Riyadh (Special Report)
The Saudi Ministry of Investment has simplified the legal process for doing business in Saudi Arabia while living abroad. 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 Saudi Arabia. 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. 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 need to appear in any ministry as these services are provided online. 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 remove the barriers investors faced 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.
