Riyadh – Mubasher: The issuance of investment licences in Saudi Arabia will take less than four hours in the coming period, said an official in the Saudi Arabian General Investment Authority (SAGIA).
The decrease in number of required documents to issue licences to two, along with restructuring the procedures need for the issuances as well as training and qualifying the cadres are the main reasons for reducing the issuance period, Saudi Gazette reported citing SAGIA.
These two documents are the company’s financial statements and commercial registers attested by the Kingdom’s embassy where the firm that is looking to get a licence is located.
“The restructured processes include issuing, amending and renewing investment licenses,” deputy governor for Investors’ Services and Consultancy Ibrahim S. Al Suwayel said.
Prior to the new announcement, issuing a company licence required 53 hours and eight documents.
Investors will be able to renew investment licences through self-service via SAGIA’s website.
During the previous two weeks, the Saudi body issued 17 licences for foreign investors.
This step comes as a means for the Saudi government to attract more investments.
