المملكة: A new list of the “Investment System”, its most prominent features are the freedom to transfer money

The Ministry of Investment announced the approval of the executive regulations of the investment system, issued by the decision of the Minister of Investment Khaled Al -Falih, with the aim of strengthening the business environment in the Kingdom and attracting local and foreign investments, and achieving fair and fair treatment for investors, while ensuring the protection of their rights and providing more flexibility in managing their money.
The regulations stressed the freedom of investors to transfer the funds associated with their investments completely freely to and from the Kingdom, without delay, including capital, profits, gains, capital and revenues resulting from liquidation or partial and complete sale of investments, taking into account the regulations and regulations in force in the Kingdom.
The regulations confirmed that financial transfers can also include the salaries and rewards of workers associated with investment.

Similar circumstances

The regulations included many provisions that guarantee the achievement of equality between local and foreign investors, as Article Three stipulates that the reciprocity must be transmitted in similar circumstances, without unjustified discrimination, taking into account the various sectors and activities and the impact of investments on the economy and the environment.
The regulations also obligated the authorities concerned with providing information and statistical data for investors within a period of time not exceeding thirty working days from the date of demand, which enhances the transparency of the data available to investors to support their investment decisions.

System features

One of the most prominent features of the system is the establishment of a comprehensive national record for investors, run by the Ministry of Investment in cooperation with the competent authorities, to ensure the accuracy of information and link it electronically to facilitate the follow -up of investment activities.
The regulation also included the criteria for investing investment incentives, which are granted in coordination with the competent authorities in accordance with transparent classifications and standards that are in line with the goals of the new system.
With regard to facilitating the procedures, the regulations confirmed the role of the comprehensive service center, which is concerned with facilitating communication between investors and the ministry and following up on all registration requests, approvals and licensing procedures.

Complaints and violations

The regulation also included organizing dealing with complaints and violations, by establishing a special system to receive investor complaints, study and address them transparently, while emphasizing the investor’s right to resort to elimination or the means of settling other disputes.
The regulations included mechanisms to monitor and control violations, whether grave or non -grave, with the definition of the regular procedures for them, and to ensure the right of investors to object through a specialized committee to be formed by a decision of the minister.
It is noteworthy that the executive regulations entered into force after its publication in the Official Gazette, and it constitutes an essential step in the framework of the economic reforms that the Kingdom leads to enhance its regional and global competitiveness as a leading investment destination.