Saudi unveils 3 step service to set up business; Aims foreign investors

By Amirtha P S, Desk Reporter
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Saudi Arabia
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Saudi Arabia’s Ministry of Investment has launched a new service to help entrepreneurs to start a business from outside the Kingdom in three steps.

The Ministry of Investment has partnered with the Ministry of Foreign Affairs and the Ministry of Commerce to enable companies and investors to issue investment licenses quickly and easily following the international best practices.

Under the service, new investors will only have to do three steps to authenticate the agency and attestation of the establishment contract, starting with visiting the website of the Saudi Ministry of Foreign Affairs and applying for “adding a request for attestation of a contract” at the Kingdom’s missions abroad.

The second step requires the investors to visit the electronic services portal on the Ministry of Investment website to apply for the license issuance. The final step requires the investor to visit the Ministry of Commerce website to authenticate the establishment contract of the business and issue the commercial register.

The Ministry of Investment confirmed that the new service will bring fundamental changes in the investor’s journey and facilitate the establishment of foreign companies’ businesses.

The new service will help investors and foreign companies to overcome the obstacles they faced in the past such as the need for companies to visit the Kingdom to document incorporation contracts with the multiplicity of documents and redundancy of requests, and visits to various government agencies for verification.

Saudi Arabia has accelerated its efforts to attract foreign companies to set up business in the Kingdom, offering tax breaks and other incentives as part of its campaign to turn the country into a global business hub.

The new service contributes to strengthening the Kingdom’s reforms implemented to do business in the Kingdom for investors and companies. It also comes as a result of integration and partnership between government agencies to address the challenges facing investors and contributes to raising the competitiveness of the Kingdom’s investment environment regionally and globally.

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