Senators OK innovative startup bill

The Senate, voting 18-0 on Wednesday’s session,  approved on third and final reading the proposed Innovative Startup Law granting “tax breaks and other forms of assistance” to business entrepreneurs.

Authored by Sen. Paolo Benigno Aquino IV, Senate Bill 1532 was crafted to support innovative startup through financial subsidies including tax breaks and grants , easier business registration procedures and technical assistance and training programs.

Aquino said the proposed law was specifically designed to “empower our innovators and entrepreneurs with a heart for nation building.”

“These are startups that provide unique and relevant solutions to our problems, from daily hassles, like finding taxi during rush hour, to improving healthcare, providing supportmto farmers and addressing unemployment” the senator said.

He explained that the prposed law will allow innovative startup  enjoy exemptions from fees and charges for the use of equipment, facilities and other services from government agencies, including testing and fabrication facilities.

Aquino added these benefits and incentives will be provided by the Department of Science and Technology (DOST),  Department of Information and Technology (DICT), and the Department of Trade and Industry under the so-called Innovative Startup Development Program.

Once enacted into law, the benefits innovative startups can avail include waived application fees, refund of fees for permits and certificates and expedited processing of permits and certificates.

In addition, the bill “provides for a P10-billion Innovative Startup Venture Fund that entrepreneurs can apply for,” Aquino added, saying the fund will be administered by the DOST.

 

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