RIYADH, January 28 (CIC) – The Saudi Arabian General Investment Authority (SAGIA) has announced that it has significantly reduced the average time for issuing a new investment licence for businesses operating in the Kingdom.
A new licence can now be typically issued in less than 4 working hours, as opposed to 53 previously.
Ibrahim Al Suwayel, Deputy Governor for Investors’ Services and Consultancy, said that SAGIA aims to ‘’attract more investments through facilitating and improving procedures’’.
He said that the new processes ‘’include issuing, amending and renewing investment licenses”.
Previously, eight documents were required for issuing any license. But now it can be done upon producing a financial statement and a certified commercial registration.
Al Suwayel said that an investor can now renew a licence himself through the self-service facility on the SAGIA website.
The simplification of the licensing procedure has enabled SAGIA to issue 17 licences during the first two weeks of the launch of the new system.