Saudi Arabia is opening its doors to entrepreneurs like never before and has now unveiled a visa scheme that makes establishing a business so much easier.
The newly launched "instant visa" was announced on Monday by the kingdom's Minister of Human Resources and Social Development, Ahmed Al-Rajhi.
"We are pleased to announce the launch... which will have an important role in supporting male and female entrepreneurs, and stimulating and accelerating business growth," Al-Rajhi wrote in a tweet.
The official explained that the scheme will have a positive impact on young Saudis who head startups and small businesses. It is also expected to help "boost economic growth and accelerate business expansion plans."
The new visa has been in the works for months and was first announced by Al-Rajhi last year. At the time, the minister said local officials were working on coming up with tools set to support small business owners.
According to Nasser Al Hazzani, the ministry's spokesman, the government body carried out loads of studies to make sure the new visa meets the needs of small businesses when it comes to migrant labor. He also added that its launch will have a positive "impact on Saudization rates during the coming years."
This is because those who are granted instant visas will have to implement the kingdom's Saudization program "Nitaqat" and hire Saudi nationals alongside expat workers.
All instant visas will be processed electronically and granted to businesses established in the past six months depending on the kind of commercial activity.
All the visa changes are part of efforts to diversify the kingdom's economy
In recent years, Saudi Arabia has been veering towards diversifying its economy by changing its visa schemes and bolstering several new sectors.
This is all being guided by Vision 2030, an ambitious blueprint launched by Crown Prince Mohammed bin Salman. The scheme is resulting in a major shift from the previously oil-dependent economic structures and bringing forth a more diverse strategy.
Instead of solely focusing on oil sales, the kingdom is now generating revenues from leisure tourism, sports, and entertainment among others.
The country's officials are also working on pushing the country's business growth further by supporting local entrepreneurs, attracting investors, and building a welcoming environment for businesses.