SAUDI ARABIA

Investment licenses now in 4 hrs

January 27, 2018
Ibrahim S. Al Suwayel
Ibrahim S. Al Suwayel

Saudi Gazette report

Riyadh — Now investment licenses can be issued in less than 4 hours, according to an official of the Saudi Arabian General Investment Authority (SAGIA).

Earlier the procedures for the issuance of investment licenses took 53 hours.

The remarkable improvement was due to three initiatives: restructuring the processes, reducing the required documents, training and qualifying the cadres.

Ibrahim S. Al Suwayel, deputy governor for Investors’ Services and Consultancy, said the restructured processes include issuing, amending and renewing investment licenses.

Earlier, eight documents were required to get an investment license, but now only two documents are required.

These two documents are financial statements and commercial registers attested by Saudi embassy where the company seeking investment license is located.

Investment licenses can be renewed by investor through self-service on the SAGIA website.

In its attempt to attract investors by facilitating easier procedures, SAGIA has issued 17 licenses to foreign investors during the last two weeks.


January 27, 2018
6351 views
HIGHLIGHTS
SAUDI ARABIA
19 minutes ago

Saudi Arabia arrests 13,511 illegals in a week

SAUDI ARABIA
22 minutes ago

New COVID-19 cases in Saudi Arabia drop well below 500-mark for first time in many weeks

SAUDI ARABIA
18 hours ago

Saudi Arabia records drop in new COVID-19 cases