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Zaur Kardashov: "Startup" certificate facilitates access to foreign markets" 29.06.22

The Small and Medium Business Development Agency (KOBİA) of the Ministry of Economy provides state support to startups, which are very important in terms of the establishment of an innovative economy and the development of independent business. The agency issues a "Startup" certificate to micro and small business entities, which get many advantages due to this certificate. Zaur Gardashov, the advisor to the Chairman of the Board of Directors of KOBİA, answered the questions of "vergiler.az" about the "Startup" certificates.

- How to obtain a "Startup" certificate?

- Micro and small entrepreneurs who want to get a "Startup" certificate can apply to KOBİA in written or electronic form (info@smb.gov.az). The application received by the Agency is immediately registered, the application and the documents attached to it are reviewed for a total of 30 days and submitted to the Council of Experts for evaluation. Based on the opinion of the Council of Experts, the Agency makes a decision on issuing or refusing to issue a "Startup" certificate. It should be noted that representatives of the Ministries of Economy, Digital Development and Transport, the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan, the Intellectual Property Agency, and the Azerbaijan National Academy of Science are represented in the Council of Experts. The council also includes independent experts.

- How many micro and small business entities have applied to receive a "Startup" certificate so far? How can interest in obtaining this document be evaluated?

- Applications for the "Startup" certificate have been accepted since May 2021. So far, KOBİA has received 97 requests to use the mentioned support mechanism. The "Startup" certificate exempts micro and small business entities from profit and income tax on the revenues they get from innovation activities for 3 years, and enables entrepreneurs who benefit from the mentioned support to be recognized in the ecosystem and attract investors in a wider arena. There is great interest in the "Startup" certificate among SMEs, especially startups.

- The certificate was given to projects covering which directions?

- So far, 42 micro and small business entities have been awarded the "Startup" certificate. The areas of activity of entrepreneurial entities are mainly financial technologies, logistics service, e-commerce, online platforms containing innovative solutions and mobile applications. 4 of the business entities that received a certificate operate in the field of production.

- How many business subjects have been refused in this regard so far?

- 21 business subjects who applied for a "Startup" certificate were rejected. The four submitted applications were rejected since they did not comply with the "Startup Identification Criteria" approved by the decision of the Cabinet of Ministers dated January 29, 2021, and the applications of 17 other business entities were rejected based on the collegial opinion of the Council of Experts. 34 applications were kept unconsidered because certain amendments were needed in the documents.

- Is it planned to increase the concessions given to business entities that have the appropriate certificate?

- The biggest advantage of the "Startup" certificate is that the entrepreneur who receives this document is exempted from profit and income tax on the revenues obtained from innovation activities for a period of 3 years. Having this document also attracts local and foreign investors and facilitates access to foreign markets. From the point of view of further development of the startup ecosystem in the future, based on the analysis of the current situation, it may be considered to increase the allowances according to the needs.

- What would you recommend to SMEs who want to get a "Startup" certificate?

- I would advise entrepreneurs to get a "Startup" certificate for projects that generate more income and are in the stage of active growth. Since the document envisages a concession for a period of 3 years, it is appropriate for entrepreneurs to benefit from it more effectively and to direct the income obtained from the relevant project during this period to the development of the project and its recognition in the international arena.

https://vergiler.az/news/articles/18787.html