RIYADH, 16 May 2004 — The one-stop service center at the Saudi Arabian General Investment Authority (SAGIA) has been up and running for a year and is going strong.
“We have so far verified 180 company agreements and issued 949 powers of attorney,” says Sami Al-Tayyar, a notary public at the office.
Verification takes an hour. “The aim of opening this office was to expedite official procedures,” he said, highlighting the support of the justice minister.
Al-Tayyar said verification of agreements required the presence of partners or their agents, who must also submit photographs, and witnesses.
For a power of attorney, male investors do not need witnesses. “But women have to bring two witnesses who know them well,” he said.
Al-Tayyar said notaries are allowed to verify only powers of attorney in Arabic. In case the document is in another language, an authorized translation is required.
