On May 17, 2018, the Senate approved Bill 1532, which gives entrepreneurs assistance to help them succeed.
Known as the Innovative Startup Act and authored by Senator Paolo Benigno Aquino IV, the bill aims to give entrepreneurs certain benefits that can help them launch and grow their start-ups. The Department of Science and Technology (DOST), Department of Information and Communications Technology (DICT), and the Department of Trade and Industry (DTI) will provide these benefits.
In addition, the bill also proposes a P10 Billion Innovative Startup Venture Fund that entrepreneurs can apply for.
Some of the benefits proposed include the following:
- Waived application fees
- Refund of permit fees
- Accelerate processes of registration
- Research and development grants
- Exemption from fees and charges levied by 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 Office of the Philippines
- Subsidy for visa application, renewal, or extension of foreign owners, employees, and/or investors of an innovative startup and support service provider
- Exemption from the alien employment permit.