The Kingdom of Saudi Arabia in a move to boost the non-oil sector and create jobs for nationals has come up with a scheme that will offer entrepreneurs to set up their businesses in the country. On the other hand, the initiative will also suppress the dependence of the economy on the oil sector that goes in line with Vision 2030.
The ministry of Human Resources and Social Development in a statement on Monday said that the applications will be processed electronically based on set criteria. Business established in the past six months and upon evaluation of the type of commercial activity they are doing, visas will be granted.
According to Ahmed Al-Rajhi, Minister of Human Resources and Social Development, the Instant Visa will enable young Saudi nationals to start their commercial projects by facilitating all the required services to help them switch from employees to employers and ultimately boosting the growth of the non-oil sector of the economy.
Nasser Al Hazzani, a spokesperson of the ministry said,
‘The new visa service was developed after the ministry conducted extensive studies to determine the requirements of small businesses for expatriate workers,”
“This initiative will have a positive impact on Saudisation rates during the coming years,”
Under the Instant Visa initiative, startups will be given one year grace period to implement the Saudisation programme called as ‘Nitaqat’ that aims to increase employment in the private sector of KSA.
According to the International Monetary Fund in January estimated that Saudi Arabia’s economy is expected to grow by 1.9 percent in 2020 which was estimated at 0.4 percent last year.