Azerbaijan approves rules for residents of Tech Park

/By AzerNews/

By Nigar Orujova

The Azerbaijani government has approved new rules for maintaining a register for residents of the Technology Park and Business Incubator, along with unveiling a new application form and procedures to conduct operations at the Techno Park.

The rules for maintaining the list of residents provide for the registration of legal entities and individuals to carry out activities of residents in the business incubator. Registration can be carried out both in electronic and written form.

While applying, legal entities will have to specify the name and legal organizational form (individuals - name, surname and patronymic), and the name and description of an innovative project. Applicants must also provide:

- A list of participants who will be working on a project

- Information on the business activities of the applicant (if available)

- A business plan for an innovative project

- An electronic presentation reflecting information about the project

The application form will be accepted by the managing organization, which will issue a document confirming registration. The registration procedure will take 20 working days. Residents who have received a certificate of registration will be able to sign a tenancy contract with the managing organization.

The list of residents of the Techno Park and the business incubator provides for the maintenance of a database of legal entities and individuals (personal data, details, VOEN, etc.), the inclusion of information on the registration and cancellation of registration, etc.

Information about the residents will be presented during the two days in the Ministry of Taxes and the State Customs Committee.

The High Tech Park is under construction in an area stretching 50 hectares in the Pirallahi district of Baku.

The new facility will be an area equipped with all the necessary infrastructure, logistics, and governing entities for conducting research in ICT, telecommunications and space use, energy efficiency, and the development of new and high technologies.

Residents and companies operating in the park will be exempt from the 18 percent VAT on imported infrastructural and technological goods and services. The park participants will also be exempt from tax and customs duty for seven years.

The park's activity is expected to expand the ICT sector based on current scientific and technological achievements, and to ensure the creation of modern complexes for research and development of new information technologies.

The Business Incubation Center of the Tech Park provides its participants with computer equipment and internet access.

Only promising projects will be supported in the incubation center. Once the project reaches the desired stage of development, the next step will be shifting them to the High-Tech Park.

Moreover, another tech park will soon open in Azerbaijani fourth large city - Mingachevir. The Mingachevir park was set up in view of securing sustainable development and economic competitiveness.