By Innovation-sa on November 8, 2017 in News
Saudi Arabia is one among the top 20 countries in the world that is actively working towards improving the business sector, and is ranked second in the world’s high-income countries for business reforms, as per World Bank Group report.
Several of the business reforms adopted by the Kingdom recently played a huge role in boosting investor confidence and attracting investors and entrepreneurs to the region.
For the first time in its history, the Kingdom nailed 6 out of 10 axes determining the progress in ease of doing business for 2018. It had achieved only 4 reforms in 2009 and 2011. Few of the powerful reforms in 2018 include protecting minority investors, enforcing contracts, starting a new business, cross- border trade, registering property and settling bankruptcy.
According to the report, Saudi Arabia also ranks tenth globally in protecting minority investors. This will play a key role in attracting foreign investors to the country.
Not only that the Kingdom was able to reduce the number of hours required to pay taxes from 67 to 47 hours, it has also taken measures to assist payment of taxes by improving the electronic filing system to raise tax returns and pay taxes.
Cross-border trades have undergone drastic changes by reducing the number of documents required for customs clearance and reducing the processing time by nine days for imports and exports.
The Kingdom has also taken reforms to simplify registration procedures which will boost the efficiency of land management systems.
Taysir, a committee designed to improve business performance in the private sector and to encourage their participation in economic development in line with Vision 2030, played a crucial role in modifying the business reforms of the country.