99 Startups Apply for Startup ID Certification from MSMEDA

The Startup Classification Committee has received applications from 99 companies seeking to obtain the Startup ID certification through the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), just one week after the launch of Egypt’s first-ever Startup Charter.

Startup Classification Committee

The Startup Classification Committee includes representatives from the Ministerial Group for Entrepreneurship, venture capital funds, angel investors, the entrepreneurship ecosystem, and MSMEDA.

The committee is responsible for reviewing applications submitted by Egyptian startups seeking to obtain the official classification certificate.

The Startup Charter provides two application tracks for obtaining the certification. The first is a fast-track process completed within five days, while the second is a standard track that takes up to two weeks. Startups of various types can apply through the official portal: www.startup.gov.eg.

Application Review Process

Of the 99 startups that applied, 16 companies submitted their applications through the fast-track process, which has already been reviewed. Initial approval has been granted to two companies, while the remaining applications are still under evaluation.

The committee continues to work with other applicants to complete documentation and necessary procedures required for granting the classification certificates.

Supporting Startup Growth

Bassel Rahmy, CEO of MSMEDA, emphasized that directives from Prime Minister Mostafa Madbouly place supporting startups among the agency’s top priorities. He noted that startups, defined under the charter as newly established companies characterized by rapid growth, flexibility, and innovation, play a vital role in introducing or developing innovative products, services, or business models in the market.

Standards and Integration

Rahmy highlighted the importance of coordination and integration led by the Ministerial Group for Entrepreneurship in implementing the charter’s standards and regulations.

He described the Startup Charter as a pioneering initiative in Egypt designed to meet the needs of entrepreneurs and empower startups by enabling them to access incentives, services, and benefits outlined in Egypt’s investment-supporting legislation, including Law No. 152 of 2020 for SME Development.

Call for Applications

Rahmy encouraged startup founders interested in obtaining the Startup ID certification to review the charter and prepare the required documentation before applying. Applicants can choose between the standard track, which is open to all startups and involves regular committee review, and the fast track, which is reserved for startups nominated by accredited sponsoring entities such as approved investment funds.

He also noted that companies whose applications are rejected have the right to file an appeal within 15 days, allowing their documents and eligibility to be reconsidered in accordance with the charter’s criteria.

Source: Press Release