- Saudi Arabia announced two categories of people who qualify for its entrepreneur residency programme, targeting innovators and business owners
- The first category requires a minimum investment round of 400,000 riyals, while the second demands a significantly higher funding threshold
- The second category also requires applicants to create a set number of jobs within the first two years of residency
Saudi Arabia has outlined two distinct categories of entrepreneurs and innovators who can qualify for its entrepreneur residency programme, as the Kingdom pushes to attract business talent and strengthen its position as a global hub for small and medium-sized enterprises.
The programme, managed by the Saudi government, is designed to offer stability and a supportive environment for entrepreneurs who want to contribute to the development of various sectors within the country. Saudi Arabia has been actively working to improve its global competitiveness rankings and its reputation as a destination for business founders and SME owners.
Source: Getty Images
1. First Category
To qualify under the first category, an applicant must hold an entrepreneurial licence issued by the Ministry of Investment. They must also have secured at least one investment round from an approved investment entity, with the total value reaching a minimum of 400,000 Saudi riyals. Additionally, the applicant's ownership stake in the company must be no less than 20%.
2. Second category
The second category carries considerably higher thresholds. Applicants must equally hold an entrepreneurial licence from the Ministry of Investment, but the required investment round must reach a minimum value of 15 million riyals, a significantly steeper bar than the first category demands. The applicant's share in the company must be at least 10%.
Beyond the financial requirements, second-category applicants must also demonstrate a commitment to job creation. They are expected to generate a minimum of 10 jobs within the first year of operating in Saudi Arabia, followed by at least 10 additional jobs in the second year, bringing the combined two-year target to at least 20 positions.
The Saudi government noted that all terms attached to the programme remain subject to change, signalling that the eligibility conditions could be reviewed or updated as the initiative evolves.
Legit.ng has also published residency years for foreigners who want to become Qatari citizens.
Citizenship: Australia mentions residency years for foreigners
Meanwhile, Legit.ng previously reported that Australia's Department of Home Affairs outlined the residence requirement foreigners must meet before applying for citizenship.
Applicants must have lived in Australia on a valid visa for a number of years before the date they apply for citizenship.
The rules also specify how much time applicants are allowed to have spent outside Australia during that period.
Source: Legit.ng
Authors:
Tags:
Hot: