https://arab.news/mhu2f
- The initiative aims to support and reduce the startup cost of business
RIYADH: Startup costs for commerce fees register decreased by 96 percent for companies and from 33 percent to 75 percent for enterprises for the first five years.
Saudi Arabia will exempt small and medium enterprises (SMEs) from commerce fees register for three years as the country plans to boost the number of startups in the economy.
According to the ministry of commerce, exemption will be granted to those wishing to issue a new trade register from the financial equivalent for 3-years and reduction for subsequent years, according to the Ministry of Commerce
Fees will start in the fourth and fifth year, but at a reduced rate of SR500 ($133) for entrepreneurs and SR200 for entrepreneurs with a capital of less than SR375,000 and whose employees do not exceed 5.
This initiative came to support and reduce the startup cost of business for both entrepreneurs and SMEs, and this exemption will save SMEs substantial amounts of money.