Azerbaijan has revealed that procedures relating to startups and entrepreneurship in the country have been simplified, according to Azernews.
Additionally, the country is preparing legislature to address the regulations around the formation of venture capital funding to deal with issues such as lack of access to funding and bureaucracy.
The simplified regulations are of particular use to the State Fund that provides assistance to startups working in the IT sector.
Elmir Valizadeh, deputy minister of communications and high technologies, made the announcement and said the government is working on a range of bills: “Initiatives taken by the ministry are currently under consideration in other governmental institutions.”
Seymur Agayev, chief executive of High Tech Park Azerbaijan, which supports technology development in the country, said: “Formation of venture capital funds may become a connective link between local and foreign projects and trigger further development in this sphere.”