Code: 514486 A

The Knowledge-Based Companies and Institutions Centre ( KBCIC), affiliated to the Office of the Vice Presidency, and the insurance industry regulator, Central Insurance of Iran (CII), have jointly developed a programme to help knowledge-based startups purchase insurance.

Until now, startup firms and their usually lowly paid employees had no access to insurance because industry practices offered insurance schemes only to registered companies and independent business owners.

Mr Mohammad Sahebkar, KBCIC head, said that the programme will help startups sign up for personal insurance, according to a report in Financial Tribune.

“The Vice Presidency’s Office is behind the measure to help knowledge-based firms provide their employees with insurance options,” Mr Sahebkar said.

He added that KBCIC had held talks with CII about providing social and private commercial insurance to startups. The centre has also reached an agreement with Ayandeh-Saz Pension Fund on arranging for retirement insurance to the employees of such firms.

The Rouhani administration has offered several incentives in recent years to boost the share of knowledge-based startups in the economy with the aim of creating jobs and boosting economic growth. In 2015, startups were granted tax exemption as well as customs tariff waivers on imported goods.

There are more than 2,700 knowledge-based businesses in Iran in different fields, including agritech, molecular technology, materials and equipment and the environment.

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insurance industry startups startup firms
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