In a landmark development, Mauritania unveiled its long-awaited Startup Act on Thursday, September 7, 2023, during a meeting of the Council of Ministers. This legislative initiative marks the realization of one of President Mohamed Ould Cheikh El Ghazouani’s key commitments, aiming to harness innovation as the driving force behind digital development, entrepreneurship, and corporate competitiveness.
The presentation of the Startup Act was delivered by the Minister of Digital Transformation, Innovation, and Administrative Modernization, Mohamed Abdellahi Ould Louly. This presentation provided the Council of Ministers with a comprehensive understanding of the law’s objectives, its developmental journey, and the anticipated impact it will have on Mauritania’s innovative entrepreneurial ecosystem.
The “Startup ACT Mauritania” bill is a legal framework meticulously designed to streamline the launch and growth of innovative startups and high-value-added SMEs in Mauritania. Furthermore, the development of the Startup ACT aligns with the government’s overarching goal of fostering an ecosystem conducive to the emergence of startups.
At its core, this legislation aims to nurture and champion startups in Mauritania that thrive on creativity, innovation, the utilization of cutting-edge technologies, the creation of significant value, and national and international competitiveness.
Read also : Ghana’s Oyster Agribusiness Secures Funding to Propel Sustainable Agriculture
To achieve these objectives, the Startup ACT incorporates a set of structured measures, including a merit-based recognition system and incentives for various stakeholders within the digital entrepreneurship and innovation ecosystem, encompassing entrepreneurs, startups, support structures, and investors.
Similar initiatives have been successfully implemented in several African countries, including Senegal, Tunisia, Nigeria, Algeria, and the Democratic Republic of the Congo, resulting in significant economic development.
This legislation encompasses various provisions, such as the criteria for obtaining startup and support structure labels, customs and tax incentives, as well as other incentives designed to facilitate the establishment and growth of startups.
Read also : Digital Payment Service PayShap Closes in on a Million Transactions
Moreover, the law includes mechanisms aimed at facilitating access to funding, markets, and investment opportunities for startups, propelling Mauritania into a dynamic era of entrepreneurial innovation.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard