The Ministry of Investment (MISA) has streamlined the Entrepreneur License application process, specifically benefiting "Deep Tech" startups in Artificial Intelligence, Biotechnology, and Space Technology sectors.
Key Changes
Previously, entrepreneurs often needed to show a minimum capital deployment or recognized VC backing at the application stage. Under the new "Innovation Fast Track":
- Capital Waiver: Verified deep-tech startups are now exempt from showing SAR 500,000 capital if they have a letter of intent from a recognized incubator.
- Instant Preliminary License: A 90-day temporary license is issued instantly to allow founders to open bank accounts and secure office space in Kingdom.
Eligibility
To qualify, startups must submit a proprietary technology assessment or a patent registration. This move aims to attract high-value intellectual property to the Kingdom.
Source: MISA Entrepreneurship Portal