The Saudi Ministry of Investment has simplified the legal process for doing business in Saudi Arabia while living outside the kingdom.
In the past, investors had to go to great lengths to start a business and it would not be possible to do so without coming to the kingdom - to facilitate the licensing process for those who want to start a
business in Saudi Arabia while living outside the kingdom. This task will become easier later.According to SPA and Arab News, only three steps will now be needed to establish a business in the Arab world's largest economy.
Business licenses will be issued faster than the initiative initiated by the Saudi Ministry of Investment in collaboration with the Ministry of Foreign Affairs and the Ministry of Commerce.
Investors must first request confirmation of the agreement from the Ministry of Foreign Affairs, after which they will apply for a business license on the Ministry of Investment's website.
In the third phase, investors will need to ratify the business agreement and issue a commercial registration with the Ministry of Commerce.
Investors do not have to physically participate in any ministry as these services are provided online.
These changes come at a time when the state is presenting itself as an attractive destination for investors as part of Vision 2030's national reform program.The Saudi Ministry of Investment has said that the
new services will bring about fundamental changes in the establishment of the company in the kingdom and will remove the barriers faced by investors in the past.
Investors were required to first visit the country and deal with various government agencies in the process, which included heaps of unnecessary requests and paperwork. Now better coordination between ministries has allowed the process to be easier.
The Ministry of Investment will promote these changes to potential investors in marketing campaigns in different languages.
