Last week (May 16th) the Philippines Senate passed the Innovative Startup Act, a measure which aims to give local business entrepreneurs a better chance of succeeding in the industry by providing tax breaks and other forms of assistance.
Senate Bill No. 1532, authored by Senator Paolo Benigno “Bam” Aquino IV, seeks to support innovative startups through financial subsidies like tax breaks and grants, easier business registration procedures and technical assistance and training programs.
Innovative startups will enjoy exemption from fees and charges for the use of equipment, facilities and other services from government agencies such as testing and fabrication facilities.
Under the bill, the benefits will include: (1) waived application fees; (2) Refund of fees for the permits and certificates; and (3) Expedited processing of permits and certificates.
The measure also includes a provision for Ten Billion-Peso Innovative Startup Venture Fund that entrepreneurs can apply for. This fund will be administered by the Department of Science and Technology.
Other benefits include research and development grants, exemption from fees and charges, exemption from fees and charges levied by the national government agencies for the use of equipment, facilities, or services availed by the innovative startup, access to applicable benefits and incentives provided by the Intellectual Property of the Philippines; and Subsidy for Visa application, renewal, or extension of foreign owners, employees, and/or investors of an innovative startup and support service provider, and exemption from the alien employment permit.
Contact me for further information or assistance in applying.