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Monday, November 03, 2008

BioJerusalem: All Your Bio-Med Companies Should Migrate Towards Us

(Hat Tip: Globes Online)

It looks like the Jerusalem Development Authority has started a program called BioJerusalem, who is currently seeking out bio-med companies (which is med-speak for pharmaceutical, biotechnology, and medical device/tech businesses) to migrate towards Israel's eternal capital (which just happens to be Jerusalem).

(BioJerusalem) A half an hour drive from Ben Gurion International Airport and a 45 minute drive from Tel Aviv, the financial hub of Israel, Jerusalem is the only centrally located city in Israel to enjoy national development zone A status. This status entitles technology-based companies and investors to the best grants and tax incentives available in Israel today.

Life sciences companies choosing to launch operations in Jerusalem are eligible for prime financial support incentives and are given special preference. In addition, companies with a presence in Jerusalem can also benefit from a series of municipal incentives offered by the Jerusalem Development Authority which provides support to companies doing business in Jerusalem.
While often seen as a religious/historic city, Jerusalem is home to a thriving biomed community, and it seems as if the local officials want to ensure that the city stays that way (as it could help reshape the cities image globally).

Jerusalem is offering NIS 30,000 (or about $8,000) in grant money per employee, with even more benefits to help convince a few companies (and startups) to consider moving towards the nation's capital (note: can you say tax exempt for ten years).

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