The Small and Medium Enterprises (SMEs) General Authority (Monshaat) has paid SR691 million ($185 million) to 7,500 small- and medium-sized companies as part of the government fee refunding initiative.

Monshaat’s Gov. Saleh Al-Rasheed revealed the details during a meeting organized by the Riyadh Chamber in the presence of its chairman, Ajlan Al-Ajlan, and several businesspeople, professionals and business stakeholders.

Al-Ajlan highlighted the importance of raising the contribution of this group of enterprises to the gross domestic product. 

Al-Rasheed said that the most prominent initiatives of “ease of doing business” in cooperation with the Labor Ministry were to issue nine visas to full-time employees of enterprises, provide a grace period of one year for registration and to enroll newly appointed Saudi employees in the Nitaqat program as soon as being registered in the social security fund. Other initiatives include the Saudization of leadership positions and supporting the employment of those enrolled in the “Incentive” program and other initiatives.

Al-Rasheed said that Monshaat had established business support centers that formed an integrated environment to provide the training programs, consultancy and guidance services needed by entrepreneurs. SPA Riyadh

SOURCE : ARABNEWS