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National Startup Enterprise Policy 2080 has been approved. The Cabinet meeting held on 13th Baisakh approved the National Startup Enterprise Policy 2080.
Startup Enterprise Policy 2080 has been approved after a long time of drafting. The policy is expected to help in the development and promotion of startups.
Jeevlal Bhusal, Head of the Industrial Promotion Division of the Ministry of Industry, Commerce and Supply, said that the policy includes the definition of startups, long-term goals, objectives, strategies, policies and tactics.
Institutional arrangements have also been made in the policy for the promotion of startups. It has been arranged that the Industrial Business Development Foundation will work as a focal body for the implementation of the startup policy.
Similarly, startup board, startup council has also been arranged. Bhusa said that the startup policy acts as a guide for the development and promotion of startups.
He further said, 'Basic policy is a matter of guidance. In order to relate to the policy, we have amended the Industrial Business Act through an ordinance and made legal provisions regarding startups.
So far, all of the startups in Nepal are flourishing under the leadership of the private sector. Starting a startup is a challenging task in itself. On top of that, the lack of policy to facilitate it has added to the problem.
When the government brings the startup policy, laws and regulations are amended and made accordingly. Due to the lack of policy clarity regarding startups in Nepal, startups have not been able to get government support, loans and investments.
Since the last few years, every year, programs to encourage and promote startups have been kept in the budget. But due to lack of policy, those programs could not be implemented effectively. But now that the policy has come, it will be easier to implement the program.
Only a few days ago, the government gave legal recognition to startups for the first time through an ordinance to amend some Nepalese laws related to investment facilitation.
By amending the Industrial Business Act through an Ordinance, an enterprise or business that has been professionally operated by using innovative research and creative thinking in the development, production, operation and distribution of any product or service and process, to be registered as a startup enterprise or business when registered as an industry by the industry registration body in accordance with this Act. It was arranged.
The Act provides that an enterprise which has not exceeded 10 years from the date of registration, whose annual turnover does not exceed 150 million in any financial year after registration, who has the possibility of rapid upgrading, who uses innovative thinking and technology in the production of goods or services, can be registered as a startup.
He informed that the startup policy will be put on the ministry's website in a few days. Similarly, the ministry has also advanced the process of making procedures related to incubation. Now the start-up enterprise loan procedure has been approved and the work of giving loans has also progressed.
The project selected under that will get a loan of up to 25 lakhs at 3 percent interest rate. For this, 394 projects have been selected and presented in the first phase.
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Submitted to the Government, Planning Commission and Ministry of Finance for their opinion in the final preparation of the startup policy |
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Startups should have industry recognition, innovative thinking and the potential to scale quickly |
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Only 394 proposals are eligible for startup enterprise loans, why are the remaining proposals ineligible? |
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