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Your Obligations

Saudi Arabian concerned authority has the right to:

  1. Investigate/inquire about the applicant(s) through any government or private agency inside or outside the Kingdom of Saudi Arabia to authenticate data and information presented by the applicant.

  2. To obtain any information belonging to the applicant(s) held by the Saudi Credit Bureau Company (SIMAH) as well as to report the applicant’s information to SIMAH or any other SAMA-approved authority if needed.

  3. To use the applicant’s public information, after licensing, in its various reports and to share such information with third parties as it sees fit.

  4. To follow-up and inspect the licensed entity to ensure its compliance with investment regulations and the obligations agreed to in this application. The concerned authority may – at its discretion – assign part or all of this task to a third party and shall be treated bsy the applicant(s) as the authority in its assigned task and the applicant(s) shall not object to this.

  5. To issue an inquiry certificate about the licensed entity to whoever – individuals or entities - inquires about the licensed entity prior to starting any business dealings. This certificate highlights the entity’s status, any registered violations or complaints or accusation against the entity even if a final ruling has not yet been obtained.

  6. To cancel the investment license for the entity within ‘contracting’ fields if it fails to obtain at least one contract during its first year of operation.

  7. To refrain from providing any services to the entity and its owner(s) until entity’s reported violations are fixed and corresponding fees/penalties are paid and evidence of such is presented to the concerned authority.

  8. To change the list of its services or National Competitive Center’s (NCC) sponsorship list without prior notice and such changes are deemed acceptable by the applicant(s) once presented.

 Applicants Obligations:

  1. Collecting the investment license from the concerned authority One-Step-Shops within 1 month of issuance.

  2. Obtaining the required post-license's governmental documents within 3 months of issuance of the authority’s license.

  3. Obtaining the necessary documents or licenses from the related government agencies – where required – before or after obtaining investment license and the issuing license authority should be notified by the applicant(s) if difficulties are faced in doing so not less than 3 months from the project’s scheduled start of operation.

  4. Operating within the licensed field/industry.

  5. Not using laborers/workers that are illegally resident or not on the entity’s sponsorship.

  6. Implementing the project within the time-frame indicated in this application and within licensed location or branch.

  7. Not transferring the sponsorships of workers/employees granted to the licensed project to another individual or entity before the actual implementation of the project and prior approval from the licensing authority.

  8. Using the licensed name on the entity’s sign-board.

  9. Using the licensed name – as per investment license – in all government documents and the entity's documents.

  10. Changing the applicant’s profession in his passport and residency permit to “investor” within 2 months from the date of investment license issuance.

  11. Presenting an audited financial report prepared by an approved auditing firm highlighting the entity’s income statement, P&L and cashflow after 12 months of the date of Commercial Registration issuance.

  12. Not using the entity’s premises as housing for labors/workers.

  13. Renewing investment license annually on time.

  14. Not changing the entity’s licensed activities or adding new activities during the first year of investment license issuance.

  15. Paying laborers/workers salaries and remunerations on time and is committed to presenting evidence of such payment if required by the licensing authority or any related government agency.

  16. Not reducing the entity’s capital unless required by law and only after the licensing authority express written permission.

  17. Opening a bank account for the entity within 4 months from the issuance of the investment license.

  18. Receiving the licensing authority follow-up officers, cooperating with them and furnishing all required documents requested during the visit.

  19. Applying Saudization regulation as stated by the Ministry of Labor.

  20. Not marketing or selling any non-licensed product inside the Kingdom of Saudi Arabia.

  21. Applying Saudi standards for any manufactured product and if such standards do not exist, Euro-zone, or US or Japan standards shall apply.

  22. Respecting intellectual property rights of others.

  23. Not exceeding licensed production capacity until approved by the licensing authority.

  24. Respecting all local laws and regulations issued by Saudi ministries/agencies which apply to the entity and its employees.

  25. Notifying the licensing authority of any change in contact addresses, P.O.Boxes, emails, phones and fax numbers within 10 working days of the change using the licensing authority designed forms.

The applicant(s) is/are obliged to undertake the following:

  1. To abide by all rules and regulations stated in the Foreign Investment Act issued under the Royal Decree No. (M/1) dated 5/1/1421 H and all of its corresponding Executive Rules and  guarantee the authenticity of the documents,  information and data presented herein and with this application.

  2. That the purpose of this application is to obtain an investment license to start legitimate investment activity/activities. The investment license is revocable at any time if the data and information presented are found false or inaccurate.

  3. The applicant is not employed or retired from a military/police sector in the country he is carrying its nationality.

  4. That no final rulings/verdicts have been issued against the applicant(s) in violation of the Foreign Investment Act.

  5. That no rulings/verdicts have been issued against the applicant(s) in monetary or commercial related violations whether inside or outside the Kingdom of Saudi Arabia.

  6. That the applicant will transfer the capital declared in this application to a local bank once the investment licensed is issued.

  7. That the applicant(s) is/are not currently resident within the Kingdom of Saudi Arabia and that the applicant(s) was/were not resident within the Kingdom of Saudi Arabia during the last 3 years.

  8. The applicant(s) shall use the license issued by the Saudi Arabian General Investment Authority only for the purposes for which the license is issued. The Saudi Arabian Government and the licensing authority will not be held responsible towards any party for any acts of misconduct committed, directly or indirectly, by the applicant(s), whether inside or outside Saudi Arabia, in violation of any laws of Saudi Arabia or elsewhere.

  9. That the applicant(s) have read and understood the above terms and conditions, commitments, obligations and undertakings and have agreed to them.

  10. That the name(s) and signature(s) on this application belong to him/them or his/their legal representative and the signature of the latter is considered as his/theirs.

If any of the above commitments, obligations and undertakings are violated, fines and penalties will apply, that include withdrawing or permanently canceling the investment license.

 

 

 

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