What is a startup business? This is the definition of government
The government is going to define a startup for the first time. Startups have been discussed in Nepal for a few years, but there was no official definition of it.
But now the government is going to define startup business. The definition of startup is included in the ‘National Startup Enterprise Policy, 2079’ prepared and brought to internal discussion by the Ministry of Industry, Commerce and Supply.
In the said draft, it is defined as ‘a start-up is an enterprise or a business that has the potential to be upgraded commercially by using new research and creative thinking in the development, production, operation and distribution of goods, services or processes by an entrepreneurial group’. Similarly, it is said that small and medium businesses will not be included under the definition of startup business.
The number of full-time workers is not more than 10 people, the annual total income is not more than 5 million, the fixed capital (including the value of land) is not more than 2 million and the default capital is not more than 5 million, the problems faced by consumers in the production, development or distribution process of any goods and services. The use of information technology and creative thinking to solve the problem, at least 10 percent of the total annual expenses are spent on product development, market development and research and development, intellectual property patents or designs or software are eligible to be registered. is kept
Similarly, businesses that are not registered in Nepal according to prevailing laws, are engaged in the purchase and sale of goods and services (agency model), are formed by dividing an existing company or business or operate as a subsidiary company or firm, import goods or services from abroad without using information technology and innovative thinking. It has been clarified in the draft that businesses that are blacklisted in the Credit Information Center or operated by such persons, do not have a permanent account number for tax purposes, are classified as medium or large enterprises as a holding company according to the Industrial Business Act, 2076 and other matters prohibited by prevailing laws are not considered startup businesses. is
In the draft, it is also arranged which enterprises will remain as startup businesses. As mentioned, based on agriculture and livestock, based on forestry (herbs, crops), related to tourism promotion and entertainment and hospitality, based on science technology, communication and information technology, related to human health services (a) related to education and teaching learning, easy and safe Businesses related to transportation and transportation services, related to infrastructure construction can be operated as startups.
Apart from this, related to electric vehicles and automobiles, related to improving the process of traditional technology production and service delivery, related to minerals, research and development, helping to make household or daily life simple, convenient and safe, related to the distribution system of goods and services and traditional professions. And it has been arranged in the draft that enterprises related to the revival of enterprises can be operated as startups.
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