Social Business Legislation Israel

IVN has also helped draft a new law, which was approved in a preliminary Knesset vote, that will create a specific business sector definition for social businesses and set out regulation regarding the registration of such businesses, their taxation policies and the government assistance these ventures will be eligible for. This legislation, when passed, will help Israel align with foreign countries regarding social impact businesses, Simler explained. After a similar law passed in the UK the number of social businesses grew quickly, in terms of number of ventures, their employees and the amount of income they generated, she said.