Senate Bill No. 2217: Start-Up Business Bill

The positive economic forecast for the Philippines encourages firms to invest in innovation towards the development of new products that would be able to compete in both local and foreign markets.

Start-up enterprises (“Start-ups”) have the potential to spur and spread such innovation. As these enterprises have likewise the appetite to take on more risks, they would fuel creativity and challenge existing ways of doing business. The establishment and growth of Start-ups would therefore be beneficial for more Filipinos who have the innate talent for shaping contemporary ideas while working with limited resources.

A measure to assist Start-ups would help to develop in the maturation of a community dedicated to fostering new solutions to ever changing complex problems.

The Start-Up Business Act proposes a tax exemption for Start Ups for the first two years of operation provided that these enterprises are duly registered businesses that are not affiliates, subsidiaries or franchises of any existing company and do not have any previous or other existing registered businesses.

This measure encourages Start-ups to get organized, and establish their business operations and market base. It will give these enterprises the proper time to stand on its own.

Moreover, this bill recognizes the role of Start-ups in the economy and demonstrates the State’s commitment to innovation.

In view of the foregoing, the approval of this bill is earnestly sought.



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