BAKU, Azerbaijan - President Ilham Aliyev has approved amendments to Azerbaijan’s Model Regulation on Technology Parks, changing rules on ownership, leasing and infrastructure management in the country’s tech parks.
Under the decree signed on Oct. 22, production premises, equipment and installations created at a resident’s own expense for scientific research and research-and-development work will be the resident’s property. The Model Regulation has been in force since 2014.
The changes also introduce the status of a technology park non-resident. This may be a legal entity or an individual entrepreneur operating on park territory under an infrastructure lease agreement and providing goods, work or services to park residents.
When a park management agreement ends, infrastructure owned by the operator may be transferred to the managing organization by mutual agreement or for compensation. Any third-party rights and encumbrances must be taken into account.
Land within a technology park may be leased to an operator to create infrastructure, while termination of the management agreement will also provide grounds for ending the land lease.
The decree prohibits the subleasing of rented infrastructure, or its use for purposes other than those specified in the agreement, without the written consent of the managing organization or operator.
Sources: Vesti Baku; Trend.