The Saudi Ministry of Investment launched a new service to set up and start business from outside the Kingdom in three steps, a new service that opens wide horizons for investors and companies.
The new service, which was inaugurated in many of the Kingdom’s embassies, associates with the Ministry of Commerce and the Ministry of Foreign Affairs: to authorize companies and investors to issue investment licenses swiftly and easily per international best practices.
This action contributes to reinforcing the Kingdom’s reforms implemented to launch business in the Kingdom for investors and companies.
It also aims at raising the competitiveness of the Kingdom’s investment environment regionally and globally by enhancing integration and partnership between government agencies to address the obstacles facing investors and companies.
The new services allows investors to start business only by 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 involves visiting the electronic services portal on the Ministry of Investment website to apply for the license issuance. The last step requires the investor to visit the Ministry of Commerce website to authenticate the establishment contract of the business and issue the commercial registration, and then, you are ready to start your own business.
The Ministry of Investment assured that the new service will give rise to fundamental changes in the investor’s journey and promotes the establishment and growth of foreign companies’ businesses.
The new service will make investors close enough to build business by overcoming the obstacles they previously faced, which include 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 authentication, which used to be hard due to the lack of electronic connectivity between government agencies.
To ensure that the largest possible segment of foreign investors and companies will benefit from the new service, the ministry said that there will be a wide-scale marketing campaign to be delivered in several languages.