Business Registration in One Day as the Kingdom of Saudi Arabia Launches 12 Regulatory Reforms

Riyadh, Saudi Arabia, -Monday 9 April 2018 [ AETOS Wire ]

As part of the government’s objective in making Saudi Arabia a more business-friendly country, a new initiative has been launched to make it possible for businesses to be registered within a day. The 12 reform initiatives are aimed at modernizing the process of the Kingdom’s administrative procedures enabling both investor and business owners to start a business within one day.  

The Ministry of Commerce and Investment has announced these reform initiatives are within the framework of the on-going modernization and improvements of the trade services, through process re-engineering and integrated electronic systems. The new changes have been implemented to ease processes to help facilitate registration of businesses via an online system.

12 reform initiatives for starting a business are now integrated and can be done simultaneously in one step. The new online service allows investors to search and book his or her trade name, fill-in company Articles of Association details, add partners and shares without the need of attestation by a Notary Public using electronic authentication. 

The Kingdom’s online service is a new technology in facilitating the delivery of a range of business start-up services for a more expeditious and legally sound incorporation. The government has developed these new initiatives by linking all procedures through a single online interface. 

The requirement of a company seal has also been removed. Therefore, the reforms undertaken by the Ministry of Commerce and Investment will help in reducing the procedures for starting a business in Saudi Arabia and provide Ease of Doing Business.  

As soon as the CR is provided, investors will be issued a temporary company license code allowing immediate registration with the Ministry of Labor, Social Insurance “GOSI”, Zakat and Income Tax “GAZIT”, and enroll in the Chamber of Commerce. 

“As a result, the government’s streamlining of transmission of applications tackle various circumscriptions to doing business inside the Kingdom and the process will become a model in enhancing business activity by virtue of simplification,” the ministry said in a statement.


Contacts

The Center for International Communication, Ministry of Culture and Information, Kingdom of Saudi Arabia;

Essam Al-Ghalib, +966595455467

cic@moci.gov.sa

Twitter: @CICSaudi





Permalink : http://aetoswire.com/news/business-registration-in-one-day-as-the-kingdom-of-saudi-arabia-launches-12-regulatory-reforms/en


Permalink : http://aetoswire.com/news/business-registration-in-one-day-as-the-kingdom-of-saudi-arabia-launches-12-regulatory-reforms/en