By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leonne- The rule legislated in Dakar to improve female-led enterprises; by way of rendering tax breaks and other windfalls, to innovative industries, was inducted in an event where programmers and others meet for collaborative software development by additionally sixty lead Senegalese entrepreneurs in 2018. Exactly, It is foreseen to put up with effect tardily 2020. It is targeted at female and youth-run businesses in particular, as well as other start-up businesses that are doing good.
Furnishing a handbook to business operations in the country, the Act is anticipated to innovation and entrepreneurship, and encourage data collection and sharing among entrepreneurs to encourage them evolve better business plans as well as peeking into tax policies, startup financing, and labelling.
Over the years, the start-up panorama in the Francophonic nation, has been overseen by men. Also, the tax responsibility and complexness of the regulations are justifications many talented business-women shy of from creating companies.
“They tell themselves: ‘It is too scary, I don’t understand the system, I can’t afford it,’” said Seynabou Thiam, the founder of Kepaarel, a café and co-working space geared toward mothers in Senegal’s capital Dakar. More so, dozens of Senegalese start-ups have been sent storing when they no longer meet up with the taxes imposed on them. This has feigned a lot of threats to the social impact in the country.
In this respect, the government hopes to subsidize local businesses with its reforms, prioritizing digital technology in the country. Though Senegal is far behind countries with bigger economies such as Ghana and Nigeria, it is the leader among Francophone countries in Africa and sees itself as a future tech and entrepreneurship crossroad for the continent.
Francophone Africa has lagged behind English speaking African countries like Kenya and Nigeria in terms of technology and entrepreneurship, which experts say, it is as a result of ease of doing business.
A report by the global investment firm Partech indicates only 5% of the $1.2 billion in 2018 put forward for tech start-ups in Africa was expended to French-speaking countries, with Senegal having the tallest.
According to the Project Superintendent at Senegal’s $50 million state fund for start-ups, Thierno Sakho, the law will announce the talent of young entrepreneurs to have a real social impact. “We want solutions that address poverty, Malnutrition, and financial inclusion,” stated Thierno.
The tax breaks which have been endorsed into law will award companies that fit the criteria three tax-free years as well as training, though, the government is yet to create a platform to register business
For New Africa Business News (NABN) Abdul Rahman Suagibu Reports, Africa Correspondent
AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com