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{
    "id": 1262179,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1262179/?format=api",
    "text_counter": 264,
    "type": "speech",
    "speaker_name": "Sen. Crystal Asige",
    "speaker_title": "",
    "speaker": null,
    "content": "Other brands also include Cellulant, Twiga Foods, M-Kopa and Hisa among others. Despite all these successes, the country has no regulatory framework to guide the establishment or operations of startups. This gap has led to a number of challenges, including weaknesses in identifying startups, lack of incentivising mechanisms for their ventures and a lack of recognition of the unique needs and realities. Mr. Speaker, Sir, what is the solution to this? Allow me to share a fascinating fact with you. Have you ever wondered what links 68 per cent of Fortune 500 companies and a staggering 93 per cent of all United States of America (USA) based initial public offerings? The answer lies in a place called Delaware, where these renowned entities have chosen to register their businesses. It is in a small brick building on North Orange Street that serves as a common ground for many of these influential companies. The success story of Delaware State in the USA shares similar roads to our discussion today. Before Delaware, the state of New Jersey was the preferred destination for startups seeking to establish their presence. However, as time went by and laws grew more stringent, a pivotal shift occurred. Founders turned their attention to Delaware where regulations were more relaxed, providing a favourable environment for businesses and their growth. From that moment on, Delaware began to flourish and its influence expanding even to this day. The state derived benefits not only from incorporation fees and corporate tax, but also from the annual franchise tax that startups willingly paid as part of their incorporation process. However, Delaware’s remarkable assent to its current stature did not come without making important choices. It recognised the need to give breathing space to startups, affording them the favourable conditions necessary for their prosperity. Mr. Speaker, Sir, now as we convene in this House, we face a significant challenge to the implementation of this Start-Up Bill because of the proposals in the Finance Bill 2023, of increasing some taxes in percentage. Its impact will echo through the Small and Medium-Sized enterprises (SME) sector, an integral part of our nation’s population. These SMEs, including those operated by vulnerable groups like Persons with Disabilities (PWD), require our support to maintain profitability and sustainability. Already burdened by additional costs associated with the operations; they should not be further incumbent. Let us not turn away these valuable SMEs from our country. Instead, let us recognise the importance of providing a natural environment that fosters their growth just as Delaware did many years ago, by supporting these enterprising ventures, we will sow"
}