Incubation Terms & Conditions

The applicant should meet the following Incubation Agreement Terms & Conditions:
-The applicant must sign the non-disclosure agreement.
-The applicant must sign a non-compete agreement in the case where his/her project is adopted.
- The applicant shall not be considered an employee later in case his request was accepted, and shall only abide by the Agreement that is prepared thereafter.
- All documents presented by the applicant should be authorized, including his/her CV.
-The applicant shall not have any previous legal sentencing to any punishment or have court cases that are deferred to any legal or judicial authority. 
-The applicant’s idea should be unique, applicable and directly related to an immediate need and to its implementation in society.
-The applicant(s) must show his/her (their) capability(ies) to achieve projects, be enthusiastic and responsible for their ideas and of the launching of their initiative.
-The project should be related to and in accordance with the company’s overall strategy.
-The representative responsible for the project should provide a detailed business plan that includes marketing, technical and financial studies (type and nature of activity, goals and implementation requirements such as the space required, number of employees, investment volume, an estimation of the required finance, a timeline to implement the project and other necessities).
-The maximum period of participation is (2 years), unless the committee makes an exception, since the project will be prepared for independence or to be transferred to another of the Venture’s entities according to the terms and conditions and to what the committee sees as suitable.
-The applicant must present an approximate feasibility study of his project, an overview of its development efficiency, its social responsibility and its contribution to the national economy.
-The project must render a financial return in the future.
-The project must pass the (test) defined by the committee.
-The committee must agree to and approve the project.
-The project should be applicable and must take place inside the Kingdom of Saudi Arabia.
-The project should comply with the rules and systems of the Kingdom and abide by all the applicable regulations.
-The committee has the right to modify the criteria of adopting projects and the Incubation Terms & Conditions.


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