Approximately 70% of New Companies False
In the first quarter of 2015, 1,714 legal entities were established in Azerbaijan and the total number of state, municipal and private commercial entities reached 96.4 thousand by 1 April.
According to the State Statistics Committee, for the three months 24 state and 32 municipal enterprises were set up and 43 SOEs were closed down. This year 147 companies with foreign capital have been established.
The analysis of the data on commercial legal entities released by the Ministry of Taxes shows that about 70% of the new companies are created by a group of individuals involved in questionable transactions and terminated later. In the first quarter of this year the state register of commercial legal entities excluded 130 subjects, including 87 private enterprises, with foreigners involved in the capital of 17 of them. --08D
Economics
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The government of Azerbaijan has amended its customs tariffs, reducing import duties on specific bicycle components to support the domestic assembly industry. According to the decision approved by the Cabinet of Ministers on October 31, the updated tariffs will remain in effect until December 31, 2028, allowing local businesses to import key parts at reduced rates or zero duties.
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On September 1, The Cabinet of Ministers of Azerbaijan has implemented new aviation regulations aimed at reinforcing the airworthiness, operational standards, and safety protocols for foreign-registered civil aircraft operating within its airspace. The decision, approved on October 31, establishes comprehensive guidelines for pre-flight checks, essential onboard documentation, and crew requirements, aligning with international standards set by the International Civil Aviation Organization (ICAO).
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The Central Bank of Azerbaijan (CBA) reported that its foreign exchange reserves amounted to $11.371 billion as of October 31, 2024. This represents a slight reduction of 3.6 percent from the September level, but an 8.2 percent increase compared to October 2023, highlighting the CBA’s role in navigating market demands while supporting national economic priorities.
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A delegation from the State Oil Fund of the Republic of Azerbaijan (SOFAZ), led by the fund’s Executive Director Israfel Mammadov, concluded a working visit to Saudi Arabia. The visit aimed to strengthen strategic partnerships in the international financial market and diversify SOFAZ’s investment portfolio.
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