EKVITA February Legal Updates

Legal Act: Azerbaijan 2030: national priorities for socio-economic development 

Authority: President of the Republic of Azerbaijan

Effective date: 3 February 2021

Source: https://president.az/articles/50474 

 

According to the Order, the President has set the goal of implementing the following 5 national priorities for the country's socio-economic development for the next 10 years:

  1. Sustainably growing competitive economy
  2. Dynamic, inclusive and socially just society
  3. Competitive human capital and modern innovation space
  4. Return to the liberated territories
  5. Clean environment and “Green growth” country

The identified national priorities are also of particular importance in fulfilling the United Nations commitments arising from “Transforming our world: the 2030 agenda for sustainable development”.

 

Legal Act: Order on the organization of Sumgait Court of Grave Crimes

Authority: President of the Republic of Azerbaijan

Effective date: 3 February 2021

Source: https://president.az/articles/50512 

 

The Order provides for the establishment of Sumgait Court of Grave Crimes in the city of Sumgayit and the determination of its territorial jurisdiction by the Judicial-Legal Council.

Legal Act: Regulations on Special Mission of the President of the Republic of Azerbaijan

Authority: President of the Republic of Azerbaijan 

Effective date: 4 February 2021

Source: https://president.az/articles/50530 

 

Special Mission of the President of the Republic of Azerbaijan (”Special Mission”) is a structural subdivision of the Administration of the President of the Republic of Azerbaijan, performing tasks determined by its Regulations in the liberated territories.

The main goal of the Special Mission is to ensure development in certain areas. The structure of the Special Mission is determined by the President, while the special representative, his deputy and employees of the Mission are employees of President Administration.

 

Legal Act:  Order on transferring of “Azerbaijan Airlines” CJSC, “Azerbaijan Railways” CJSC, “Baku Metro” CJSC and “BakuBus” LLC to the management of Azerbaijan Investment Holding

Authority: President of the Republic of Azerbaijan 

Effective date: 13 February 2021

Source: https://president.az/articles/50605 

 

According to the amendments, “Azerbaijan Airlines” CJSC, “Azerbaijan Railways” CJSC, “Baku Metro” CJSC, BakuBus LLC, subordinated to the Baku Transport Agency, is transferred to the management of Azerbaijan Investment Holding.

 

Legal Act: Regulations on the Economic Council of the Republic of Azerbaijan

Authority: President of the Republic of Azerbaijan 

Effective date: 12 February 2021

Source: https://president.az/articles/50611 

 

The Economic Council of the Republic of Azerbaijan (“Council”) is a collegial body acting on a voluntary basis in order to form a Strategy for the country's socio-economic development, strengthen macroeconomic and financial stability, increase economic growth and social welfare, and implement a coordinated policy in these areas.

The President of the Republic of Azerbaijan is informed about the activities of the Council once every six months.

 

Legal Act: Law on Amendments to the Law "On Notaries"

Authority: Milli Majlis (Parliament) 

Effective date: 28 February 2021

Source: https://president.az/articles/50750 

 

According to the new article added, the state duties or fees will no longer be charged for:

  • notarization of copies of documents that are not intended for issuance to the applicant and for the purpose of their attachment to the notarial archive; and
  • transferring into hard copy and notarization of copies of documents received through electronic information systems within a notarial act

 

 

 

Tarix
10 Mart 2021
Uyğun xəbərlər
29 Dekabr 2019

Company (LLC) registration in Azerbaijan (Innovation in registration of an LLC)

As EKVITA, we provide services in multiple areas of law (corporate, labor, migration, tax, litigation, etc.), as well as accounting, audit, business development and accompany our clients starting from early stages of their businesses. In this regard, putting it simply, I would like to speak about “opening the company”. That is, what is the most appropriate organizational form for starting a business in Azerbaijan, its advantages, necessary procedures in the registration process and etc. As you know, there are several organizational forms for the establishment of a company in the legislation. However, today I would like to tell you about the Limited Liability Company (LLC), which is the most acceptable and simple one among the rest in terms of procedural and legal requirements. If we refer to the definition of LLC – a limited liability company means company established by one or more persons (natural persons and (or) legal entity), the charter capital of which is divided into shares, the sizes of which are specified by the charter. As can be seen from mentioned definition, the legislation does not set limits regarding the number of founders of the LLC. In other words, the founder can be one or more persons, including a foreign citizen. It should be noted that in the case of foreign citizens, the legislative or documentation requirements are the same as for Azerbaijani citizens, i.e. there are no additional or special requirements. Another benefit of the LLC is the absence of any restrictions regarding its charter capital in the legislation. In other words, there is no minimum or maximum limit, the charter capital may be settled in any amount. Therefore, in many cases, when establishing the LLC, the charter capital is formed in the amount of 10-100 manats. It also should be noted that the registration process of the LLC is notable for its simplicity, and it would be appropriate to emphasize the innovative policy pursued by the Ministry of Taxes in this sphere. Thanks to it, Azerbaijan has established itself in 9th place in terms of the “Starting a Business” indicator among 190 countries this year, according to the annual Doing Business Report of the World Bank.Powered by Froala Editor

24 Yanvar 2020

EKVITA Qanuni Dəyişikliklər

Legal Act: Order on the implementation of renewable energy pilot projectsLegal Act: Law on the procedure for using the right of legislative initiative by citizens of the Azerbaijan RepublicLegal Act: Law on n minimum living wage in the Republic of Azerbaijan for 2020Legal Act: Law on the limit of the demand criteria in the Republic of Azerbaijan for 2020Legal Act: Decree on amendments to the Decree of the President of the Republic of Azerbaijan On ensuring the activities of the Agency for the development of small and medium-sized businesses of the Republic of AzerbaijanLegal Act: Law on amendments to the Law on Courts and JudgesLegal Act: Law on amendments to the Code of Administrative OffensesLegal Act: Law on amendments to the Tax CodeLegal Act: Law on amendments to the Law on State Forensic Examination ActivitiesLegal Act: Law on amendments to the Law on Health InsurancePowered by Froala Editor

28 Yanvar 2021

EKVITA Dekabr Qanuni Dəyişikliklər

Legal Act: Law on Amendments to the Law on Deposit InsuranceLegal Act: Law on Amendments to the Law on Full Deposit InsuranceLegal Act: Decree on Amendments to the Procedure for the Formation, Management and Use of the Fund to Support the Fight Against CoronavirusLegal Act: Law on Amendments to the Code of Administrative OffensesLegal Act: Law on Amendments to the Law on MediationLegal Act: Order on measures for the implementation of a pilot project for the construction of a wind farm with a capacity of 240 MWLegal Act: Law on the subsistence minimum in the Republic of Azerbaijan for 2021Legal Act: Law on Amendments to the Law on Environmental ProtectionLegal Act: Law on Amendments to the Labor CodePowered by Froala Editor