- | 11:30 am
Egypt announces digital process for establishing startups
The government also announced grants for graduates from specialized institutions and students who can be trained in ICT sciences.
Start-up funding in Egypt is expected to cross $1 billion. Following UAE and Saudi Arabia, Egypt remains the third most active market for start-up investments, with unicorns such as Fawry. New ventures in other Middle Eastern countries such as UAE and Bahrain have also flourished, thanks to the swift online registration of businesses.
To speed up Egypt’s start-up process, president Abdel Fattah El-Sisi has removed the requirements of physical headquarters for firms that register virtually. Entrepreneurs will be able to formally register their business through a digital notification platform to eliminate obstacles facing start-ups and entrepreneurs, according to the statement released.
This move aims to boost foreign investment in Egyptian businesses and save time and costs for small firms. The President also discussed the establishment of free investment technology zones and more tax exemptions for start-ups with the Prime Minister and Minister for Communications and Information Technology
The government announced a Digital Egypt Initiative Grant to support top graduates of specialized institutions to nurture new talent in Egypt. At the same time, the Digital Egypt Cubs Initiative will select outstanding students to be trained in ICT sciences.
With Saudi Arabia and the UAE becoming major destinations for global entrepreneurs, fewer procedures, lower costs, and accelerated online services will ensure Egypt grows as a start-up haven as well.