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