Riyadh: To achieve economy diversification, the Kingdom of Saudi Arabia’s Ministry of Investment on Monday launched a new service to establish and start a business from outside the Kingdom in three steps, Saudi Press Agency (SPA) reported.
The new service will enable companies and investors to issue investment licenses quickly and easily through a simple process.
Here are three steps to start business in Saudi Arabia
- Visit the official website of the ministry of foreign affairs in Saudi Arabia, and submit your request by clicking on “adding a request for attestation of a contract” to authenticate the agency and attestation of the establishment contract.
- Then visit the official website of the ministry of investment and enter the e-services portal to obtain an investment license.
- Finally, visit the official website of the ministry of commerce to authenticate the establishment contract of the business and issue the commercial register.
The new service will help investors and foreign companies overcome obstacles they faced in the past such as the need for companies to visit the Kingdom to document incorporation contracts with the multiplicity of documents that must be submitted and redundancy of requests, and visits to various government agencies for verification.
The decision is in line with Saudi Arabia’s Vision 2030, and aims to make the Saudi capital market attractive to local and foreign investment, which plays a pivotal role in diversifying the economy.
In 2016, Saudi Arabia announced an economic reform program aimed at diversifying sources of income away from oil, the country’s main source of income.
Earlier on November 9, 2021, Saudi Arabia’s Capital Market Authority has announced to allow non-Saudis to own real estate in the cities of Makkah and Madinah through investment funds.