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Saudi Arabia launches service to start a business from outside Kingdom in three steps

Published: Updated:

Saudi Arabia’s Ministry of Investment launched on Monday a new service to establish and start a business from outside the Kingdom in three steps, state news agency SPA reported.

The service will enable companies and investors to issue investment licenses quickly and easily through a simple process.

Investors need to apply for “adding a request for attestation of a contract” through thee Ministry of Foreign Affairs website to authenticate the agency and attestation of the establishment contract.

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Then they need to visit the electronic services portal on the Ministry of Investment website where they can apply for the license issuance, while the final step requires the investor to visit the Ministry of Commerce website 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.

Saudi Arabia has sped up its efforts to attract foreign companies to setup shop in the Kingdom, offering tax breaks and other incentives as part of its campaign to turn the Gulf country into a global business hub and a choice destination for foreign talent.

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