Kathmandu: In a bid to foster innovation and entrepreneurship, the government has unveiled measures to promote and facilitate investment for startup enterprises. The recently adopted 'National Startups Policy, 2080,' endorsed by the Council of Ministers on May 2, outlines a comprehensive framework aimed at providing incentives and support to budding entrepreneurs.

Under this policy, significant provisions have been made to streamline processes, ease regulatory hurdles, and ensure commercial viability for startups. Notably, startup enterprises will benefit from a range of incentives, including waivers on registration costs, renewal fees, and industrial property registrations.

Moreover, the policy emphasizes providing support in various forms such as seed money, human resource development, consultancy, technical assistance, concessional loans, and cash incentives for exports. One of the key highlights is the provision for income tax exemption for up to 10 years following the establishment of startup enterprises, aiming to alleviate financial burdens during the crucial initial phase.

In addition to tax waivers, the government is committed to facilitating access to finance by offering concessional interest rates on loans from banks and financial institutions. Furthermore, these financial entities will be mandated to allocate a certain percentage of their loan portfolios specifically for startup enterprises, ensuring dedicated funding channels for aspiring entrepreneurs.

To bolster innovation and new ideas, a separate fund will be established to provide subsidies and support for innovative enterprises. This fund will complement the efforts of banks and financial institutions by offering additional incentives and resources for startups and innovative ventures.

The implementation of these initiatives is expected to galvanize Nepal's startup ecosystem, fostering a conducive environment for entrepreneurship and fostering economic growth through innovation and enterprise development.