By Innovation-sa on January 30, 2018 in News

Saudi Arabian General Investment Authority (SAGIA) has reduced the average time required to issue investment licenses from 53 hours to less than 4 hours.

The recent initiatives undertaken by SAGIA to restructure the processes, reduce the number of documents required, and train and qualify cadres has contributed to this notable progress.

The restructured processes include issuing, amending and renewing investment licenses. Previously, eight documents were required to get an investment license which has now reduced to two – financial statements and commercial registers attested by Saudi embassy from the place where the company seeking investment license is located.

The official website of SAGIA provides investors the facility to renew investment licenses themselves.

Several initiatives are undertaken by SAGIA to attract foreign investors to the Kingdom. Since the regulations have been eased, SAGIA granted 17 licenses to foreign investors in the last two weeks.