Saudi Arabian General Authority (SAGIA) has introduced several steps aimed at simplifying licensing procedures for foreign companies planning to invest in Saudi Arabia.
Documentation requirements have been reduced to 3 simple documents - an authenticated shareholder’s resolution to invest in the Kingdom; a detailed action plan identifying the project’s execution and contribution to the Kingdom’s economy; and a proof of financial capability based on the action plan submitted for the project and the financial statements for the last fiscal year of the company.
In addition, all foreign investors can now avail a fast track service to receive investment licenses within a maximum of 5 days; and investors would now have the option to extend their licenses for up to a 15-year period.
For the purpose of license renewal for more than a period, the requirements will be - foreign investment license issued for the first time for a period of one year; proof of compliance of the entity's commitments to SAGIA; payment of the annual service fees in advance; and commitment to update data with SAGI annually. The licensee may request license renewal following the first year for more than a year with a maximum of fifteen years, according to the entity category and in accordance to the program of measuring the impact of foreign investments to the Kingdom.