RIYADH: In a step to further incentivize and encourage entrepreneurs and support them to launch new businesses, the Saudi Arabian General Investment Authority (SAGIA) has launched a new licensing service targeting entrepreneurs and innovators around the world enabling them to benefit from various business incubators, research centres and small and medium enterprises (SME) services.
H.E. Eng. Ibrahim bin Abdul Rahman Al-Omar, SAGIA Governor confirmed that this service will contribute in supporting innovators locally, regionally and globally, whereas, SAGIA will continue its efforts to reduce obstacles and difficulties that may face the entrepreneurs in setting up their entrepreneurial projects.
Al-Omar indicated that the decision includes granting a license to entrepreneurs wanting to establish projects in Saudi Arabia that are approved by Saudi Universities or business incubators inside the Kingdom. All entrepreneurs have to do is submit their articles of association of the company and an acceptance letter from a Saudi university or one of the approved business incubators.
Residents living in the Kingdom will also benefit from this initiative according to Mr. Al-Omar, where the same conditions apply. In addition to that, the entrepreneur will need to provide a no objection letter from the employer/sponsor in order to proceed.
SAGIA, in collaboration with the Small and Medium Enterprises Authority (SMEA), will be supporting leading and pioneer projects in The Kingdom, in order to boost the private sector’s contribution in the national gross domestic product (GDP) aligning with Vision 2030 in order to achieve a diversified economy and create new job opportunities for Saudi nationals across key promising sectors.
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About SAGIA
Since its establishment in 2000, SAGIA has been the governmental agency responsible for all internal and external investment related subjects in the Kingdom of Saudi Arabia by providing services and facilities to investors supporting the diversification of the national economy in alignment with the Vision 2030.
SAGIA also acts as a supporter of internal investments in public and private sectors, through a systematic and developed economic policy based on strategic research and studies.
SAGIA is working on strengthening the Kingdom's position as a major destination for investment worldwide, regulating the investment sector, providing licensing services, and attracting investors from within and outside the Kingdom.
© Press Release 2018
