SAGIA: Fast track service in KSA for foreign investors

Saudi Arabian General Investment Authority (SAGIA) has introduced a ‘fast track service’ to process applications from foreign investors within five days under a streamlined program.
The new measures have been announced in an administrative decision issued by Abdullatif Al-Othman, governor of SAGIA and chairman of the board.
This follows the Council of Ministers’ decision (No. 2 of 5/1/1421H), the Foreign Investment Law by Royal Decree (No. M/1 of 5/1/1421H) and its Implementing Regulations issued by the board’s decision No. 2/74 of 12.5.1435H.
“Overseas investors looking to launch businesses in the Kingdom of Saudi Arabia will now be able to benefit from a faster and simpler application process with the launch of the new fast track service by SAGIA,” said an official from the authority.
“This new application process guarantees application decisions within five working days, once SAGIA has received all required documentation.”
The fast track is available to potential investors who meet one of the following requirements:
1 Multinational companies publicly listed in the capital market of their countries or in international stock exchanges
2. Firms manufacturing products that are classified and approved by independent agencies, and employ certified process technology
3. Small and medium size enterprises which will be operating in the area of the IPRs registered in their names, or which are classified as innovative enterprises.
4. An international company aiming to set up regional centers in Saudi Arabia.
5. A construction company classified under ‘first class’ in their countries, or which have implemented a project with a value of not less than SR500,000,000 and have a manpower of not less than 2,000 employees and total assets of not less than SR50 million.
6. A company entering into partnership with other companies qualified by Saudi government agency, or by a state-owned entity or an entity in which the government has a shareholding, or with a company listed in the Saudi Capital Market.
7. The aim of SAGIA’s fast track service is to facilitate foreign direct investment (FDI) into target sectors in the Saudi economy, namely ICT, downstream petrochemical and mining, industrial manufacturing, health care and life science, transportation and infrastructure, human capital development, and energy and petrochemicals.
Documents required to complete applications under the fast track service include:
1. Shareholders Resolution to invest in the Kingdom, listing the names of shareholders, capital share of each shareholder, company headquarters, type of activity, name of the general manager and authorized representative, duly legalized by the competent authorities and the Saudi mission.
2. Copies of enterprise Memorandum of Association and commercial registration, duly authenticated by the competent authorities and the Saudi Consulate.
3. Filling out the autobiography form and provision of a company profile, duly stamped by company’s seal.
Eligible applicants providing the necessary information should make their applications to: [email protected] in the interim, while an online application process is developed.