The Central Bank of Azerbaijan has allowed foreign currency transfers from a bank account to invest in a foreign start-up.
Tech.az reports that CBA Chairman Taleh Kazimov signed a decision on September 12, 2024 on making changes to the "Rules for transactions of residents of the Republic of Azerbaijan in foreign currency, as well as non-residents in national and foreign currency".
According to the change in the regulation, transfers for investments (SAFE (simple agreement for future equity) contracts) for the purpose of obtaining a future participation share (share) in the authorized capital of start-ups outside of Azerbaijan must be submitted by submitting an agreement concluded between the relevant investment object and the investor and by an investor in a calendar year the total amount not exceeding 100,000 US dollars was allowed.
