The General Authority for Small and Medium Enterprises (Monsha'at) has launched an online portal for the “Fee Refund Initiative”, which aims to reduce the financial burden on small and medium enterprises (SMEs) in the early years of their establishment. The Authority explained that the refund of government fees will be applied at 100% to the fees for issuing the commercial register for companies, renewing the commercial register for companies, subscribing to the Chamber of Commerce, registering the trademark, subscribing to Saudi Post (National Address), publishing the contract of establishment of a company, municipality license, and licenses for economic activities, while at 80% of expatriate labor recruitment fees.
The Authority indicated that the refund of government fees will be applied at the rate of 100% to the fees for issuing the commercial register for companies, renewing the commercial register for companies, subscribing to the Chamber of Commerce, and registering the trademark. <She pointed out that the mechanism for reviewing applications goes through two stages, starting with registration and then verifying the eligibility of the company, where the applicant receives a text message about the status of his application, followed by a request to upload the required documents for companies through the portal, provided that this is done 30 days before the end of each quarter as a minimum. <The initiative comes within 3 other initiatives to support SMEs under the Private Sector Stimulus Program, namely: The initiative to raise the capital of the Kafala program to support SMEs, to facilitate the access of enterprises to the necessary financing from financing entities, the indirect financing initiative, which has been allocated 1.6 billion riyals, and the Venture Investment Fund, which focuses on investing in startups, which has been allocated 2.8 billion riyals.
The initiative comes within 3 other initiatives to support SMEs within the private sector stimulus program, namely.
