At the beginning of the week, the Jerusalem Municipality's Development Authority held an open day with entrepreneurs and start-up companies, in order to provide services and tools and advertise the grants that the Jerusalem Municipality and the Jerusalem Development Authority are offering them.
"The Jerusalem Municipality is constantly looking for the next technological breakthrough that will give the city's residents a very good quality of life," said Eitan Barzilai, head of the Business and Technological Development Administration.
The event was attended by 34 representatives of start-ups and entrepreneurs, many of whom are CEOs and business development managers, about a third of whom are located outside of Jerusalem. At the conference they were informed about grants available to them should they move to the city or set up a company in Jerusalem.
Through the Jerusalem Development Authority, the Jerusalem Municipality has invested tens of millions of shekels in recent years in the development of the city's technological ecosystem in order to create an environment that supports the establishment and growth of enterprises. The Municipality also given millions of shekels through the various grants and benefits programs. As part of the support of the Jerusalem Development Authority, the city offers grants and incentive programs designed to encourage quality employment among high-tech and life sciences companies.
In addition, Jerusalem is the only city in the central region defined as a national priority area (Development Area A). High-tech and life sciences companies are entitled to a reduced corporate tax rate of 7.5% (in other regions the corporate tax rate is 12%), and to support under the "high salary scheme" in which companies are entitled to aid towards the cost of workers receiving "high wages" (more than two and a half times the national average wage) at an average rate of 20%. This is provided by the Ministry of Economy on the basis of competitive allocation.