Saudi Arabia speeds up business registration to one day
Saudi Arabia is making it easier to set up a business in the Arab world’s largest economy by implementing 12 reforms that will allow a company to be registered within one day.
The changes form part of a reform programme, Vision 2030, to shift the whole Saudi economy off reliance on the hydrocarbon sector and onto a more diversified footing.
The ministry of culture and information announced the new online service for company registration in a statement on Thursday: “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 new service will allow full registration of a company’s details without the need for attestation by a notary, using electronic authentication instead. The service allows business owners to pay government fees online and gain commercial certification directly.
The World Bank, in its annual Ease of Doing Business 2018 rankings, places Saudi Arabia at 92 out of 190 countries, and 135 for starting a business.