Micro and small entrepreneurs were awarded with the certificate “Startup” based on the “Criteria for the determination of Startup” approved by Resolution of the Cabinet of Ministers on January 29, 2021.
The main requirements for issuing the certificate “startup” are as follows:
- manufacturing product or service in order to gain income or profit.
- relying on an innovative initiative;
- creating additional value through the reorganization of existing production or service processes in a new form;
- formation of additional value through the application of new technology;
- being competitive;
- forecasting an increase in demand for the product or service created in the short term in a substantiated manner;
- not duplicating other startup products or services.
It's crucial to emphasize that the startup certificate grants SMBs a three-year exemption from income tax and revenue tax on income derived from innovative activities, commencing from the date of certificate issuance.
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