Support and development of STARTUPS
In recent years it has been acknowledged that innovation in startup ideas is considered as the main factors of economic growth and employment and it has been found that new companies initially developed as startups, are already ranked in the first places of the largest businesses of globit. The ideas and innovations implemented by startups have revolutionized business models, bringing new products and services to market.
Based on the legislative initiative of the Council of Ministers, the draft law “On the support and development of STARTUPs” has been submitted to the Albanian Parliament. The draft law aims to create a regulatory and institutional framework, which supports and favors the creation and development of startups and supports the ecosystem to promote the research, implementation and use of new ideas, models, products and processes, which bring innovation in every field.
The objectives that are intended to be achieved through the adoption of this draft law and its implementation are:
- Defining fiscal facilities, programs and measures that support startups in the initial phase of business (incubation period) and supporting the ecosystem to create a favorable climate for them in the Republic of Albania;
- State bodies, which are in charge of tasks and competencies to support startups;
- Defining the criteria, rules and procedures that apply to the certification, support, evaluation and monitoring of startups;
- Encouraging the creation of a favorable environment and aiming at absorbing the currently missing actors, mainly the entities that provide incubation, mentoring and financing of new startups;
- Increasing the application of new technologies, increasing every year the number of new and innovative enterprises and the introduction of new financial instruments, especially in supporting those businesses that are in their initial stage (startup).
The support for startup development is provided through:
- one-stop-shop startup support service;
- ecosystem development support for startups;
- providing financial grants or support measures for the development of startups;
- other forms of support developed in cooperation with third parties.
Register of startups and facilitators:
The register of startups and facilitators is created and administered by the responsible structure at the Minister of State for Entrepreneurship Protection, as a state database in function of this law and the legislation in force for state databases. This register serves for the self-declaration of startups and for keeping the data of registered startups and facilitators, for applicants and beneficiaries of grants and other support measures by the Minister of State for Entrepreneurship Protection.
For more information, find below the draft law on “For the support and development of STARTUPS”.