The Authority for Small and Medium Enterprises Development (ASMED) will start implementing the regulations for registering micro, small and medium enterprises and issuing the entrepreneurship “Riyada” card from 1 May 2023.

ASMED issued, on February 2023, the regulation for registering micro, small and medium enterprises and issuing the entrepreneurship “Riyada” card. According to the regulation, an enterprise is considered micro if it has 1-10 employees with annual revenues below RO 150,000. A small enterprise has 11-50 employees with annual revenues between RO 150,000 and RO 1.250 million, while a medium enterprise has 51-150 employees with revenues reaching less than RO 5 million.

The authority has also issued a decision on February 2023 on specifying the segments illegible for the Riyada card. Those include five segments in a bid to boost the sector’s contribution to the national economy and the Gross Domestic Product (GDP).

Moreover, the Riyada card is considered a legal document which enables its holder from receiving a package of facilities in various sectors from authorities concerned

Source: Oman News Agency