Limited liability company (LLC) is mostly used organizational-legal form among the legal entities due to structural/management flexibility, charter capital requirements etc. However, there are a number of statutory reporting and filing requirements that an LLC has to comply with after incorporation.LLC has to submit reports to the State Tax Service (depending on the major tax...
According to the Rules for opening, maintaining and closing bank accounts dated 25 June 2019, banks can open remote bank accounts for both residents and non-residents. There are certain verification methods through which the banks can verify their customers. In addition, the Rules envisage the following thresholds for the different types of verification methods for...
On July 12, 2021 the Law of the Republic of Azerbaijan on the Use of Renewable Energy Sources in the Production of Electricity (the “Law”) entered into force. This Law establishes the legal, economic and organizational basis for the use of renewable energy sources in the production of electricity, as well as support mechanisms to...
On April 3, 2019 the Law on Mediation of the Republic of Azerbaijan (the “Law”) entered into force. The Law regulates mediation as an alternative dispute resolution tool. Mediation will be applied to disputes regarding/arising from: civil law and commercial cases (including with foreign elements); family relationships; labour relationships; and administrative law relationships. The mediation...
Many entrepreneurs prefer to conclude a civil contracts instead of labor contracts for some tax reasons, but when studied carefully, it becomes evident that such contracts are designed to create a labor relations between the respective parties. It leaves a room for manipulation of law by entrepreneurs, thus the labor contract conditions had to be...
Under the Civil Code of the Republic of Azerbaijan, there are certain differences between joint-stock companies (“JSC”) and limited liability companies (“LLC”) – the most frequently used organizational-legal forms of legal entities. In this article you can find the following differences between those two types of company: The rights of shareholders LLC: Each shareholder shall have...
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: Capital. The main differences are: There is a minimum amount of AZN 2000 or AZN 4000 for a JSC (respectively for close joint-stock...
Effective from 1 January 2019, the Cabinet of Ministers of the Republic of Azerbaijan approved with its resolution No. 56, dated February 18, 2019. These criteria determine the list of persons which are not entitled to apply income tax exemptions and social security payment reductions, which are available to the private sector entities. Under the...
In accordance with Azerbaijani Law, each company shall have at least one legal representative acting as an executive director. Duties and Powers. Persons acting on behalf of a company and persons who are represented at the management bodies (board of directors or executive body) of a company shall (i) act in an honest, professional and...
Azerbaijan is a shiny country located on the crossroads of the East and the West. Internationally famous events like “Formula 1” and other sports games championships have attracted many tourists to Azerbaijan from all over the world lately. The country’s beautiful nature and unique architecture of the building makes it appealing for foreigners to purchase...
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