BAKU, Azerbaijan, July 16. Azerbaijan has defined new penalties for incomplete payment of the authorized capital of a limited liability company (LLC) or non-submission of information on the paid authorized capital, Trend reports.
According to information, President Ilham Aliyev has approved amendments to the Code of Administrative Offenses in this regard.
Thus, the officials will be fined 1,000 manat ($588.2) for incomplete payment of the charter capital of a limited liability company within the terms stipulated by the Civil Code, and legal entities will be fined 2,000 manat ($1,176).
Furthermore, for failure to provide information on the fully paid-up authorized capital of a limited liability company to the body (institution) determined by the relevant executive authority within the terms stipulated by the Law "On State Registration and State Register of Legal Entities," officials will be fined 500 manat ($294.1), and legal entities - 1,000 manat ($588.2).