While the Ministry of Commerce and Investment confirmed the cancellation of the audit step on companies' incorporation contracts (replaced them with electronic work procedures through the system of companies automatically, so that the establishment of companies easier and faster), the General Authority of Investment announced the reduce of licensing procedures to less than four hours.
"The Commerce" said in a statement yesterday that the amendment is within the stages of facilitating the start of business in the Kingdom. So, the process of establishing companies would be automatically and without the need to wait for the approval of the Ministry.
The ministry explained that this amendment enables customers to establish their own companies through the e-service and the e-contract. The customers could add details on the contracts of incorporation and it would be approved automatically and immediately through the ministry's website and "Maras." It is noteworthy that the approval of the contracts of companies were carried out after being reviewed by specialists in the ministry, which requires a great effort and is now done automatically and immediately.
The Ministry of Commerce is currently expanding the scope of electronic solutions to be more integrated to include activities that require approvals or licenses from licensed government agencies, and also include modified contracts and other services. This Ministry emphasizes its aim in improving the business environment, enabling enterprises, and providing an investment-stimulating environment, which positively affects the business of investors in general in Saudi Arabia. This aim works correspondingly with The Kingdom's Vision of 2030.
The Ministry of Commerce and Investment called on individuals and companies that are willing to start their own businesses to benefit from the services of the electronic corporate incorporation contract by entering the ministry's website or through "Maras" platform.
The General Authority for Investment confirmed that the procedures for issuance of investment licenses decreased from two days and five hours (53 hours) to three hours and 59 minutes. This happened because of three main reasons: restructuring the procedures, reducing the required documents, and training and qualifying the employees.
Ibrahim bin Saleh Al Suwail, the governor's agent for investor services and consultations, said that the reduction of the duration of the procedures for investment licenses included three things: the issuance of new investment licenses, amendment, and renewal. Previously, this procedure has been taken a long time compared to the current time because the required documents were up to about eight requirements. However, the required documents are now limited to the financial statements and the Commercial Register certified by the Saudi Embassy in the country where the applicant company. Al-Suwail said that the issuance of the new investment licenses is now issued in less than a day, it took three days previously, while the request to amend the investment license took less than four hours. He clarifies that the renewal of investment licenses are self-made by the investors through self-service on the site of the General Authority of Investment. The General Authority of Investment seeks to attract investments by facilitating and improving procedures; it granted 17 licenses to foreign establishments during two weeks.
