The Digital Cooperation Organization (DCO) has announced the launch of the DCO Startup Passport to make it quicker, easier and less expensive for startups to do business across borders, local media reports said.
This opens up potentially lucrative markets with a combined population of more than half a billion people and a combined GDP of nearly $2 trillion.
The DCO is a multinational organization established to enable digital prosperity for all by accelerating the inclusive growth of the digital economy. It was established in 2020 by seven member states to drive greater collaboration and cooperation across entrepreneurship, innovation, business growth and employment in a shared digital economy.
Its seven founding member nations are Bahrain, Jordan, Kuwait, Nigeria Oman, Pakistan and Saudi Arabia.
By promoting common interests and collaborative digital transformation, the DCO’s mission is to enable members to empower women, youth and entrepreneurs to accelerate growth across the digital economy, and achieve greater prosperity by promoting common interests and collaborative digital transformation.
The DCO Startup Passport was launched at LEAP, a global event for future technologies being held in Riyadh, Saudi Arabia, from February 1 to 3.
Despite significant potential global demand for their solutions, startups face legal, financial and administrative hurdles to expanding their businesses across borders.
Reportedly, startups cite more than a year of administrative processes solely to navigate the regulatory processes associated with expanding their offering globally.
This is a major challenge for global economic and societal development, with the World Bank citing that startups and SMEs represent 90 percent of businesses globally and generate seven out of ten jobs in emerging economies.
The Startup Passport addresses these challenges by reducing administrative and financial burdens and accelerating corporate registration.
This also includes entrepreneurs entering the different markets of 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.
The initiative will start initially in Saudi Arabia and Nigeria.
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”, he added.
AlYahya noted 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.