26 June 2022 10:10 AM

Sisi directs establishing startups online, expanding tax exemption for these companies

Sunday، 15 May 2022 - 08:07 PM

President Abdel Fattah El Sisi has directed the establishment of companies through digital notification through a platform set up for this purpose within the context of removing all obstacles facing startups and entrepreneurs.

The president also directed, during a meeting with Prime Minister Dr Mostafa Madbouli and Minister of Communication and Information Technology Dr Amr Talaat, here on Sunday, to allow the opening of virtual companies without being bound by the need to have a physical headquarters, with the aim of saving expenses and facilitating requirements for establishing single-person companies.

Presidency Spokesman Bassam Rady said the meeting dealt with following up on national projects related to the communications and IT sector to attract investments.

President Sisi also directed the expansion of establishing free investment technology zones, as well as tax exemptions for startups and the activation of white lists to import electronic components for specialized companies.

The president directed the expansion of the “Digital Egypt Initiative” grant which targets the top graduates of specialized universities and the immediate start of the “Digital Egypt Cubs” initiative, which seeks to train outstanding school students in ICT sciences.

Talaat presented developments in establishing the Knowledge City in the New Administrative Capital, as well as the Electronics Design Center, which will host companies specialized in this field.

The minister presented the status of a number of projects being implemented in the communications and IT technology sector within the context of strengthening the axis of digital transformation and strengthening the infrastructure and information technology.

The government has completed the digitization of all paper files at all ministries and government agencies, which amounted to about 150 million documents, according to the minister.

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