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The Saudi Arabian Council of Ministers, presided over by King Salman, has given the go-ahead for foreigners living there to own 100 percent of their wholesale and retail companies without the need for a sponsor.
The choice will result in job opportunities.
According to the Cabinet statement, the decision is in line with Vision 2030 to loosen limits on ownership and foreign investment in the retail sector in order to promote regional and international brands and help citizens find jobs in this industry.
According to Reema Sameer, a top Saudi business analyst working in the private sector, this new rule would open numerous doors and generate many prospects for employment for Saudi Arabia’s youth.
The new relaxation of restrictions will also promote healthy rivalry among firms and organizations, which will lead to improved goods and services as well as a general decrease in the cost of some items.
As an illustration, someone may purchase a laser cutter and engraver and create signs and other personalized goods to sell. On social media, you can find out more about Boss Laser and see samples of what it can accomplish.
SAGIA intends to draw more foreign nationals.
The SAGIA intends to entice more overseas investors and corporations and make it easier for them to persuade them to establish manufacturing facilities for their goods inside the Saudi Arabian Kingdom.
How can I obtain a SAGIA license?
You can launch a business in Saudi Arabia without a Saudi sponsor after obtaining a SAGIA license.
King Salman said that 2106 foreigners can open 100 independent businesses in Saudi Arabia.
The SAGIA has announced that, in compliance with the new ruling, any foreign business that wishes to invest in the Saudi market must first make sure that their offer also includes the particular manufacturing time programs and plans for the introduction of any new technology.
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