Azerbaijan Has 100 Thousand Legal Entities
In the first nine months of this year Azerbaijan registered 4,566 legal entities, including NGOs and religious organizations. 351 businesses and organizations ceased their operations.
According to the State Statistics Committee, as of October 1, 2015 in the country there were 98.8 thousand legal persons, which is 4.5% more than in the same period in 2014.
The bulk of legal entities (82,900) are engaged in commercial activities.
From the beginning of 2015, 225 state-run, 54 municipal and 4,287 private companies with local capital have been created, as well as 311 companies with 100% foreign capital and 84 joint ventures. During this period, 40 companies with foreign capital and 13 joint ventures were established.
The share of Baku accounts for more than half (52,600) of the legal entities operating in the country.
According to estimates of SSC, 77,300 legal entities are related to the small business sector.
As of October 1 of this year the country registered 564 thousand individuals engaged in entrepreneurial activities without creating a legal entity. ----08D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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