The move will be a part of the government’s push in attracting private capital and investments, as well as drive further growth into the local tech industry
New upcoming regulations could make it easier for tech startups and entrepreneurs in Egypt, after a wave of directives issued by the president was announced yesterday, all with the aim of removing as many obstacles as possible for young tech companies to grow in Egypt.
During President Abdel Fattah Al-Sisi’s meeting yesterday with Prime Minister Mostafa Madbouly and MCIT Minister Amr Talaat, the president called for tax exemptions and preferential customs treatment for some companies, as well as the establishment of a digital platform for startups to easily establish and register their businesses.
The move will be a part of the government’s push in attracting private capital and investments, as well as drive further growth into the local tech industry.
While not a lot of detail was shared about the digital platform, an official statement explained that its creation is part of the state’s push to “remove all obstacles facing startups and entrepreneurs.”
Having a physical headquarters won’t be a requirement for businesses soon, allowing for online-based businesses to save money and time taken from rental/purchasing office procedures.
Sole traders will soon be allowed to launch their companies, the statement said without providing further information.
Presidential Spokesperson Bassam Rady said that the meeting dealt with following up on national projects related to the communications and information technology sector to attract investments.
The president also directed to expand tech investment zones and roll out new tax exemptions, allowing for goods to go through customs faster by adding tech companies to the custom’s white list. Per the Customs Act, goods imported by companies on the white list do not have to undergo inspection, making clearance quicker and reducing clearance fees.
Expansion of the “Digital Egypt Initiative Grant,” which targets the top graduates of specialized universities, as well as the immediate launch of the “Digital Egypt Cubs Initiative” was also called for by the president.
The meeting also covered the government’s efforts towards completing its transition to the New Administrative Capital, with Talaat pointing out that they have completed the digitization of all paper files in all ministries and government agencies, which amounted to about 150m documents.