(SAGIA) Renewing investment license one year before expiration.
The Saudi Arabia General Investment Authority (SAGIA) has announced that, as of March 13, 2018, renewal of Investment Licenses can be done up to one year before expiration. This comes in the light of the 2030 Vision and SAGIA’s continuing efforts to implement much smoother procedures for foreign investors. Such procedures include: issuing licenses electronically, automatic verification of documents, extending the license renewal period to five years, and instant renewal of licenses.
How does this change benefit you as a foreign investor?
Before this announcement, investors were only able to renew their license during the final 90 days before expiration. However, renewing your investment license is no longer thus restricted. If your schedule during the 90 days before the license expiration is likely to be too heavy to allow the time to submit the renewal, following this new announcement you can now plan for an early renewal. Moreover, in the event that your application requires any amendments, or is rejected, you will have more time to check the requirements and re-submit.
It is obvious that SAGIA is rolling out the red carpet to investors in the Kingdom like never before. It is continuously striving to achieve excellence in the services it provides for investors.
To learn more about this change, or if you have any questions on Investment Licenses, contact T&S, whose consultants can provide you with further details and advise you on investing in Saudi Arabia.