By Innovation-sa on March 5, 2018 in News

The Saudi Arabian General Investment Authority (SAGIA) extended the license period for foreign investments from one year to a renewable period of up to five years.

The new efforts were designed to aid the Kingdom’s recent economic changes and promote foreign investment in the Kingdom in line with Vision 2030, stated Ibrahim S Al-Suwayel, Deputy Governor for Investors’ Services and Consultancy.

Under the new rule, investors would be provided the option to reduce minimum license period to just one year as well.

Al-Suwayel said that the Ministry’s recent decision to reduce the time taken to issue business licenses from two days to just four hours by restructuring the processes, reducing the number of documents required from eight to two and training and certifying staff, has already shown a positive effect in attracting new investments to the Kingdom. The new decision to extend license period will also accelerate SAGIA’s efforts to attract foreign investments to the Kingdom, he added.