Saudi Arabian General Investment Authority confirms time to be cut from 53 hours
New investment licenses can now be issued in less than four hours, confirmed officials from the Saudi Arabian General Investment Authority (SAGIA).
The process has been speeded up from the previous 53 hours and has been expedited by three initiatives, according to a report in the Saudi Gazette. Citing Ibrahim S Al Suwayel, deputy governor for Investors’ Services and Consultancy, they claimed that an overhaul of the approval process, a reduction in the required paperwork and additional training has enabled the time saving.
Previously, for instance, eight documents were required to get an investment license, but now it is only two – financial statements and commercial registers that have been attested by the Saudi Embassy in the territory where the company seeking investment license is located.
It is all part of a move to further attract investors into the kingdom. Since the regulations have been eased, SAGIA has issued 17 new licenses to foreign investors. Existing investors can also renew their licenses through a new self-service facility on the SAGIA website.