In a step to incentivize and encourage entrepreneurs and support them to launch new businesses, the Saudi Arabian General Investment Authority (SAGIA) has launched a new licensing service targeting entrepreneurs and innovators around the world enabling them to benefit from various business incubators, research centres and small and medium enterprises (SME) services.
Eng. Ibrahim bin Abdul Rahman Al-Omar, SAGIA Governor said that this service will contribute in supporting innovators locally, regionally and globally, whereas, SAGIA will continue its efforts to reduce obstacles and difficulties that may face the entrepreneurs in setting up their entrepreneurial projects.
Mr Al-Omar indicated that the decision includes 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.
Residents living in the Kingdom will also benefit from this initiative according to Mr Al-Omar, where the same conditions apply. In addition to that, the entrepreneur will need to provide a no objection letter from the employer/sponsor in order to proceed.
SAGIA, in collaboration with the Small and Medium Enterprises Authority (SMEA), will be supporting projects in the Kingdom, in order to boost the private sector’s contribution in the national gross domestic product (GDP) aligning with Vision 2030 in order to achieve a diversified economy and create new job opportunities for Saudi nationals across key promising sectors.