Innovative Startup Act, Republic Act No. 11337 (Philippines)

The Innovative Startup Act (Act) declared the Department of Science and Technology, Department of Trade and Industry, and Department of Information and Communication Technology as the lead agencies responsible for its development. It also created the Philippine Startup Development Plan which is the framework embodying the strategies to encourage investment in and the promotion of startups in the Philippines. It provides incentives in different forms for the registration and operation of startups and/or startup enablers, including subsidies for registration, endorsement by the host agency for expedited processing of applications, subsidies in the use of facilities, grants-in-aid for research and development, among other things. It further authorized the Philippine Economic Zone Authority to pursue and create Philippine Startup Ecozones. The Act authorized the Department of Foreign Affairs to create start-up visas for foreign owners, employees or investors, who shall be exempted from securing an Alien Employment Permit issued by the Department of Labor and Employment. Bona fide Filipino executives of qualified startups are further eligible for the application of the APEC Business Travel Card.