Arab News, Monday, Aug 23, 2021 | Muharram 15, 1443
Saudi SMEs get 3-year exemption from commerce fees
Saudi Arabia:
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.