This Service Resulted in Establishing 13,000 Companies and Contributed to the Kingdom's Progress in the International Indexes
The service of “Set-up Your Company”, Launched by the Ministry of Commerce, has been awarded the Best Arab Government Service Award during the ceremony for honoring the winners, which was held in UAE, under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates, and in cooperation with the Arab States League.
The service of setting-up the companies online has contributed to facilitating and easing the start of a business, as the time for establishing a company has been shortened from 15 days in 2015 to 30 minutes only. This is after reducing the procedures and make it available to be done online. The auditing of the memorandum of associations is done online as well, in addition to issuing partners' decisions and amending the corporate contracts electronically.
During the past years, this service resulted in setting-up more than 13 thousand companies electronically, while the electronic incorporation contracts exceeded more than 38 thousand, and the number of partners registered in contracts reached more than 66 thousand, in addition to more than 39 thousand registered managers. The total capital registered in the contracts exceeded 14 billion riyals.
The efforts rendered by MC to improve and reform the business environment have enabled the Kingdom to make progress in the Global Indexes. The Kingdom ranked first in the world in Business Environment Reforms, as mentioned in the Ease of Business Report 2020, issued by the World Bank. The Kingdom achieved a leap of 103 ranks in the index of “Starting-up a Business” to reach the rank (38th globally), and the 3rd in the index of "Protecting the Investors’ Minority", and among the top 10 most growing e-commerce countries in the world.
It is noteworthy that the service of setting-up the companies online was launched in 2016 to empower the private sector and to facilitate and ease the procedures for doing a business. In 2018, the Ministry of Commerce had been granted the Achievement Award for E-Government
Transactions for the service of “Set-up Your Company”, organized by the Ministry of Communications and Information Technology.