Meeting dedicated to registration of commercial legal entities was held with consulting companies

On June 27, 2024, the State Tax Service (STS) under the Ministry of Economy held another online meeting with legal and consulting companies. The event dedicated to activities implemented in the field of state registration of commercial legal entities and applied innovations.

Leyla Huseynzadeh, head of the STS Taxpayers' Registration and Accounting Department submitted detailed information on the reforms and new opportunities in the field of state registration to the event participants. It was noted that the practice of establishing a business within the framework of the 2022-2023 Road Map has been improved with application of advanced international experience. Within the framework of simplifying business registration, draft laws on amending the Law "On State Registration and State Register of Legal Entities", as well as the Labour, Civil and Administrative Offences Codes of the Republic of Azerbaijan have been prepared, reviewed by the Milli Majlis (National parliament) and submitted for approval.

L. Huseynzadeh informed on "Road Map for the year 2024 on the implementation and communication of improvements in the relevant field related to the indicator of "Business Entry" of the World Bank Group's "Business Ready" report, and noted that a number of innovations towards registration of foreign-invested commercial entities will be applied. Within the framework of the implemented activities, it is planned to expand the scope of the process of coordinating the databases of the state institutions participating in this process, to ensure the technical conditions related to the registration of the beneficial owner, and to create the possibility of proactively registering subsequent changes in the information on commercial legal entities (change of the founder and manager).

Then, participants discussed the existing problems and opportunities for improvement in the field of registration. Anar Bayramov, director of "Bizcon Audit" LLC, Tahmina Imanova, representative of "BHM Law Company" LLC, Ulkar Farzaliyeva, representative of "Ernst and Young" Company, Orkhan Efendi and Jahan Bayramov, representatives of "Ekvita" Company, discussed issues encountered in the field of state registration of legal entities, when accented on difficulties, including the responsibility of the founder and company officials regarding the non-payment of the charter capital, the application of sanctions, the requirements arising from the new legislation regarding the provision of beneficial ownership information, and other related issues.

The questions of participants on business registration were clarified at the meeting.


×