A Complete Guide on Azerbaijan Company Formation Procedures
Azerbaijan is a country rich in culture, heritage and history which has close proximity to Russia, Turkey, Georgia, and Armenia. The stable economy and its natural resources (petroleum and gas) have attracted many investors for setting up a company in Azerbaijan. The important and influential sectors of this country are agriculture, tourism, energy, manufacturing.
Business Entities of Azerbaijan
Following is a list of a business entity of Azerbaijan:
Limited Liability Company: This type of business entity is suitable for those who are new to Azerbaijan and are looking for development. It is for small and medium-sized enterprises which can be set up by a single individual.
Joint stock company: Joint stock companies are usually set up by larger entities and are incorporated by one or more individuals. All the shareholders in the company are liable to the contributions they have made in setting up a company in Azerbaijan.
Closed Joint Stock: The capital invested for setting up a company in Azerbaijan is divided into shares equally, and the shareholders in the company have limited liability in this type of business entity.
Other types of business entities include branch and subsidiaries which are extensions of parent companies.
Documents Required for Azerbaijan Company Formation
The investor needs to prepare the following documents while setting up a company in Azerbaijan:
- Article of association
- Address proof of the company
- A lease contract and notarize it.
- Bank account details
- VAT certificate
Processes for Azerbaijan Company Formation
The business registration process is quite simple in Azerbaijan. Also, the business registration certificate can be present within a week post which the company can apply for different business licenses.
It is helpful to appoint a local representative who has the power of attorney. This is because he can help in opening the local bank account and drafting other documents for business registration. Here is the business registration process:
- Select a unique company name and apply for the same
- Choosing the right location and set up an office in a local area.
- It is easy to register your company online. However, it’s mandatory to get an electronic signature from the Ministry of Taxes Certificate Services and Information Technology Ministry. You can complete the process within the day.
- Register the business online.
- Apply for VAT and TIN online under the Ministry of Taxes. Online registrations are free from fees.
Setting up a company in Azerbaijan is easier than expected. Due to the country’s convenient location between the Middle East, Central Asia, and Europe, there are excellent opportunities to expand the market.
At 3E Accounting United Kingdom, we provide company incorporation services which are very helpful for you. Contact us to know more about Azerbaijan company formation!