Saudi Arabia plans to increase the number of startups in the economy so local small and medium enterprises (SMEs) will exempt from commerce fees register for three years.
The exemption will be granted to those wishing to get a new trade license for 3 years with reduction for subsequent years.
This exemption will save local SMEs substantial amounts of money and this initiative and will reduce the startup cost of business for both entrepreneurs and SMEs. Fees will start in the fourth and fifth year.
Fee will be SR500 ($133) for entrepreneurs, SR200 for entrepreneurs with a capital of less than SR375, 000 at a reduced rate and for whose with less than 5 employees.