By Trend

The Azerbaijan Small and Medium Business Development Agency (SME) has issued seven start-up certificates to micro and small businesses since May 2021, the agency told Trend.

According to the agency, subjects of micro and small businesses that have received a certificate are exempt from paying income tax and tax on income from innovation activities for a period of three years.

The certificate also allows using the received income for the improvement and development of projects, the message of the agency reads.

“A start-up certificate also increases the interest of domestic and foreign investors in the project, simplifies entry into foreign markets. To date, the agency has issued such certificates to seven business entities that work in areas such as innovation in the agricultural sector, financial technology, logistics services, e-commerce, and online platforms containing innovative solutions,” the message noted.

As the agency stated, projects in the spheres of education, science, research, and support are also financed on the basis of the grant competition held by the agency twice a year.

“SME development centers operating in various cities and regions of the country also provide free training and consulting services to small and medium-sized businesses, including start-ups. At present, activities are underway to further develop the startup ecosystem, for this purpose a number of projects and support tools are being considered, '' the message says.