Azerbaijan, Baku, July 1 / Trend , I. Khalilova/
The Azerbaijani Parliament approved additions to the Law on Business Activity which calls for ban on appointment of foreigners as heads of foreign branches and representative offices.
Under a new article to the law, deputy heads of branches and representative offices of foreign legal entities founded by foreign nationals or legal persons and also in cases they hold more than 51 percent of the shares must be citizens of Azerbaijan and their nomination must be coordinated with relevant executive bodies. In case their assignment is approved, agencies may be granted state registration.
At least 90 percent of employees must be Azerbaijani citizens in companies with foreign capital engaged in agriculture, forestry and fishery, mining, processing industry, production and distribution of electricity, gas and water, wholesale and retail sales of building materials, repair of motor vehicles, household goods and personal belongings, restaurants and hotels, warehousing, transportation and communications, finance and real estate.
The Law on Business Activity took effect in June 1992.
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