No one should be taken seriously that needs a govt handout to do Start-up, If you need that push, perhaps you are the same as all other rent seekers, albeit glorified.
If the government really is serious about some thing and is so inclined, the best this to do is just just get the h*ll out of the way. Imitating incubators and VCs and deploying tax money for a poor country, into these lofty ideals is equivalent to criminal mis spending of funds.
Worse are their fake cheer leaders. Those who get jobs, postings, paper work and more opportunities to mis direct the youth of this country. It is near impossible to do business with the govt. Imagine the challenges and nascent needs of a startup in that position
where even Hon. Razzak sbs friends are struggling and coming up with more and more schemes and qualifiers to maintain their hegemony. Remember this "Lobbying for govt funding, is an idea not even worth considering for any serious entrepreneurs,as you may be competing with crooks"
Vulture Capitalists were bad enough in our parts (blog.chinookstrategy.com/winning-formul…) , they may be just incompetent. But with govt there is a new level of paper pusher/babu mind set + incompetence at scale.
On one hand they dole out these SPZ(Special economic zone) items, tribune.com.pk/story/2267619/… . Perhaps in some ways it may help;but startups start out of unstructured locales and homes vs tenants in Islamabad. Need to think these things through. Making a zone doesn't make startups.
Then we have STZA propakistani.pk/2020/12/06/gov…"Apart from these incentives,many more will be offered to investors, real estate developers, tech companies and industry players, and foreign technology companies to open up their offices in Pakistan" Akin to the Bahria Town of Tech (BTOT)
If zones created innovation, wed be the next silicon valley, this has not worked here previously and likely only a land grab for the new breed of digital rent seekers & diversification of existing land lords of business who will indulge in CKD style manufacturing,based on imports
SaaS, PaaS, other startups need reliable infrastructure at affordable prices and the ability to incorporate without dealing with retards aka babus across the public sector that both regulates & grants permission to those who dont understand the biz they set out to regulate.
1)So a new STZ Authority will come in to existence. More babus- Check
2) New way to get customs & duties re-routing, most tech startups dont need to import much.-Check
3)Property tax exemptions, watch out for local SW/Rent seekers build tech univ and exploit this- Check
2) New way to get customs & duties re-routing, most tech startups dont need to import much.-Check
3)Property tax exemptions, watch out for local SW/Rent seekers build tech univ and exploit this- Check
4) More loopholes for tax avoidance by existing large players-Check
5)VC+Investors capital gains exemption again helping 1s at the top of the food chain -Check
6+&) Power/infra should be a basic right for all vs Zones, watch for special folks being allowed to provide these -Check
5)VC+Investors capital gains exemption again helping 1s at the top of the food chain -Check
6+&) Power/infra should be a basic right for all vs Zones, watch for special folks being allowed to provide these -Check
A day in the life of a real entrepreneur, tech or not, is to find a way to first incorporate, get legal help on taxation, be hit by sbp/secp on formation formalities,no lease agreement no rental contract, likely no corp bank account=pushing tech/free-lancers to hold cash offshore
It takes under an hour for any 1 of sound mind to open a Delaware C corp online. An other hour to start accepting payments+a few days to monetize their startup/digital products. When you cant do most of the above in your own country without a triplicate ID card copy u r doomed.
If you must do some thing as govt,u need to have a NICOP equivalent for free lancers & tech companies that can be done on line. Virtual C corp, registration incorporation and an ikkes toupoun ki salami(21 cannon salute) to these folks who have the largest potential to bring in FX
Have the ability to open an online all digital bank account, in-expensive payment gateways & real foundational support from banks vs letting the banking regulator loose on their tail. KYC is a must by TYC (testing your composure) shouldn't be.
The average free lancer cant open a bank account in USD. When they do, banks hold on to their funds for 0-10 days, they give them shitty conversion rates, dont tell them about the R-Form come tax time they become the un intending stars in a "most wanted" style tv show.
In bound $azied funds that go from white to black as quickly as fairly and lovely went to fair and glow the minute they were backed up against a wall due to public pressure. Most startup dont need to import tax free software. They need to have a credit/debit card to allocate %ge
of their inbound funds to spend on items like aws/apis/services etc.Even before that they should be able to apply for a regular credit card,these digital merchants can only be analogue in their own country.Yet we want to build SEZs.Take that money & build a national digital bank
You can help only if you know what help is required. No one from the ruling party class has ever done a days honest labour, do we expect them to define the way forward on business let alone good governance? The Hon PM should take a hard look at the rhetoric vs the reality
For color, know this, that the MicroPaymentGateway has been 3 yrs in the making & we still have 5 days to go before its tentative launch. Where is the accountability? sbp.org.pk/PS/PDF/NPSS.pdf , thenews.com.pk/print/738108-s…
We need less regulation,more common sense,fast execution & for 1ce an IT Minister who can use GitHub or be able to migrate their own phone contacts to a new device.@rebootdude @fmsheik @raza_matin @jehan_ara @ishaheen10 @owaisz @Huk06 @Ash_Kalim @ZMoosaPK @TalhaIzhar @FaizaYousuf
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