Regulation in registration of SMEs to be implemented soon

Muscat: The Small and Medium Enterprises Development Authority announces that the implementation of the regulations for registering small and medium enterprises will begin on May 1,2023.

A statement issued online by the The Small and Medium Enterprises Development Authority said that the Authority would like to alert entrepreneurs and owners of small and medium enterprises that the implementation of the regulations for registering small and medium enterprises and issuing the Riyada card will start from May 1,2023.

 Abdulaziz bin Saeed Al Raisi, Vice President of the Authority for Small and Medium Enterprises Development, stated in February 2023 that the total number of small and medium enterprises registered in the Sultanate of Oman until September 2022 amounted to more than 210,000 enterprises, while the number of small and medium enterprises registered with the Small and Medium Enterprises Development Authority reached 104 thousand and 141 institutions until December 2022.

He added that the number of active enterprises that obtained the Riyada card amounted to 37,489 enterprises, and the contribution of small and medium enterprises to exports amounted to more than two billion Omani riyals, according to September 2020 statistics.