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DUBAI: The time it takes to process a business license in ��������Ƶ has been slashed by more than 92 percent in the hope that it will encourage further investment in the Kingdom.
��������Ƶn General Investment Authority (SAGIA) has reduced the processing time from about 53 hours to four hours according to a statement released by the authority.
The shortening of the processing time has been achieved following three initiatives undertaken by the agency, which oversees investment affairs in the Kingdom.
SAGIA, which oversees investment affairs in the Kingdom, added that 17 licenses were granted during the first two weeks after the streamlined process was implemented.
“The remarkable improvement was due to three initiatives: restructuring the processes, reducing the required documents, training and qualifying cadres,” the statement explained.
“The restructured processes include issuing, amending and renewing investment licenses,” said Ibrahim S Al-Suwail, deputy governor for investors’ services and consultancy.
Companies and businesses previously had to submit eight documents to the investment authority for their licenses to be issued, but now only have to present financial statements and their certified commercial registration.
The renewal of investment licenses can be processed online through a self-service portal in the SAGIA’s website, Al-Suwail said.