EKVITA December Legal Updates

Legal Act: Law on Amendments to the Law on Deposit Insurance

Legal Act: Law on Amendments to the Law on Full Deposit Insurance

Legal Act: Decree on Amendments to the Procedure for the Formation, Management and Use of the Fund to Support the Fight Against Coronavirus

Legal Act: Law on Amendments to the Code of Administrative Offenses

Legal Act: Law on Amendments to the Law on Mediation

Legal Act: Order on measures for the implementation of a pilot project for the construction of a wind farm with a capacity of 240 MW

Legal Act: Law on the subsistence minimum in the Republic of Azerbaijan for 2021

Legal Act: Law on Amendments to the Law on Environmental Protection

Legal Act: Law on Amendments to the Labor Code

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EKVITA December Legal Updates

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

Date
28 January 2021
Related News
29 December 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 January 2020

EKVITA Legal Updates

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

25 February 2021

EKVITA January Legal Updates

Legal Act: Decree On the establishment of "Center for Analysis and Coordination of the Fourth Industrial Revolution" public legal entity under the Ministry of Economy Authority: Milli Majlis (Parliament) Effective date: 06 January 2021Source: https://president.az/articles/49932According to the decree “Center for Analysis and Coordination of the Fourth Industrial Revolution” public legal entity (the “Center”) is created under the Ministry of Economy.The Center cooperates with the Republic of Azerbaijan and international organizations operating in the field of the Fourth Industrial Revolution, and operates in this area. It also analyzes and coordinates challenges, initiatives, strategies and projects in the field of digital economy. Legal Act: Decree On strengthening reforms in the field of mediaAuthority: President of the Republic of Azerbaijan Effective date: 06 January 2021Source: https://president.az/articles/50112In order to support the development of media in Azerbaijan, on the basis of the Fund for State Support for the Development of Mass Media under the President of the Republic of Azerbaijan,   “Media Development Agency of the Republic of Azerbaijan” public legal entity (the “Agency”) is created.The Agency is legal successor of the Fund for State Support for the Development of Mass Media under the President of the Republic of Azerbaijan, and its rights and obligations, as well as its property are effectively transferred to the Agency.Legal Act: Order On approval of the formation of the Supervisory Board of the State Oil Company of the Azerbaijan Republic (SOCAR)Authority: President of the Republic of Azerbaijan Effective date: 23 January 2020Source: https://president.az/articles/50345According to the order, the Supervisory Board of the State Oil Company of the Azerbaijan Republic was approved in the following arrangement:Chairman of the Supervisory BoardMikayil Jabbarov – Minister of Economy of the Republic of AzerbaijanMembers of the Supervisory BoardEmin Huseynov - Assistant to the First Vice President of the Republic of AzerbaijanIsrafil Mammadov - Executive Director of the State Oil Fund of the Republic of AzerbaijanElnur Soltanov - Deputy Minister of Energy of the Republic of AzerbaijanAzer Bayramov - Deputy Minister of Finance of the Republic of AzerbaijanRovshan Najaf - Deputy Minister of Economy of the Republic of AzerbaijanRuslan Alikhanov - General director of the Azerbaijan Investment HoldingLegal Act: Decree On amendments to the Decree On ensuring the activities of the Azerbaijan Investment HoldingAuthority: President of the Republic of AzerbaijanEffective date: 25 January 2021Source: https://president.az/articles/50112According to the amendments, the BakuBus Limited Liability Company, subordinate to the Baku Transport Agency, is transferred to the management of Azerbaijan Investment Holding. Legal Act: Law On amendments to the Labor CodeAuthority: Milli Majlis (Parliament)  Effective date: 13 January 2021Source: https://president.az/articles/50124According to the amendments, “Victory Day” is added to the list of public holidays provided for in Article 105 of the Labor Code. "Victory Day" refers to public holidays that are considered non-working day.According to the new added article 106-1, annually September 27 will be celebrated as the "Day of Remembrance in the Republic of Azerbaijan" - the day of commemoration of the martyrs who died for the liberation of the occupied lands of the Republic of Azerbaijan.Powered by Froala Editor