On May 1st, the Small and Medium Enterprises Development Authority will begin implementing new regulations for registering micro, small, and medium enterprises (MSMEs), as well as issuing entrepreneurship cards.
Last February, the Authority issued regulations for registering small and medium enterprises and issuing entrepreneurship cards. A small enterprise is a company with 11-50 workers and annual revenues between RO150,000 to RO1.25mn. A medium enterprise has 51-150 workers, and its revenues are less than RO5mn.
The Authority registers micro, small, and medium enterprises according to this classification, provided that the institution is not owned by a major institution or its branch, with the exception of an institution in which investment is made through investment funds or government companies specified by a decision of the Authority’s Chairman.
The corporation must also be headquartered within the geographical borders of the Sultanate of Oman.
The Small and Medium Enterprises Development Authority had also issued a decision specifying the categories eligible for the Entrepreneurship Card. The decision includes five categories to maximise the sector’s impact on the national economy, raise its contribution to the gross domestic product, and meet the rapid changes in the business world and the economy.
The five categories specified by the decision are: the owner being of Omani nationality and fully dedicated to managing the establishment; the owners being of Omani nationality, provided that at least one person is devoted to managing the establishment without specifying the percentage of the person who owns the establishment; the establishment having a Gulf partner, which is a new category created according to the ratio of the Omani partner or partners, which must not be less than 30 per cent.
It is noteworthy that the Entrepreneurship Card is a document that enables its holder to obtain a package of facilities in various sectors from relevant authorities. Its most important goals are based on supporting small and medium enterprises by providing a set of privileges and incentives from the government and private agencies in coordination with the Authority.
The card is granted to the enterprise under conditions selected from the list.
