Saudi’s Small and Medium Enterprises Initiative
In the context, of realizing the vision of the Kingdom of Saudi Arabia 2030, that to promote of small and medium enterprises in order to support them to grow and thrive ,as well expand and promote entrepreneurship.
The joint initiative of the General Authority for Small and Medium Enterprises and the Ministry of Labor and Social Development is coming up with the aim of creating a functional environment that lead to polarization of national cadres.
The initiative seeks to rise the contribution of the small and medium enterprises sector in the domestic product from 20% to 35%, by helping the small and medium enterprises to create jobs for national cadres and an attractive environment for investment
The SME initiative includes the issuance of up to nine instant visas if the owner of the facility completes work, the facilities granted a grace period of one year from the registration of the “NATIQAT” program and the immediate counting of any Saudi employee join in the “NATIQAT” once he registered in GOSI.
The initiative in addition to that provides an exemption from the waiting period for the announcement of jobs through the "TAQAT" national portal, the issuance of compensatory visas for competencies, and the granting of additional advantages when employing the registered in the program "HAFIZ".
The services of initiative includes:
1. Issue up to nine instant visas.
2. Request for visas balance through “MERAS”.
3. Allowing a one-year grace period for registering with the “NATIQAT " program.
4. Issuance of compensatory visas.
5. Exemption from job posting in the “TAQAT " portal.
6. Immediate Registration of the new Saudi employee in the " NITAQAT " program
7. Supporting the establishments employing the employees enrolled in the “HAFIZ" program.
8. Supporting establishments that achieve localization for leadership positions.
9. Participating in developing the working environment in small and medium enterprises.
Furthermore, there is "National Companies Promotion Program" to enable and empower more companies with the opportunity to transform from a local company to a leading regional company or to a leading global company. That to contribute to raising local content, diversifying the economy, developing companies, including small and medium size enterprises, and creating more job opportunities.
• SME: Small and Medium Enterprises Initiative
• NITAQAT: a program that automatically calculate the settlement factor.
• GOSI: General Organization for Social Insurance.
• TAQAT: A Portal for the labor market for both public and private employment services providers.
• HAFIZ is A job search incentive program to serious job seekers to access to sustainable jobs and provide them with the skills and resources.( SR 2,000 is offered for 12 months)
• MERAS is a government program, which provides all government and private sector services that, is needed to start your business in one day.