Kingdom’s Ministry of Investment to set up its regional headquarters in Riyadh.
When contacted by Arab News, the Tokyo-based company acknowledged that it had submitted the application but did not provide any other information.
This occurs as a result of the state’s Regional Headquarters Program, which is helping the Kingdom become more appealing to foreign businesses. As part of this plan, a number of international companies have lately moved their Middle East headquarters to Saudi Arabia, including EY, Goldman Sachs, and PayerMax.
Via its subsidiary, Mizuho Saudi Arabia Co., the Japanese company has been active in the nation since 2009 and has been functioning as an investment bank in Riyadh. The Capital Market Authority licenses and regulates MSAR, which offers arranging and advisory services.
The Kingdom is working to entice regional headquarters to Riyadh in order to further economic diversification objectives. In addition to discounts and support services, the Kingdom is offering additional financial benefits like a 30-year exemption from corporate income tax and withholding tax on headquarters activities.
Companies that have governmental contracts in Saudi Arabia are required by recently enacted rules to establish a regional headquarters in the Kingdom that employs at least 15 people.
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