Foreign investors can now establish and start a business from outside Saudi Arabia after the Kingdom’s Ministry of Investment, in partnership with the Ministry of Foreign Affairs and the Ministry of Commerce has launched on Monday a new service enabling companies and investors to quickly and easily be issued investment licenses as per international best practices.
It comes as a result of integration and partnership between Saudi government agencies to achieve economy diversification, to address the challenges the investors are facing and to help increase competitiveness of the Kingdom’s investment environment regionally and globally.
The three steps service, inaugurated in a number of the Saudi Arabia’s embassies, will facilitate the establishment and start of foreign companies’ businesses, bringing about fundamental changes in the investor’s journey and overcoming the obstacles they faced in the past, when they were required to visit Saudi Arabia to submit and follow up on document requests.
Investors’ journey toward starting and doing business in the kingdom is now starting with visiting the Saudi Ministry of Foreign Affairs’ website where they need to apply for “adding a request for attestation of a contract” at one of the Kingdom’s missions abroad.
The second step under the new service requires the investors to visit the electronic services portal on the Ministry of Investment’s website to apply for the license issuance.
The third and final step of the process requires the investor to authenticate the establishment contract of the business and issue the commercial register on the website of the Ministry of Commerce.
According to SPA, a broad marketing campaign will be implemented in several languages to ensure that all foreign investors and companies can benefit from the new service that will also contribute to strengthening the Kingdom’s business-related reforms for investors and companies in line with Saudi Arabia’s Vision 2030,
Earlier in November, the Kingdom’s CMA has allowed non-Saudis to own real estate in Makkah and Madinah through investment funds.