Saudi Arabia to launch new licensing services to attract global investments in SME sector
New Delhi, Jan 10 (KNN) Eyeing at encouraging entrepreneurs to launch new businesses in the Small and Medium Enterprises (SME) sector, the Saudi Arabian General Investment Authority (SAGIA) announced new licensing service recently.
Under the new policy, entrepreneurs and innovators from around the globe can apply for a license and also take benefit from various business incubators, research centres and small and medium enterprises (SME) services to start their own unit in the kingdom.
The authority will be 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”, SAGIA said in a release.
SAGIA is to collaborate with Small & Medium Enterprises Authority (SMEA) to formulate policies and provide licenses in order to increase private sector’s contribution in GDP.
It is a step forward in supporting innovators locally, regionally and globally and reduce hurdles that are faced by new entrepreneurs, the release further said.
Also, residents of the Kingdom will be in favorable position from this initiative.
Established in 2000, SAGIA, a government agency handles internal and external investment matters in the Kingdom of Saudi Arabia.
Several measures have been taken by this organisation to gear towards the economic liberalization and making the Kingdom an ideal destination for global investment.
Apart from addressing financial obstacles, SAGIA also aims at overcoming social obstacles faced by women in workplace. (KNN/MG)