Azerbaijan’s startup ecosystem is young and dynamic. In recent years, startups in the ecosystem have made a name for themselves with their investments. State and private organizations assist in the development of these initiatives, which receive most of their investments from global funds. Under the supervision of Rashad Nabiyev, the Ministry of Digital Development and Transport is working to provide new opportunities for new startups and companies to come to Azerbaijan in the field of artificial intelligence. As a result of this study, an agreement was signed with the Central Bank of Azerbaijan.
Moreover, the state offers various opportunities for the development of enterprises. The Innovation and Digital Development Agency, under the Ministry of Digital Development and Transport, mostly offers these opportunities to startups. The agency provides various support for foreign enterprises and companies to easily go into the Azerbaijani market.
Relocate your team without obtaining a work permit
No permission is required to provide services or open an office and work in Azerbaijani territory. New developments were started with the latest document signed by Azerbaijani President Ilham Aliyev in this field. Employees from Türkiye and other countries no longer receive permission to work in the technology field in Azerbaijan. At the same time, startups may be exempt from certain taxes as technopark residences.
Reside in a technopark and become free from taxes
Another privilege that started to be implemented a few months ago is the tax privilege. Entrepreneurs can benefit from tax concessions by becoming residents of Technopark.
Relocation assistance
The Ministry of Digital Development and Transport supports companies coming to the Azerbaijani market. The Ministry organizes the entire relocation process, simplifies and supports the documentation process, provides support in legal, financial, bank account opening and other paperwork, and provides all support 24/7.
As it is known, there are many opportunities to improve entry in a young ecosystem and enter the market in the software field. By taking advantage of these, it becomes easier to take ventures globally.
The Caucasus Ventures fund, of which the Innovation and Digital Development Agency is also a Limited Partner in Azerbaijan, invests in startups. The fund has invested in more than 15 startups in 2023. Caucasus Ventures, the region’s most active player, offers a preference to startups looking to open an office in Azerbaijan or B2B selling to Azerbaijan.
The development of startups becomes much easier with the concessions and support offered. Azerbaijan provides a gateway to opening up to Asian markets (Kyrgyzstan, Kazakhstan, Uzbekistan, etc.).
All innovations, supports and opportunities related to the ecosystem are published in the local innovation media Tech.az Media.
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Media contact:
Jamil Huseynzada
jamil@tech.az
+994514874790
https://tech.az/
