New step helps strengthen Kingdom reforms to do business for investors and businesses
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Those who wish to start a business in Saudi Arabia while outside the Kingdom will find it easier thanks to the streamlining of the authorization process.
Starting a business in the Kingdom will now only require three steps, reducing the legwork investors need to go through.
The Ministry of Investment launched on November 15 a new service to establish and create a business from outside the Kingdom, in partnership with the Ministry of Foreign Affairs and the Ministry of Commerce, to allow companies and investors to issue Quickly and easily investment licenses by international best practices.
Under the new service, new investors will only have to complete three steps to authenticate the agency and establishment contract attestation, starting by visiting the Saudi Ministry of Foreign Affairs website and requesting “the addition of a request for certification of a contract”. in the Kingdom’s missions abroad.
The second step requires investors to visit the electronic services portal on the website of the Ministry of Investment where they can apply for the issuance of a license.
The last step requires the investor to go to the website of the Ministry of Commerce to authenticate the contract to establish the company and issue the trade register, reports the official SPA news agency.
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The new step helps to strengthen Kingdom reforms implemented to do business in the Kingdom for investors and businesses.
It is also the result of integration and partnership between government agencies to address the challenges facing investors and helps to increase the competitiveness of the Kingdom’s investment environment at regional and global levels, which strengthens the position of the Kingdom. Kingdom as an attractive investment destination to facilitate business start-ups in the Kingdom.
The Ministry of Investment has confirmed that the new service, which has been inaugurated in several embassies in the Kingdom, will bring fundamental changes in the investor’s journey, facilitate the creation and start-up of foreign companies and overcome the obstacles faced by investors. they have faced in the past including, for example, the need for companies to travel to the Kingdom to document incorporation contracts with the multiplicity of documents to be submitted and redundant requests, and visits to various agencies government officials for verification, which were previously attributed to the lack of electronic connectivity between the Ministry of Investment and the Ministries of Trade and Foreign Affairs.
The ministry added that there will be an extensive marketing campaign in multiple languages to ensure that the largest possible segment of foreign investors and businesses can benefit from the new service.
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