BAKU, Azerbaijan, Dec. 10
By Eldar Janashvili - Trend:
Introduction of a mechanism of tax incentives for young entrepreneurs is expected in Azerbaijan, Chairman of the Board of Azerbaijan’s Agency for the Development of Small and Medium-sized Enterprises (SMEs) Orkhan Mammadov said at the First Forum of Young Entrepreneurs in Baku, Trend reports from the event.
“There is a need to promote mechanisms of state support among young people, businessmen should invest in youth entrepreneurship, and in order to increase interest in financing startups, individual work with banks and investors is necessary,” Mammadov noted.
There is a mechanism for issuing soft loans for 50,000 manat ($29,472) through banks to finance innovative projects and startups at the expense of the Azerbaijan Youth Foundation, the chairman said.
In order to stimulate the activities of startups by the government, in addition to credit support, tax incentives are provided, the confirmation of which is expected, Mammadov added.
“We believe that after this mechanism is launched, the number of those who used this support will grow,” the chairman said.
Mammadov also noted that state support for domestic market research is 20,000 manat ($11,789), and it is advisable for young entrepreneurs to take this opportunity.
“Presently, Youth Houses have been created in most Azerbaijani cities and districts, and the government calls for the effective use of the capabilities of these centers,” the chairman added. “We believe that to ensure their effectiveness, it is possible to create business incubators and development centers for young people, and we must jointly evaluate these opportunities.”
The First Forum of Young Entrepreneurs is taking place in Baku with the support of the Agency for the Development of SMEs.
($1= 1.7 manat on Dec. 10)