Following its four years of continued success, Golden Scent, the leading Saudi Beauty E-commerce Platform, announced that it has been granted the first commercial license by the Saudi Arabian General Investment Authority (SAGIA), without the minimum capital requirement.
The company’s excellent reputation, class A investors and customer loyalty all combined to ensure the company could be exempted from the SAGIA’s Minimum Accepted Capital requirement.
The news, which was announced during the 7th Arabnet Riyadh Conference, marks a great achievement in 2019. As Golden Scent has expanded to new GCC markets, by entering the UAE and Kuwait, and exceeding over 3 million app downloads. The E-commerce platform increased its product portfolio by 250%, added new logistics warehouses, and continued to grow its manpower – both quantitatively and qualitatively.
Supporting start-ups has always been a key element for SAGIA’s mission, attracting and retaining investors and establishing Saudi Arabia as a world-class investment destination. As a result, Golden Scent has been granted the commercial license as it represents a perfect example of how Saudi entrepreneurs, supported by foreign capital, can make a significant contribution to developing a sustainable, diversified national economy – a key objective of Saudi Vision 2030.
Founded in 2000, SAGIA is the foreign investment license provider for the Kingdom. Alongside its legislative role, SAGIA works with government entities to create, develop and market business opportunities; offering specialized consultations to companies in different sectors. Through its five business centres, SAGIA provides most of the government services by facilitating the necessary steps for clients to start and maintain business.
Golden Scent is rapidly growing stronger since its launch in 2014 and continues to address and anticipates its clientele needs with special offers and discounts, with more surprises and additions in the pipeline to make 2019 yet another unforgettable year for the platform and its ever-growing client base. As Malik Al Shehab, Co-Founder and CEO of Golden Sent said: “We are very proud of the achievements we have accomplished till now, and receiving the commercial license from SAGIA. And we would like to thank all the supportive parties involved in Golden Scent’s journey in becoming a leading platform and a trusted brand in the Middle East market.”