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Saudi Arabia launches new service to attract global entrepreneurs

SAGIA says committed to reducing obstacles that may face entrepreneurs in setting up their projects

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The Saudi Arabian General Investment Authority (SAGIA) has launched a new licensing service targeting entrepreneurs and innovators around the world.

In a step to further incentivise and encourage entrepreneurs and support them to launch new businesses, the service enables them to benefit from various business incubators, research centres and small and medium enterprises (SME) services.

Ibrahim bin Abdul Rahman Al-Omar, SAGIA governor, confirmed that this service will support innovators locally, regionally and globally.

He added that SAGIA will continue its efforts to reduce obstacles and difficulties that may face the entrepreneurs in setting up their projects.

Al-Omar indicated that the decision includes granting a licence 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 Al-Omar, where the same conditions apply. In addition, the entrepreneur will need to provide a no objection letter from the employer/sponsor in order to proceed.

SAGIA said the initiative aims to boost the private sector's contribution in the national gross domestic product (GDP) aligning with Vision 2030 to achieve a diversified economy and create new job opportunities for Saudi nationals.

Source: Arabian Business