Saudi Arabian General Investment Authority aims to ensure the fastest possible time for investors to get new businesses up and running
RIYADH, February 7 – The Saudi Arabian General Investment Authority (SAGIA) has launched a digital license service, using cutting-edge technologies to ensure the fastest possible time for investors to get new businesses up and running.
Ibrahim S. Alsuwail, Deputy Governor of Investor Services, stated that the new digital services will hugely increase the efficiency of the licensing process, by delivering investment licenses in electronic format to registered e-mail address, and enabling smartphones to verify the licenses without printing.
“Investors will now be able to receive their licenses electronically without having to visit working centers in the Kingdom. This will greatly increase the speed and efficiency of our services,” he said.
“This is part of our overall policy to enhance investment licenses, and accelerate the time for new business in Saudi Arabia to be up and running,” he added.
The new digital license is accredited by all government entities in Saudi Arabia. The licenses can be verified through SAGIA’s website, or on IOS and Android smartphones with a QR Code that is read through the device camera.
Alsuwail also noted that the data on the verification page are updated automatically, including updates and amendments on the licenses as well as the license copy in the system. Currently, it is not possible to print a copy of the digital license directly, but it could be received through contacting communication centers.
SAGIA aims at accelerating the pathway for investors, and has therefore reduced the time needed to issue a license from 2 days and 5 hours to 4 hours only. The remarkable improvement was due to three initiatives: restructuring the procedures, reducing the required documents, and training and qualifying cadres. Such procedures are in conformity with Saudi Arabia’s Vision 2030 and contribute to achieving the goals of the National Transformation Program (NTP)