On May 28, 2013, the Science, Technology, Innovation and Communications Committee of the Brazilian Senate approved Bill of Law PL 321/2012, which provides for the creation of Sistenet, a system of special treatment for new technology enterprises which exempts startups from federal taxes. In order to be able to benefit from the proposed exemption system, startups must meet some requirements such as having quarterly gross revenue up to BRL 30,000 (approximately USD 15,000) and a maximum number of four employees. Moreover, such exemption may last up to four years. After such period, startups may choose to migrate to another tax incentive system. The Bill has to be approved by the Senate’s Economic Affairs Committee before being submitted to the House of Representatives.