Top Benefits Of Oracle NetSuite Cloud ERP For Businesses In Gulf Cooperation Council Countries

NetSuite in Gulf Countries

GCC or Gulf Cooperation Council nations comprise 6 countries in the Middle East, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Founded in 1981, GCC is an established institution, with headquarters in Riyadh, Saudi Arabia.


Having 58 million combined population, GCC has a thriving business ecosystem with an economic output of more than $1.6 trillion per year, with approximately $550 billion of exports to the US every 12 months.


Conducting business in GCC countries is an excellent strategic move to tap the Middle East and US markets since there exist several frameworks and agreements between nations that encourage trade ties, and business growth.


However, there exists several business compliances and regulations as well, that need to be strictly followed by any business which is keen to expand into the GCC region.


Oracle NetSuite Supports Specific Requirements Of GCC Nations


With decades of experience in delivering cutting-edge Cloud based business solutions, Oracle NetSuite has understood the inherent need for business compliance in GCC nations.


This is the reason they offer end-to-end support and ERP solutions for businesses operating in GCC countries, and enable them to fully comply with regulations concerning VAT, tax calculations, tax filing, and other regulations.


Since GCC nations have trade ties and treaties with other nations such as the US, India, European countries, and others, there has to be specific business conduct and transaction reporting that is fully supported by Oracle NetSuite, empowering businesses to seamlessly operate and comply with all regulations.


VAT Framework Complaint For GCC Nations


A new VAT (Value Added Tax) structure was introduced across all GCC nations in 2018, applicable to all businesses operating in these nations.


Oracle NetSuite has made provisions in their Cloud ERP to follow these VAT regulations and enables businesses to follow these taxation rules. For example, reporting and calculating zero rates supplies, products that are out of the scope of VAT, and Reverse charges, that not only enables businesses to save on taxes as provisioned under VAT laws but also comply with the tax regulations across the entire GCC.


GCC Compliance Across Supply Chain, HRM, Inventory, Manufacturing, Construction


Oracle NetSuite has deeply researched and analyzed the GCC laws and regulations for all businesses, across sectors such as manufacturing, construction, and more, forming a solid foundation to manage supply chain, human resource management, inventory management, warehouse management, and more critical business processes.


By deploying Oracle NetSuite, businesses operating in GCC nations can now:

 - Set automated tax filing and reporting as per the GCC rules

- Set up tax code provisioning as per the GCC tax and VAT laws

- Set auto-generated numbers for GCC states

- Set up taxation periods and exceptions for GCC nations

- Automate reporting and auditing and more.


With more than 18 years of experience in delivering powerful, scalable, and ROI-focussed Cloud Computing services, Inspirria is counted among the top Oracle NetSuite Implementation Partners in GCC nations.


Having won numerous awards for its consistent and result-oriented ERP consultations and services, Inspirria can help your business to establish itself in GCC and seamlessly manage all business transactions and taxation as per GCC regulations by leveraging the features and capabilities of Oracle NetSuite Cloud ERP.

Schedule a no-obligation consulting session with our team, and find out how we can enable your business to expand and grow in GCC nations.

Tuesday, April 18, 2023

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