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RIYADH: ��������Ƶ has launched a new customs exemption service designed to enhance the competitiveness of its industrial sector by removing duties on raw materials used in experimental production.

Experimental production involves creating goods or services on a trial basis to test new ideas, processes, or technologies before full-scale implementation. This approach helps assess feasibility, identify potential challenges, and gather data for further refinement.

The initiative, introduced by the Ministry of Industry and Mineral Resources via the Senaei platform, aims to support industrial facilities with manufacturing licenses that are still in the construction phase.

This effort aligns with the ministry’s commitment to providing support and incentives to industrial stakeholders at every project stage, as part of the Kingdom’s broader goal to boost industrialization and achieve a target of 36,000 plants by 2035.

The latest version of the Senaei platform offers over 30 electronic services to investors in the industrial sector.

The new service specifically aids industrial facilities in research and development, experimental production activities, workforce training in production procedures, and quality assessments of materials.

To apply for the exemption, applicants must log in with their facility’s account on the Senaei platform, submit their application through the designated icon, and await the exemption decision.

In April, ��������Ƶ implemented customs duty exemptions for various manufacturing products as part of its efforts to stimulate the industrial sector.

The exemptions applied to raw materials, semi-processed goods, packaging materials, as well as machinery, equipment, and spare parts.

In March, the Ministry of Industry and Mineral Resources took steps to alleviate the financial burden on businesses with valid import licenses. This decision aimed to facilitate the importation of specific products, enhancing competitiveness and boosting profitability for these firms.

The initiative is expected to allow businesses to allocate more funds toward operations and expand production capabilities, fostering growth and development within the Kingdom’s industrial sector, as reported by the Saudi Press Agency at the time.

The ministry also clarified that the customs exemptions also cover fully manufactured products and essential materials for production processes.

The sustained growth of ��������Ƶ’s industrial sector is highlighted by cumulative manufacturing assets reaching $132 billion since the launch of the economic diversification strategy, Vision 2030, in 2016.

JEDDAH: ��������Ƶ has approved new laws for commercial registration and trade names, aiming to streamline business operations and improve the overall working environment.

The endorsements were announced at the weekly Cabinet session in Riyadh on Sept. 17, chaired by Crown Prince Mohammed bin Salman.

The Kingdom’s trade industry witnessed 104,000 commercial registrations in the first quarter of 2024, marking a 59 percent year-on-year growth, as the Ministry of Commerce issued 65,363 permits during the same period in 2023.

Some 44 percent of those awarded in the first three months of the year were assigned to women, according to the quarterly business sector bulletin.

The spike in numbers brings the total number of certificates issued to more than 1.45 million across all country regions.

The Minister of Commerce, Majid bin Abdullah Al-Qasabi, commented that approving the commercial register and trade name regulations aims to facilitate business operations and reduce burdens on commercial establishments by providing a single national business registration.

“It also organizes the procedures for reserving and registering trade names to protect and enhance their value, aligning with the economic and technological advancements outlined in Vision 2030,” Al-Qasabi said in a post on his X account.

The Minister of Municipalities and Housing, Majed Al-Hogail, said that issuing the new commercial registration and trade names systems is a key enabler for businesses to facilitate operations and enhance transparency.

He added in his post on X: “This step reflects an ambitious vision toward a more advanced and prosperous business environment under Saudi Vision 2030.”

Abdulrahman Al-Hussein, spokesman for the Ministry of Commerce, stated that the new commercial registration system has been designed based on the best international practices.

Explaining the advantages of the new commercial registration system, Al-Hussein said that these include that business owners can now have a single registration, regardless of the number of activities or businesses they manage across the country.

He added that the business registers will remain valid for an unlimited or unspecified period as long as the owners fulfill the requirement of annually updating the information of their establishments.

The spokesman further emphasized that every business is required to have a designated bank account for handling all its financial transactions.

Regarding existing sub-registers, Al-Hussein said that their owners will have a five-year grace period to resolve their status by either transferring or canceling their registrations.

The Cabinet also approved the real estate transaction tax system along with various decisions taken by the Ministerial Council.