New Law For Micro, Small And Medium Enterprises

• Published date: 07 March 2023
• Subject Matter: Corporate/Commercial Law, Corporate and Company Law
• Law Firm: BM Morrison Partners LLC
• Author: BM Morrison Partners LLC

Law No 661-VIQ, dated 2 December 2022 "On Development of Micro, Small and Medium Enterprises" (the "Law"), came into effect on 26 January 2023, whereupon Law No 673-IQ, dated June 4, 1999, On State Aid to Small Enterprises, ceased to be effective.

The Law introduced new terms including: (i) "unified register of micro, small and medium-sized enterprises" - electronic information register of micro, small and medium enterprises, which is expected to be established within six month from the date of the Law; (ii) 'institutions providing support infrastructure to micro, small and medium enterprises" - legal entities engaged in an activity focused on development of the micro, small and medium enterprises, enhancing their investment and innovation activity, and promoting their products in domestic and foreign market; and (iii) 'business incubator' -legal entity providing support to its residents by offering relevant property related and management services as well promoting products in domestic and foreign...