The Saudi General Investment Authority (SAGIA) has reduced the processing time for issuing investment licenses from two days and five hours (53 hours) to 3 hours and 59 minutes. This was made possible through three main changes: restructuring the procedures, reducing the number of required documents and training and qualifying cadres.
Previously, licenses required up to 8 documents but have now been reduced to financial statements and a commercial license certified by the Saudi embassy in the country where the applicant company is located.
Additionally, companies are now able to self-renew their licenses through the self-service available through the SAGIA website.
SAGIA aim to attract investments through facilitating and improving procedures and in the last two weeks alone have granted 17 licenses for foreign enterprises.