January 20, 2023 finance & economy

MoCI studying ways to provide support to nano-businesses


KUWAIT CITY, Jan 19: The Ministry of Commerce and Industry and the relevant government agencies are studying ways to provide financial support to workers who own nano-enterprises, reports Aljarida daily. According to an official source, the owners of these licenses can obtain the support by registering with the Public Institution for Social Security.

The Ministry of Commerce and Industry discussed with the Public Authority for Manpower (PAM) about the obstacles that prevented the owners of these licenses from being granted financial support, especially since they are considered as companies that have licenses and known places, Since they are registered as business owners according to chapter five, it is necessary to equate them with the rest of the licenses. The source explained that it is necessary to amend the ministerial decision that was issued years ago concerning those licenses that carry out activities, either at home or through a known e-mail, or a specified office address, so that their owners can enjoy the benefits granted in the form of financial support or register workers on their license. Granting support to nanobusinesses relieves the state and its budget by reducing the salary item and creates new job opportunities. It also helps in the development of commercial activity and the creation of new professions in the private sector.

The failure to determine whether the license holder has commenced work or not is the essential factor that has led the officials to continue searching for a mechanism to monitor and verify. It must be ensured that funds and support are granted to real projects and not only to license owners or sub-lessors. In 2017, the Ministry of Commerce and Industry issued a decision to allow the licensing of nano-entrepreneurs, and simplify work procedures for establishing companies and issuing the necessary licenses to conduct their work without the need for a commercial store, provided that the founder has an e-mail id, a regular mailbox, or a chosen area that the entrepreneur chooses only for the extraction of the license.

arabtimesonline



Top News



finance & economy

SEE Completes Acquisition of Liquibox
February 2, 2023
One step closer to making UAE the region...
February 2, 2023
NTT Enhances Its Managed Campus Networks...
February 2, 2023