Stakeholders discuss improvement to regulatory environment for start-ups

AMMAN — Stakeholders have met to discuss means to improve the regulatory environment for start-ups, as well as access to financing.

Minister of ICT Muthana Gharaibeh acted as the meeting’s patron during the Wednesday discussion panel, during which the findings of a survey involving young entrepreneurs was presented to give insight into the reforms sought by businesspeople.

Participants in the event, held at the Al Hussein Technical University, located at the King Hussein Business Park, included representatives from the government and NGOs.

In his opening remarks at the symposium, the minister said: “Our problems are not small to think small.” Acknowledging the “plentiful challenges ahead”, he said his ministry had jointly drafted a plan with experts and lawmakers to create an inviting environment for start-ups, which includes eased rules.

Panellists outlined the findings of the “Jordan Start-up Ecosystem Survey”, which was carried out with the aim of providing policymakers with data to help them draft the necessary regulations to stimulate further growth in the ICT sector, which contributes around 12 per cent of the gross domestic product.

The survey, which had been sent to around 800 entrepreneurs and only received 230 responses, focused on legislative and regulatory challenges facing entrepreneurs, who responded that high taxes and fees are key impediments to their businesses, in addition to bureaucracy.

Panellists also highlighted the necessity of easy access to funding, to help their start-ups succeed and, thus, create new jobs for other youths and contribute to economic growth.

In his response to a question from the audience regarding the “ineffective” regulatory process of starting a company, the minister assured participants that the ministry plans to work on facilitating electronic registration of companies “in the near future”.

Giving further details of the plan, the minister presented an action timeline that will be implemented in the upcoming months, with the next step being conducting focus groups in partnership with the World Bank and specialists. The aim is to work out a set of ideas or a “matrix”, which will be discussed with legal consultation prior to forwarding the plan to the Cabinet for endorsement.

“Today you are changing the path for Jordanians, from youth looking for jobs to youth creating jobs”, the minister said, expressing optimism for the future of start-ups in Jordan.