Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CMA decision, including banking and payment rails.
Get an investment license in Saudi Arabia.
The Gulf's largest economy, opening: authorisation by the Capital Market Authority as a capital market institution - dealing, arranging, managing investments and operating funds, advising and custody - under prudential rules that require capital of at least 14% of risk-weighted exposures and an expenditure-based operational floor.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Saudi Arabia in brief
The market Vision 2030 is building in public.
Saudi Arabia licenses securities business through the Capital Market Authority, which authorises capital market institutions by activity: dealing, arranging, managing investments and operating funds, advising, and custody. The prudential frame is risk-based rather than a flat minimum: capital must correspond to at least 14% of risk-weighted exposure amounts for non-trading positions, with the same 14% applied to foreign-exchange and commodity exposures, and operational risk computed either as 15% of an income indicator or, under the expenditure-based approach, no less than 25% of overhead expenses. The capital base is split into Tier-1 - paid-up capital, audited retained earnings, share premium and reserves, and Tier-2, which is capped at half of Tier-1. Minimum paid-up capital by activity follows the CMA's institution regulations and is confirmed against the current schedule at filing.
The commercial case is scale and direction. This is the Gulf's largest economy, with a sovereign fund reshaping global asset allocation, a domestic exchange that has become the region's deepest, and a stated policy of opening capital markets to foreign institutions - the CMA licenses international houses regularly and publishes each authorisation. For asset managers chasing the region's institutional money, advisory firms serving Saudi families and corporates, and fund operators building Vision-adjacent products, being licensed inside the Kingdom is the difference between selling to Saudi Arabia and operating in it. We build the CMA file end to end.
The Gulf's largest market, onshore: CMA authorisation as a capital market institution - dealing, arranging, managing investments and operating funds, advising and custody, with minimum paid-up capital per the CMA's regulations by activity.
Prudentially: ≥14% of risk-weighted exposures, 14% on FX and commodity positions, operational risk at 15% of an income indicator or ≥25% of overheads, Tier-2 capped at half of Tier-1.
The activity map
Managing and advising - or the full dealing institution.
The CMA licenses named securities activities, and the prudential weight follows what the firm actually does. We scope the perimeter before we file.
The managing and advising institution - or the full dealing licence.
01 - MANAGING · ADVISING
The asset-side institution
Managing investments and operating funds, arranging and advising in securities business. The asset-side permissions, with capital driven by risk-weighted exposures and the expenditure-based operational floor.
Managing investments and operating funds, arranging and advising in securities business. The asset-side permissions, with capital driven by risk-weighted exposures and the expenditure-based operational floor.
- ✓Managing investments · operating funds
- ✓Arranging in securities business
- ✓Advising in securities business
- ✓Capital ≥14% of risk-weighted exposures
- ✓Operational floor 25% of overheads
- ✓Minimum capital per CMA regulations
02 - DEALING · CUSTODY
The full institution
Dealing and custody permissions with the full prudential stack. Trading-book treatment, market and FX risk at 14% of aggregate positions, and consolidated requirements where a financial group sits above.
Dealing and custody with the full prudential stack. Trading-book thresholds at SAR 75M/100M, market and FX risk at 14%, group-consolidated compliance.
- ✓Dealing in securities
- ✓Custody permissions
- ✓Trading-book thresholds SAR 75M / 100M
- ✓FX and commodity risk at 14%
- ✓Tier-2 capped at 50% of Tier-1
- ✓Group-consolidated compliance
Prudential figures per the CMA Prudential Rules as of 2026. Minimum paid-up capital by activity follows the capital market institutions regulations and is confirmed at filing.
Why Saudi Arabia
Six reasons managers license in the Kingdom.
✓
The region's largest economy
The Gulf's biggest GDP, deepest exchange and most active sovereign allocator. The money is domestic, not visiting.Money is domestic.
✓
An opening market
The CMA licenses international institutions routinely and publishes every authorisation. The door is demonstrably open.Licences published.
✓
Risk-based capital
Capital scales with actual exposures rather than a flat wall. An advisory house is not capitalised like a trading desk.Scales with exposure.
✓
Vision 2030 pipeline
Privatisations, listings and infrastructure programmes generate mandates that need licensed local managers.Mandates being created.
✓
Inside, not selling in
Saudi institutional money allocates to institutions present in the Kingdom. The licence changes which room you are in.Not selling in.
✓
Published rulebook
The CMA publishes its prudential rules and regulations in English. The file can be engineered against text, not rumour.Engineer against text.
How it compares
How Saudi Arabia differs from other routes.
The comparison in plain terms: the region's deepest domestic pool. Behind a genuinely demanding authorisation.
Saudi Arabia vs other jurisdictions
| Feature |  Saudi Arabia | Other jurisdictions |
|---|---|---|
| Regime | CMA - capital market institution | DFSA categories, MiFID |
| Capital | Risk-weighted, ≥14% | Flat base minimums |
| Market | Domestic Gulf pool | Cross-border sourced |
| Presence | Onshore Kingdom | Free-zone centres |
Regime
Saudi ArabiaCMA - capital market institution
Other jurisdictionsDFSA categories, MiFID
Capital
Saudi ArabiaRisk-weighted, ≥14%
Other jurisdictionsFlat base minimums
Market
Saudi ArabiaDomestic Gulf pool
Other jurisdictionsCross-border sourced
Presence
Saudi ArabiaOnshore Kingdom
Other jurisdictionsFree-zone centres
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Saudi Arabia | CMI - CMA | Corporate + zakat regime | ≥14% risk-weighted capital |
 Dubai - DIFC | DFSA Cat 3C / 4 | 9% · 0% qualifying | US$500k · US$10k advisory |
 Kazakhstan - AIFC | AFSA investment firm | Centre exemptions | US$10k-US$500k by activity |
 Bahrain | CBB investment business | Per CBB rulebook | Category-based capital |
Saudi ArabiaLicense typeCMI - CMA
TaxationCorporate + zakat regime
Requirements≥14% risk-weighted capital
Dubai - DIFCLicense typeDFSA Cat 3C / 4
Taxation9% · 0% qualifying
RequirementsUS$500k · US$10k advisory
Kazakhstan - AIFCLicense typeAFSA investment firm
TaxationCentre exemptions
RequirementsUS$10k-US$500k by activity
BahrainLicense typeCBB investment business
TaxationPer CBB rulebook
RequirementsCategory-based capital
Before you apply
Requirements for the Saudi licence.Requirements for the licence.
The CMA authorises institutions, not intentions. The checklist below is what a passing file contains.
01
Saudi entity. A joint-stock or limited company established for the licensed activities.
02
Activity perimeter. Dealing, arranging, managing and operating funds, advising or custody, scoped precisely.
03
Minimum capital - per the CMA's regulations for the activities applied for, confirmed at filing.
04
Capital adequacy. At least 14% of risk-weighted exposure amounts, computed and evidenced.
05
Operational risk capital - 15% of the income indicator, or no less than 25% of overhead expenses under the expenditure-based approach.
06
Capital base composition. Tier-1 paid-up capital and reserves, with Tier-2 not exceeding 50% of Tier-1.
07
Fit-and-proper board and management. Assessed individually, with registered persons for controlled functions.
08
Business plan. Strategy, clientele and projections the Authority can interrogate.
09
Compliance and risk architecture. Functions, manuals and reporting per CMA rules.
10
AML/CFT programme. Saudi framework with a named responsible officer.
11
Commencement of business. The CMA verifies readiness before operations may begin.
01
Saudi entity established.
02
Activities scoped precisely.
03
Minimum capital per rules.
04
≥14% risk-weighted capital.
05
Operational floor computed.
06
Tier-1/Tier-2 composition.
07
Board assessed individually.
08
Interrogable business plan.
09
Compliance and risk built.
10
AML officer named.
11
Commencement readiness.
Reflects the CMA Prudential Rules and capital market institution regulations as of 2026. Consolidated requirements apply where a financial group is involved.CMA Prudential Rules + CMI regulations, 2026.
How it works
From first call to the CMA register.
01
Perimeter and modelling
Activities chosen and capital modelled against risk-weighted exposures and the expenditure floor.Capital computed.
02
Entity and bench
Saudi company established, capital arranged, board and registered persons identified.Persons identified.
03
The application
The CMA file with plan, governance and prudential computations complete at submission.Complete at filing.
04
Authority review
Questions answered on schedule, assessments of individuals supported.Assessments supported.
05
Commencement
Readiness verified, licence effective, operations opened. The institution trading inside the Kingdom.Operations opened.
Quick facts
RegulatorCMA
StatusCapital market institution
Capital ratio≥14% risk-weighted
FX / commodity risk14% of positions
Operational floor25% of overheads
Tier-2 cap50% of Tier-1
Trading-book thresholdsSAR 75M / 100M
Minimum capitalPer CMA regulations
The trading-book exception at SAR 75 million and SAR 100 million allows simplified calculations for institutions whose trading positions stay below it.
On the ground in Saudi Arabia
Run from our Riyadh office.
Prifinance - Saudi Arabia
Riyadh · Saudi Arabia
Riyadh, Saudi Arabia
01
Perimeter and capital
Activities scoped and the risk-weighted capital modelled before commitment. The number is computed, not guessed.Computed, not guessed.
02
The CMA file
Business plan, governance and prudential computations assembled to the published rules.Built to the rules.
03
Board and registered persons
Directors, senior management and controlled-function holders prepared for individual assessment.Individually assessed.
04
Commencement and launch
The readiness verification passed and operations opened. The institution live inside the Kingdom.Its own project.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Saudi Arabia.
A dual system of corporate tax and zakat. Modelled per ownership before the structure is fixed.
Corporate income tax
Applies to the foreign-owned share of a Saudi company's profits. The layer that matters for international shareholders.Foreign-owned share.
Zakat on Saudi and Gulf ownership
Saudi and GCC shareholders are subject to zakat rather than income tax, so ownership structure changes the computation entirely.Saudi/GCC ownership.
Mixed ownership is proportional
In jointly-owned companies the two regimes apply to their respective shares. We model the split before the cap table is set.Proportional regimes.
VAT on services
The Kingdom's VAT applies with financial-service treatment per the published rules. Mapped to the actual revenue lines.Per published treatment.
Withholding on outbound payments
Payments to non-residents carry withholding at rates by payment type, reduced by treaty. Planned at structuring.By type, treaty relief.
Regional headquarters incentives
The Kingdom's headquarters programme carries its own tax treatment. Examined where the group's shape allows it.Examined where it fits.
Tax summary
Foreign ownershipCorporate income tax
Saudi / GCC ownershipZakat
Mixed ownershipProportional split
VATPer published treatment
WithholdingBy payment type · treaty relief
*Position as of 2026 per ZATCA. Rates and eligibility are confirmed and modelled per ownership structure before filing.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Saudi company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed institution.
Follow Prifinance
Active across our channels.
Saudi Arabia · CMA
Launch your investment firm in Saudi Arabia with expert support.
Full-service assistance - from perimeter design and capital modelling to CMA authorisation and commencement - run through our Riyadh office.
Get a consultation →Free legal opinion
Is Saudi Arabia the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Saudi investment licence - the questions we hear.
What licence does an investment firm need in Saudi Arabia?+
Authorisation from the Capital Market Authority as a capital market institution, scoped to the securities activities performed - dealing, arranging, managing investments and operating funds, advising, or custody.
What capital is required?+
Two layers. Minimum paid-up capital follows the CMA's regulations for the activities applied for - confirmed against the current schedule at filing. On top, the Prudential Rules require capital of at least 14% of risk-weighted exposure amounts, with operational risk at 15% of an income indicator or no less than 25% of overhead expenses under the expenditure-based method.
How is the capital base composed?+
Tier-1 capital - paid-up capital, audited retained earnings, share premium and reserves - plus Tier-2 capital such as subordinated loans and revaluation reserves, which may not exceed 50% of Tier-1.
What are the SAR 75 million and SAR 100 million thresholds?+
Trading-book exceptions: institutions whose trading positions remain below those limits may use simplified calculations under Article 9 of the Prudential Rules rather than the full treatment.
Can a foreign firm be licensed?+
Yes - the CMA authorises international institutions regularly and publishes each licence. Foreign ownership affects the tax treatment rather than the eligibility.
How are licensed institutions taxed?+
A dual system: corporate income tax on the foreign-owned share of profits and zakat on Saudi and GCC ownership, applied proportionally in mixed companies. VAT and withholding follow the published rules and are modelled per structure.
How long does authorisation take?+
Realistically 9-15 months including preparation and the commencement-of-business verification the CMA performs before operations may start.
Saudi Arabia or the DIFC?+
Different propositions: the DIFC is a common-law free zone serving the region cross-border; Saudi Arabia is the market itself, onshore, where the institutional money actually sits. Firms serving Saudi clients license in the Kingdom - we model both.
What does commencement of business mean?+
After licensing, the CMA verifies that the institution is genuinely ready - systems, people and controls in place - before operations may begin. It is a real gate, and we prepare for it as a distinct phase.
Why Prifinance for Saudi Arabia?+
Capital modelled against the published prudential rules rather than assumed, the board and registered persons prepared for individual assessment, and commencement treated as its own project - from our Riyadh office.
What licence?+
CMA capital market institution.
Capital?+
Minimum + ≥14% risk-weighted.
Capital base?+
Tier-1 + Tier-2 ≤50%.
SAR 75M/100M?+
Trading-book exception.
Foreign firms?+
Yes - routinely licensed.
Taxes?+
Tax and zakat by ownership.
How long?+
9-15 months realistic.
Or the DIFC?+
Onshore vs cross-border.
Commencement?+
Readiness gate, real.
Why you?+
Capital modelled, not assumed.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Saudi activity set fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of Capital Market Authority or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.