Under the Civil Code of the Republic of Azerbaijan, there are certain differences between joint-stock companies (“JSC”) and limited liability companies (“LLC”). In this article you can find the following differences between those two types of...
Read moreNOW HEALTH INSURANCE IS MANDATORY IN AZERBAIJAN
Provisions on mandatory health insurance came into force from January first of this year due to amendments to the Law of the Republic of Azerbaijan “On health insurance”. Amendments have been made in the rules for calculation of insurance...
Read moreCUSTOMS FEES ARE MORE AFFORDABLE IN AZERBAIJAN FOR INDUSTRIAL SUBSTANCES
Custom duties are about to be decreased in accordance with the respective decree of the Cabinet of Ministers of Azerbaijan Republic (dated December 17, 2019) which will enter into force on 18 January 2020. The target of decrease is mostly for...
Read moreDIFFERENCES BETWEEN JOINT-STOCK COMPANY AND LIMITED LIABILITY COMPANY UNDER AZERBAIJANI LAW – 1
Under the Civil Code of the Republic of Azerbaijan, the main differences between joint-stock companies (“JSC”) and limited liability companies (“LLC”) relate to: capital, dealings in shares, general meetings, names, and disclosure requirements...
Read moreSHARE CAPITAL AND TRANSFER OF SHARES IN AZERBAIJANI COMPANIES
Shares. Shares in a company are treated as the personal property of shareholder(s). The capital of a joint-stock company (“JSC”) (both open JSC and close JSC) shall be divided into shares with an equal nominal value. The founders of a JSC shall...
Read moreHOLDING A REAL ESTATE IS BECOMING SAFER
In accordance to the Compulsory Insurance Law of Azerbaijan Republic, your car and other transportation means holding a unique state number shall be insured and it is mandatory for everyone. Implementation of the mentioned provision of law is...
Read moreFREE TRADE ZONE IN AZERBAIJAN
According to the Law on Alat free trade zone of the Republic of Azerbaijan, the first free trade zone of Azerbaijan was established in Alat settlement, Garadagh district, Baku.The Law envisages great opportunities for investors to make their...
Read moreOIL AND GAS PRODUCTION IS OPEN FOR FOREIGN COMPANIES WITH ONLY SLIGHT RESTRICTIONS
Azerbaijan as one of the pioneering oil and gas countries in the region welcomes foreign investors to its countries for the purpose of subsoil exploration. Their rights are strongly protected with the Law on Protection of Foreign Investment dated...
Read moreDIRECTORS’ DUTIES/LIABILITIES UNDER AZERBAIJANI LAW
Each company shall have at least one legal representative acting as an executive director. Power of the company’s executive body may be transferred to other physical person and legal entity (external manager) on the basis of a contract...
Read moreTIPS FOR FOREIGNERS: “HOW TO FIND A RIGHT LAWYER?”
With the growing economy and business opportunities many entrepreneurs find themselves in Azerbaijan and try to set-up their own business and handle their immigration issues accordingly. As a result of second oil boom back in 1990s, Azerbaijan...
Read moreREGISTRATION OF INFORMATION SYSTEMS OF PERSONAL DATA AND LICENSE REQUIREMENT FOR SUCH ACTIVITY
Under the Azerbaijani Law on Personal Data dated 11 May 2010 (the “Law”), collection and processing of a personal data about any individual shall be permitted only upon obtaining the written consent of a data subject (which can be given in the...
Read moreOPENING REMOTE BANK ACCOUNTS IN AZERBAIJAN
New Regulations on “Opening, Operating, Closing Bank Accounts” (hereinafter: Regulations), approved by the Financial Market Supervisory Authority of the Republic of Azerbaijan, came into force on 25 June 2019. According to the Regulations, banks...
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