BAKU, Azerbaijan, September 22. The registration of commercial legal entities in Azerbaijan will be simplified, Trend reports.
This issue was discussed at an online meeting dedicated to innovations in the field of state registration of commercial legal entities for startups and organized jointly by the State Tax Service and the Small and Medium Business Development Agency (SMBDA) under the Ministry of Economy of Azerbaijan.
Speaking at the event, the Head of the Department of State Registration Management at the State Tax Service, Leyla Huseynzade informed about the "Roadmap for 2022-2023" for improvements in the relevant areas.
The meeting emphasized that a working group for the mentioned roadmap's implementation conducts activities on several projects. The group is developing software that will allow for electronic changes to be made to the registration information of limited liability companies (LLCs).
Additionally, there are plans to introduce more advanced electronic registration methods for LLCs, including facial recognition technology. The transfer of information about employee labor contracts to the relevant ministry and other innovations are also being considered.
A total of 171,165 commercial enterprises were registered in Azerbaijan from January through August 2023.
In general, 90.5 percent of state-registered commercial legal entities are limited liability companies, 1.3 percent are joint-stock companies, and 1.1 percent are cooperatives as of September 1, 2023.
Moreover, 1,458 commercial organizations (87.1 percent with local investments, 12.9 percent with foreign investments) passed state registration in August 2023.
Through a new registration method (passport ID number plus mobile phone number), 179 LLCs with local investments were registered in August.