When can companies operate in business incubators and accelerators?
· After obtaining a commercial registration for business incubators and accelerators, obtaining a license from the General Authority for Small and Medium Enterprises, and then from the Ministry of Municipal and Rural Affairs.
What company activity is required to obtain a license?
· The company must have a business incubator and accelerator license from the Ministry of Commerce and Investment.
What are the licensing fees?
· There is no fee to obtain a license.
When is a company entitled to benefit from the benefits of the General Authority for Small and Medium Enterprises?· Once a company obtains a business incubator license, it is entitled to benefit from the benefits and facilities provided by the General Authority for Small and Medium Enterprises and its partners, which will be announced in due course.
What are the obligations of beneficiaries (incubators)?
· مPracticing his work in one or more business incubators for a period not exceeding a total of three years. The Authority may, in cases it deems appropriate, permit exceeding the specified period for certain fields that require longer periods to complete their production or investment cycle.
· The beneficiary is obligated to obtain the necessary licenses from the relevant authorities to conduct his business or activity within the incubator. The business incubator's approval is required for any modification or change to the location.
· Adherence to the business incubator’s instructions and policies.
What are the incubator's obligations?؟
Submitting an annual report at the end of the fiscal year to the General Authority for Small and Medium Enterprises (Monsha’at) on its performance and not using its headquarters or part of it for purposes other than those licensed, and other obligations specified in the Business Incubators Regulations.