The Ministry of Commerce and Investment has revealed that there is an increase of 27% in setting up limited liability companies. This is in the first quarter of 2019, compared to the fourth quarter of 2018.
The total number of limited liability companies established during the first quarter of this year was 2,411, compared to 1,898 companies established in the fourth quarter last year.
The Ministry mentioned that these companies are mostly established in Riyadh, Jeddah, Dammam, Khobar and Makkah.
Notably, within the endeavor to create an active, attractive and stimulating investment environment, MCI has implemented a number of reforms and improvements for that purpose, including the establishment of companies within 30 minutes, cancellation of the requirement to deposit the capital at the start of establishing the companies, cancellation of the requirement for prior approvals for getting the Commercial Registration, and the cancellation of the Ministry's study of the contracts for establishing limited liability companies .
The Ministry also has amended the regulations relevant to the Commercial Registration and Corporate, besides canceling the requirement to issue a sub-commercial register for the same activity and the same administrative area. MCI has enabled holding the assemblies of the boards of directors of the closed shareholding companies without prior approval of the Ministry, The Ministry has provided the service of corporate decisions, and the service of getting the C.R. online.
MCI has founded more Model Customer Service Centers, which operate under the concept of a comprehensive employee, besides increasing the electronic services that can be completed without attending the Ministry or its branches. All the parties that have relation with the starting up of business are linked to "Meras" platform, which provides more than 112 e-services provided by 21 government authorities.