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Law "On the development of micro, small and medium enterprises" regulates the relations in the sphere of development of SMBs and establishes the forms and methods of state support 01.02.23

The Law "On the development of micro, small and medium enterprises" was approved by the President of the Republic of Azerbaijan on December 2, 2022.

The Law, which consists of 5 chapters and 15 articles, regulates the relations in the sphere of development of micro, small and medium entrepreneurship entities and establishes the forms and methods of state support promotion to micro, small and medium entrepreneurship entities.

The Law defines the goals, principles, main directions, the conditions, forms, procedures and evaluation of support, as well as other issues of the state policy in the field of development of micro, small and medium entrepreneurship.

A number of innovations were provided for in the Law. In particular, the engagement of state bodies in a single coordination group stipulated in the Law will result in prompt solution of problems in the development of SMB entities by state bodies. In addition, the establishment of a single registry of SMB entities was stipulated in the Law, which is an innovation in terms of ensuring centralized awareness in the relevant field.

The Law stipulates programs, procedural rules and exceptions in the field of providing state support for the development of micro, small and medium entrepreneurship, and the state aims to achieve national development by eliminating bureaucracy in this area as well. The forms of support, the procedures for sustaining support, terms, evaluation methods and types are mentioned in the Law. Micro, small and medium entities will benefit from the advantages provided by the Law.