Finance Minister Highlights Simplified Tax System as Key Opportunity for Startups

Ahmed Kouchok, Egypt’s Minister of Finance, emphasized the government’s commitment to supporting the private sector as a means to enhance the competitiveness of the Egyptian economy and stimulate growth and exports. During the launch of the Egyptian Startup and Entrepreneurship Foundation, “Start Up Egypt,” he reaffirmed their dedication to backing innovative ideas and initiatives that promote entrepreneurship and service exports.

The minister noted that the telecommunications and information technology sectors hold significant potential for growth and expansion in foreign markets. He expressed a strong intention to simplify the tax system to make it more accessible, transparent, and predictable for investors and entrepreneurs.

Kouchok described the simplified tax system for businesses with annual revenues below 20 million Egyptian pounds as a golden opportunity for startups. This system includes a very straightforward fixed tax on revenues, along with numerous incentives and facilities for entrepreneurs.

He highlighted that the Egyptian Startup and Entrepreneurship Foundation serves as an essential platform uniting startups under one umbrella, aiding in the development of entrepreneurship. This organizational structure facilitates communication among startups and empowers them to present their challenges and opportunities.

Dr. Magid Ghanima, Chairman of the Board of Trustees of “Start Up Egypt,” stated that the initiative will bridge the gap between government offerings and startup founders by bringing together various stakeholders, including investors, officials, and entrepreneurs. The unified goal is to support Egyptian startups at different stages of their growth both locally and globally.

He revealed a series of strategic programs and partnerships that “Start Up Egypt” will officially launch in early July. These include sector-specific business accelerators starting with food industries in partnership with “Domty,” machinery production with “Simplex,” and educational technology with “Almentor.” An additional seven partnerships are planned, with membership in these accelerators being completely free for participants.

The foundation operates under the slogan “Grow with People Who Understand the Journey,” aiming to bridge communication gaps within Egypt’s entrepreneurial ecosystem. Many exceptional startups possess qualifications but lack experience; thus, “Start Up Egypt” offers a community that connects founders with a comprehensive support network, enabling rapid growth and international expansion.