Minister says important steps to be taken on startups by end of year

Very important steps for startups and companies operating in the sphere of startups will be taken by the end of the year through amendments to the law on ICT, Minister of Digital Development and Transport of Azerbaijan Rashad Nabiyev said while presenting the venture fund, Caucasus ventures.

Nabiyev added that a new package of documents is under development now.

"Due to the introduction of amendments to the working law, quite an important package of documents has been prepared on both social benefits and the prodit income or on dividend payments in the region. We believe that the adoption of the package of documents will contribute to the development of the market and the ecosystem, in general.

We know that the working legislation contains no provisions on venture financing. But the Civil Code envisages the opportunities which we have already used. Nonetheless, a separate legislative set is being developed on venture financing and respective ecosystem. We are working with the ministry of economy in this direction," he said.