The Ministry of Commerce and Industry has started implementing new procedures to facilitate the establishment of companies and the start of commercial and service activities.
Startups will be able to obtain immediate labor approvals during the establishment phase through direct extraction of the commercial register, through the single window platform.
With regard to the diversity of nationalities of workers that can be recruited, the choice of nationalities will be available to investors through the single window platform.
The new procedures, when establishing a commercial project, included documenting and issuing the Memorandum of Association automatically, as well as issuing the commercial register, including the establishment registration number, with the aim of facilitating business procedures and upgrading the services system.
The ministry said on its website that the comprehensive incorporation of companies will take place as soon as the application procedures are completed, and that the cost starts from 2720 riyals for one application.
Obtain all licenses
This service allows the investor to obtain all necessary licenses to start practicing economic business, according to the legal form of the company to be established.
The ministry indicated that the types of licenses and certificates differ according to the type of contract or the economic activities to be practiced.
Transactions completed through this service include:
• Reserve the trade name
Issuance of the commercial register
• Issuing a trade license
• Issuance of establishment registration
• Issuing a tax card.
• Issuing specific licenses according to the selected commercial activities.
• Obtaining approval to recruit workers.
Reducing registration requirements
The services provided include improving the process of issuing commercial records, by reducing registration requirements and automating internal audit procedures and reviews with government agencies.
The establishment’s registration number has been automatically added to the commercial register when it is issued through the single window, and labor approvals will be issued automatically with each new commercial register by linking with the Ministry of Labor. In addition, the electronic facility registration card and labor recruitment approvals will be issued directly in the electronic wallet of the Metrash 2 program, as a result of the fruitful cooperation that took place with the Ministry of Interior by linking the systems directly to the single window platform.
The requirements for opening bank accounts have also been reduced, and company owners can open a bank account through the commercial registry and memorandum of association only, in addition to the regulatory requirements for banks.
Under these improvements, the number of steps required to conduct business has been reduced based on the best practices that were taken into account when designing the investor’s journey, in cooperation with the Civil Service and Governmental Development Bureau. Now it will be possible to issue a commercial registration and start doing business in just one day.
As for the categories of companies benefiting from the new decision package, they are newly established companies, as they will have a set of facilities aimed at facilitating their establishment procedures, attracting the required competencies, and issuing the necessary visas.
Research problems of entrepreneurs
On the other hand, the Ministry of Commerce and Industry will discuss today, Sunday, the most important challenges facing owners of small and medium enterprises and entrepreneurs. The Ministry called on the owners of these projects to discuss the decision-makers in the meeting to be held in the presence of Mr. Mohammed Hassan Al-Maliki, Assistant Undersecretary for Trade Affairs, and Mr. Ayed Al-Qahtani, Director of the Registration and Licensing Department.
Where the new facilities will be presented and the problems facing the owners of new projects will be identified with the aim of developing appropriate solutions in coordination with other government agencies.
