RIYADH: Those wishing to start a business in Saudi Arabia while outside the Kingdom will find the task easier following the streamlining of the licensing procedure.
Setting up a business in the Arab world’s biggest economy now will require only three steps, reducing the legwork that investors have to go through.
The initiative by the Ministry of Investment, in cooperation with the Ministry of Foreign Affairs and the Ministry of Commerce, will see business licenses issued more quickly.
A quick and easy guide to begin your investment journey in Saudi Arabia https://t.co/nOkS2kxAzA#InvestSaudi pic.twitter.com/ocNoDuDtjQ
— INVEST SAUDI (@InvestSaudi) November 15, 2021
First, investors need to request an attestation for a contract from the Ministry of Foreign Affairs. Investors then apply for a business license from the Ministry of Investment.
Finally, they need to authenticate the establishment contract of the business and issue the commercial register with the Ministry of Commerce.
Investors are not required to attend any of the ministries physically as these services are provided online.
The changes come as the Kingdom is positioning itself as an attractive destination for investors as part of the Vision 2030 national reform program.
The Ministry of Investment said that the new services will bring fundamental changes to setting up a company in the Kingdom and overcome obstacles investors have faced in the past.
Investors previously were required to visit the Kingdom and deal with various government entities in a process involving redundant requests and stacks of paperwork. Now, better connectivity between ministries has allowed the process to be simplified.
The changes will be promoted by the Ministry of Investment to potential investors in a marketing campaign in various languages.