The Saudi Arabian Ministry of Commerce and Investment has revealed that the total number of individual firms grew by 16 per cent in 2018 to 945,278, while the limited liability companies (LLCs) increased by 11.4 per cent to 109,036 companies, said a report.

The Rate of the growth falls in line with the reforms and improvements introduced by the ministry and the business sector undergone during the past period, as it took advantage of procedures to facilitate the start of business activity, which the ministry has worked to bring about, in cooperation with a number of related parties, said a Saudi Press Agency report.

Existing records of the joint stock companies increased in 2018 by 5.9 per cent compared to 2017, it said.

A total of 39 per cent of the Saudi companies are in Riyadh region, followed by Makkah region with 25 per cent, the Eastern region with 19 per cent, Madinah region with 4 per cent and Qassim region with 3 per cent, while in the domain of individual firms, 28 per cent are in Riyadh, 23 per cent in Makkah, 15 per cent in the Eastern-region, 7 per cent in Qassim and 5 per cent in Asir, respectively.

A number of reforms and improvements to best serve the business environment and facilitate the start of business, enabled establishment of companies, in a record time of 30 minutes, provided 61 services from online and expanded customer service centres' concept of the comprehensive employee.

The ministry has recently issued decisions to empower companies, notably, cancelling the issuance of sub-records of establishments that carry out similar activities, in the same region, amending Commercial Registration and Companies Regulations, in addition to cancel documenting of contracts, at the public notary bureaus, added the report.