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Small and Medium-sized Business Cluster to be Established in Azerbaijan

The authorized capital of the Agency for Small and Medium Business Development of Azerbaijan will be doubled in 2019-up to 10 million manats, says the decree of Azerbaijani President Ilham Aliyev on the approval of the Agency’s Charter.

In this regard, the state budget for 2019 will provide for five million manats. Five million manats will be allocated from the state budget for 2018 to form the Agency’s authorized capital.

In order to strengthen social protection and improve the material security of the Agency’s employees, small and medium-sized business houses will transfer to the Agency a certain part of the funds from the state duty paid for services rendered by those houses.

According to the decree, a small and medium-sized business cluster-company will also be created.

The Agency, together with the Ministry of Labor and Social Protection of the Population, should create a unified register of micro, small and medium-sized businesses within two months. By the end of the year, a draft law “on the development of small and medium entrepreneurship” should also be developed.

The Agency’s staff will consist of 240 positions.

The Agency for Small and Medium Business Development of Azerbaijan was established on the basis of the decree on improvement of management in the field of small and medium-sized businesses signed by President Ilham Aliyev in December 2017.