Riyada rolls out incentives for SME owners

Muscat: The Authority for Small and Medium Enterprises Development (Riyada) has issued a detailed statement on incentives offered to owners of small and medium enterprises (SMEs) with a view to writing off SME license fees.

The incentives target SMEs operating in the sectors of manufacturing industries, agriculture and fisheries, services, logistics and related activities, according to the Invest-Easy portal rating specified by the Ministry of Commerce and Industry and Investment Promotion.

The incentives are a one-activity, one-time offer to Riyada card holders.

It is a condition (for exemption from government license fees for the target activities) that the licenses be issued for the first time. It is not allowed to sell, transfer or modify the commercial register of the beneficiary SME for a period of three years, except in the case of transfer of the commercial register to a full-time citizen who is a holder of the Riyada card or in the case of cancellation of the establishment by the cancellation of its commercial register.

According to this statement, the beneficiaries are exempt from payment of all government license fees.

Holders of Riyada cards are also exempt from payment of labour license fees for new activities specified in the sectors covered by the incentives, towards a total of 5 workers and for a single activity. The exemption does not cover payment of fees for renewal of existing government licenses across all sectors. –ONA

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