The Saudi Arabian General Investment Authority (SAGIA) has launched a new licensing service targeting entrepreneurs and innovators seeking to establish projects in the Kingdom, it said in a statement on Monday.
The step aims to incentivize and encourage entrepreneurs, enabling them to benefit from various business incubators, research centres and small and medium enterprises (SME) services.
SAGIA will grant licenses to entrepreneurs wanting to launch projects in Saudi Arabia that are approved by Saudi Universities or business incubators inside the Kingdom, said Ibrahim bin Abdul Rahman Al Omar, SAGIA Governor.
To get the license, local, regional and international entrepreneurs will have to submit their companies’ articles of association and an acceptance letter from a Saudi university or one of the approved business incubators in the Kingdom, Al Omar added.
Saudi residents can also participate in the initiative, and will need to provide a no-objection letter from their employer or sponsor in order to proceed, he said.
Meanwhile, SAGIA will continue its efforts to reduce the obstacles that may face new start-ups, he added.
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