The Digital Cooperation Organisation (DCO), a multinational organisation that aims to enable digital prosperity for all, has announced the launch of the DCO Startup Passport to make it quicker, easier and less expensive for startups to do business cross border business.
The announcement was made at LEAP 2022. The Startup Passport opens up potentially lucrative markets with a combined population of more than half a billion people and a combined GDP of nearly $2 trillion, according to the DCO.
Startups drive business
The World Bank has stated that startups and SMEs represent 90 percent of businesses globally and generate seven out of ten jobs in emerging economies, according to the DCO. However, startups face legal, financial and administrative hurdles when seeking to expand their businesses across borders.
The DCO’s Startup Passport addresses these challenges by reducing administrative and financial burdens and accelerating corporate registration and other processes for entrepreneurs in one DCO member state when they enter the markets of other DCO member states. The passport provides expedited entry and support in the markets of eight DCO countries in the Middle East, Southeast Asia and Africa.
Cutting the red tape
Commenting at the launch of the Startup Pass, DCO Secretary-General Deemah AlYahya said, “Startups are driving forward growth and prosperity for the world, and solving the global problems of tomorrow. If entrepreneurs are strangled by bureaucracy, we will all struggle. Countries must work together to offer more integrated and seamless digital regulations for our startups and entrepreneurs.
“The DCO Startup Passport is an important step in creating the borderless environment entrepreneurs need to prosper, enabling business growth and job opportunities for members. We commend the countries that are piloting the initiative and look forward to the DCO Startup Passport expanding its reach and services in the coming years,” she said.
The initiative will initially roll out in Saudi Arabia, Nigeria and Bahrain.
This article was originally published on our sister site, ITP.net
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