Mar 15, 2023 126

The Innovation and Digital Development Agency has granted residency to seven companies.


The Agency for Innovation and Digital Development has issued technopark registration certificates to seven companies that operate in the fields of system integration, software development, and development. With these certificates, the companies can function as residents of the technology park beyond During a presentation ceremony at the Innovation and Digital Development Agency on March 1, 2023, Rashad Khalikov, the Deputy Chairman of the Management Board, presented the "Registration Certificate" to company managers who are residents of the technology park but conduct activities outside of it. These companies will be exempt from income and profit tax, dividend, property, and land tax for 10 years. They will also be able to take advantage of benefits and options for social insurance payment, and foreign specialists in the information and communication technology field will not need a work permit. It's worth noting that, with some updates and changes to normative acts, companies in system integration and software development that register in the technology park will be exempt from certain taxes (income and profit tax, dividend, property, and land) for 10 years. They will also receive some income tax benefits: 0% for up to 8000 manats, 5% for amounts exceeding 8000 manats, and 5% of income for 7 years from 01.01.2026. From January 1, 2023, residents and employees will have a choice to pay the mandatory state social insurance fee from either four times the minimum monthly salary or income from salaried work for 10 years. Foreign specialists working for these companies outside the technology park won't need a work permit. Individuals and legal entities who work on software and system integration for activities outside the technology park can apply by visiting the idda.az website. The "Innovation and Digital Development Agency" public legal entity was established under the Ministry of Digital Development and Transport according to a decree by the President of the Republic of Azerbaijan, Mr. Ilham Aliyev, on October 11, 2021. The agency's primary objective is to promote digital development in the country, organize digital transformation and innovation, and support individuals and legal entities conducting innovation-oriented scientific research and innovative projects (Startups) by developing modern technologies and providing assistance in obtaining solutions.