Support for startup movements growing in Azerbaijan

Economy Materials 4 March 2020 18:37 (UTC +04:00)
Support for startup movements growing in Azerbaijan

BAKU, Azerbaijan, March 4

By Fidan Babayeva – Trend:

The EnterpriseAzerbaijan.com website, together with Australia’s University of Newcastle, carries out activities within the Creative Spark project with the aim of developing entrepreneurial education in Azerbaijan and supporting startups, a source in the Azerbaijani Center for Analysis of Economic Reforms and Communication told Trend.

“The president always focuses on the startup movement in Azerbaijan,” the source said. “According to the Tax Code, startups, which are small enterprises and legal entities in Azerbaijan, are exempted from taxation for three years from the date of getting the Startap certificate.”

"There are more than 20 incubation and accreditation centers in Azerbaijan,” the source said. “Among them are the centers created by the state and the private sector. There are also organizations working within the public-private partnership.”

“The State Employment Service under the Azerbaijani Ministry of Labor and Social Protection of the Population has begun to support innovative and non-traditional projects as part of the self-employment program since 2020,” the source added. “To increase the potential of startups included in EnterpriseAzerbaijan.com and the level of self-employment in the country, the website entered into partnership with the State Employment Service.”

"For the first time in Azerbaijan, EnterpriseAzerbaijan.com offers crowdfunding opportunities to local innovative startups and small business owners,” the source said.