{"id":546414,"date":"2022-05-16T04:00:48","date_gmt":"2022-05-16T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/"},"modified":"2022-05-16T04:00:48","modified_gmt":"2022-05-16T04:00:48","slug":"new-regs-aim-make-life-easier-for-citizens-of-planet-startup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/","title":{"rendered":"New regs aim make life easier for citizens of Planet Startup"},"content":{"rendered":"

<\/a> The gov\u2019t is trying to make life easier for tech startups:<\/strong> New rules will sweep aside obstacles for would-be tech entrepreneurs, government officials said yesterday, as part of the Madbouly government\u2019s drive to attract private capital and drive growth of the domestic tech industry. The changes will make it easier for people to set up tech companies and offer a handful of tax exemptions and preferential customs treatment to some companies, Ittihadiya said in a statement<\/a> yesterday following a meeting between President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly and Communications Minister Amr Talaat.<\/p>\n

Here\u2019s what we know so far:<\/strong><\/p>\n

#1- It\u2019s going to be easier to set up a tech company.<\/strong> People will be able to establish tech companies by notifying the government via a digital platform. No other details were provided about the procedure, but the statement says the measure comes as part of the government\u2019s ambition to \u201cremove all obstacles facing startups and entrepreneurs.\u201d Tech companies will also no longer need to have a physical headquarters, a move designed to lower costs for firms in the sector. The government will also allow sole traders to set up companies, the statement said without providing further information.<\/p>\n

#2- They\u2019re on the customs \u201cwhite list\u201d:<\/strong> Tech companies importing electronic components will be added to the customs\u2019 \u201cwhite list\u201d<\/a>, allowing them to clear goods through customs more quickly. Per the Customs Act<\/a>, goods imported by companies on the white list do not have to undergo inspection, making clearance quicker and reducing clearance fees.<\/p>\n

#3- New tech investment zones + tax exemptions:<\/strong> The government will expand tech investment zones and roll out new tax exemptions for startups, the statement said, without offering further details.<\/p>\n

The gov\u2019t has been showing more love for startups and the VC scene as of late:<\/strong> Several government agencies are working to develop regulations<\/a> to attract international VCs and make it easier for founders to start and grow their companies. In the coming months, we could be seeing a standard shareholder agreement for startups (allowing new-to-Egyptian-law minority right protections, including preferred shares and founder claw-back clauses, among other things) as well as a framework allowing convertible notes for the first time.<\/p>\n

** We recently talked with entrepreneurs and venture capitalists about the proposed regulations:<\/strong> Read their thoughts in What\u2019s Next here<\/a> and here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The gov\u2019t is trying to make life easier for tech startups: New rules will sweep aside obstacles for would-be tech entrepreneurs, government officials said yesterday, as part of the Madbouly government\u2019s drive to attract private capital and drive growth of the domestic tech industry. The changes will make it easier for people to set up […]<\/p>\n","protected":false},"author":1,"featured_media":546415,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[96,72,125,343,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-abdel-fattah-el-sisi","tag-enterpriseam","tag-investment-watch","tag-regulation","tag-startups","wpautop","entry"],"acf":{"mongo_id":"24a31aa4-d1f4-405f-8165-039c435d9a6b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/186.jpg","photo_position":"above","related_issue":[546406],"teaser":"","voice_url":""},"yoast_head":"\nNew regs aim make life easier for citizens of Planet Startup - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New regs aim make life easier for citizens of Planet Startup\" \/>\n<meta property=\"og:description\" content=\"The gov\u2019t is trying to make life easier for tech startups: New rules will sweep aside obstacles for would-be tech entrepreneurs, government officials said yesterday, as part of the Madbouly government\u2019s drive to attract private capital and drive growth of the domestic tech industry. 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The universities will specialize in technology and advanced sciences and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558579,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/17\/japanese-fm-somali-pm-meet-with-egyptian-counterparts-in-cairo\/","url_meta":{"origin":546414,"position":2},"title":"Japanese FM, Somali PM meet with Egyptian counterparts in Cairo","author":"enterpriseam admin","date":"17 August 2021","format":false,"excerpt":"Egypt, Japan pledge to help reach political resolutions to the ongoing Afghan conflict: Egyptian Foreign Minister Sameh Shoukry and his Japanese counterpart Toshimitsu Motegi said their countries will work to restore peace in Afghanistan after the Taliban poured into the capital and other major cities in the country, Motegi told\u2026","rel":"","context":"In "IN DIPLOMACY"","block_context":{"text":"IN DIPLOMACY","link":"https:\/\/enterpriseam.com\/egypt\/category\/in-diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556531,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/prime-minister-madbouly-continues-to-promote-egypt-investment-in-paris\/","url_meta":{"origin":546414,"position":3},"title":"Prime Minister Madbouly continues to promote Egypt investment in Paris","author":"enterpriseam admin","date":"28 October 2021","format":false,"excerpt":"Prime Minister Moustafa Madbouly met with a group of leading French banks and investment funds in Paris yesterday to promote Egypt as an investment destination, according to a cabinet statement. 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